Bumi Armada, Malaysia, has closed a US$190 million limited recourse loan facility which will, in part, finance the construction of an FPSO.
FPSO 'Armada Perdana' which will be owned and operated by Bumi Armada in the Oyo Field offshore Nigeria operated by Nigeria Agip Exploration (NAE), part of the ENI group.
In 2005, Allied Energy, the original indigenous holder of Oil Mining Lease 120 (OML 120), on which the Oyo Field is located, and its affiliate CAMAC International Nigeria, entered into a joint venture agreement with NAE under which NAE was appointed as the operating contractor for OML 120.
The FPSO is being converted at Keppel Shipyard in Singapore and is expected to meet first oil in the last quarter of the year. This is the second FPSO for Bumi Armada in Nigeria after 'Armada Perkasa' started operations last year.