Pursuant to the LOI , the Consortium will supply a FPSO Vessel to HCML at a total contract value of USD1.18 billion (equivalent to approximately RM3.76 billion) for a fixed period of ten (10) years with options of five (5) annual extensions worth an aggregate value of USD147 mi llion (equivalent to approximately RM469 million) , if the options are fully exercised by HCML , subject to terms and conditions of the c ontract , which is to be finalised and signed within forty – five days of the date of the LOI of 8 August 2014 subject to such extension to be mutually agreed between HCML and the Consortium.
Executive Director and Chief Executive Officer of Bumi Armada, Mr Hassan Basma said, "Indonesia has proven reserves of 3.9 billion barrels of oil and 141 trillion cubic feet of natural gas and we are excited to be a part of Indonesia’ s energy developmen t. Our track record of delivering on time, within budget, safe and reliable FPSO s, was instrumental in securing this award. "
