Bumi Armada is pleased to announce that the Armada Sterling V FPSO has completed the necessary acceptance tests and successfully achieved Final Acceptance effective 1 July 2024. The achievement of Final Acceptance signifies the commencement of the firm charter period for the Armada Sterling V FPSO.

As previously announced on 6 May 2019, the vessel charter is for a firm period of nine (9) years, with ONGC having the option to extend for an additional seven (7) years, on a yearly basis.

The announcement is dated 11 July 2024.

A98/2, a venture with Shapoorji Pallonji group, owns the Armada Sterling V FPSO and is providing dry lease to sister company SP Bumi Armada Godavari Private Ltd (SPBAG).

SPBAG, also a 30:70 venture between Bumi Armada and Shapoorji Pallonji, had won a US$2.1 billion tender from India’s Oil and Natural Gas Corp Ltd (ONGC) for the charter hire and operations of the FPSO at the KG-DWN-98/2 block in Bay of Bengal for nine years.