The Armada Sterling V FPSO has been hired by India’s Oil and Natural Gas Corporation for operations at the KG-DWN-98/2 block, offshore the Bay of Bengal for nine years.
The loan was utilised for the construction of a floating production, storage and offloading vessel known as Armada Sterling V for operations offshore India. At the moment, Armada Sterling V FPSO is awaiting hydrocarbons from ONGC to conduct the necessary acceptance tests to achieve final acceptance, Bumi Armada said.
On Sept 6, Hong Leong Investment Bank Research upgraded Malaysia’s oil and gas sector by giving it an “overweight” rating and revised the sector’s top picks by favouring Bumi Armada with the target price of 71 sen and Wasco Bhd, formerly known as Wah Seong Corp Bhd with TP of RM1.25.