Thursday 16 April 2020

Bumi Armada Berhad (“Bumi Armada” or the “Company”) wishes to announce that its jointly controlled entity, Shapoorji Pallonji Bumi Armada Offshore Private Limited (“SPBAOPL”) recently received notification from Oil and Natural Gas Corporation Limited ("ONGC") of India, about their intention to extend the charter hire of a Floating Production, Storage and Offloading Vessel ("Armada Sterling FPSO") from 20 April 2020. According to ONGC, approval for formalisation of the contract extension has been delayed due to the COVID-19 lockdown in India. In the meantime, ONGC has requested SPBAOPL to process the case with relevant authorities for obtaining permits/ extension to ensure continuity of operations at site.

Under the original contract signed on 10 August 2011, Armada Sterling FPSO was chartered by ONGC to operate in the ONGC D1 field located 200km off the west coast of Mumbai, India under a seven-year firm Time Charter, with six annual extension options. The original seven-year firm charter expires on 19 April 2020.

SPBAOPL is a 49% less 1 share: 51% plus 1 share joint venture between Bumi Armada and Shapoorji Pallonji Oil and Gas Private Limited of India. ONGC is India's state-owned oil company listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Ltd (NSE).