Indian FPSO Finance Secured by Malaysian Operator

Press Release
Wednesday, December 19, 2012
Bhumi Armardi FPSO: Photo courtesy of Bumi Armada

Bumi Armada Berhad secures syndicated Indian banks term loan facilities of up to US$276.4-million for FPSO 'Armada Sterling'.

Malaysia-based international offshore oil and gas services provider, company Bumi Armada Berhad announced today that its jointly controlled entity, Armada D1 Pte. Ltd. (Armada D1) has secured syndicated term loan facilities of up to USD276.4 million (facility) from Allahabad Bank, Bank of Baroda, Bank of India, Indian Bank, Indian Overseas Bank, UCO Bank and Union Bank of India.

The facility will be used to part finance all costs and expenses in relation to the acquisition, conversion, refurbishment, mobilization, transport, hook-up, and mooring and installation of the FPSO* Armada Sterling and to refinance Armada D1’s existing bridge loans.

Armada D1 is a joint venture company between Bumi Armada Berhad and Shapoorji Pallonji and Company Limited, India, whose principal activities are owning, chartering and managing ships and vessels, and providing marine support and other offshore services to oil and gas .

Bumi Armada’s Executive Director/CEO, Mr Hassan Basma said, “Our commitment to our delivery model of Global Execution, Local Delivery, our shared value chain and our collaborative approach vis a vis our partners, the SP Group and Keppel, have together enabled us to deliver this FPSO in record time.“

"“As the Armada Sterling was built for India, Bumi Armada together with our partners sought to engage and involve Indian financial institutions. We welcome these banks to our value chain and thank them for their invaluable support; and providing financing at competitive rates despite a backdrop of global economic uncertainty playing out across the US and Europe

Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Baltic Index Slips as Demand Falls

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Monday as demand dropped across all vessel categories.

Becker Marine, Kotug Sign MOU for LNG Hybrid Barge

Press release - Becker Marine Systems and KOTUG signed a Memorandum of Understanding to launch a LNG Hybrid Barge in the Port of Rotterdam with effect from June 2017.

SSL Expands into Finland for Höegh Autoliners

Höegh Autoliners has appointed Scandinavian Shipping & Logistics (SSL) as its agent in Finland from December 1, 2015. SSL, which has worked with Höegh Autoliners


Rolls-Royce to Cut More Staff of Marine Unit

Britain's Rolls-Royce said it would cut an additional 400 staff from its marine business by the end of next year, its latest move to make the unit more efficient

Wärtsilä Debuts Package for hydropower & industrial plant

Wärtsilä Corporation, a global leader in complete lifecycle power solutions for the marine and energy markets, expands into a new market segment, offering a comprehensive package of seals,

Smith Taken on Rolls-Royce Holdings Board

Rolls-Royce Holdings plc today announces the appointment of Sir Kevin Smith CBE as a Non-Executive Director.  Sir Kevin will join the Board with effect from

Offshore Energy

Kruszewski Joins Braemar Engineering

Braemar Engineering, the specialist maritime engineering consultancy, today announced the appointment of Chis Kruszewski to the role of Senior Electrical Engineer in its Offshore,

RigNet Partners Inmarsat to Offer Fleet Xpress

RigNet, Inc., a global provider of remote managed offshore communications solutions, telecoms systems integration services and collaborative applications to the oil and gas industry,

Ulstein Systems Ordered for New Rock Installers

Ulstein Power & Control announced it has been contracted by Chinese shipbuilder AVIC Weihai Shipyard Co. Ltd. to deliver power and control for two subsea rock installation

Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1696 sec (6 req/sec)