SP Armada Oil Exploration won a US $740m contract for the charter hiring of an FPSO from India’s Oil & Natural Corporation (ONGC) for the operator’s Cluster-7 field offshore western India. The FPSO will operate under a fixed 9-year contract with the Indian state-owned company, with an extension option of an additional seven years on a yearly basis worth up to an additional $340m. This is the second FPSO award from ONGC for the joint venture, owned by Malaysia’s Bumi Armada and India’s Shapoorji Pallonji. Delivery will be within 21 months of the date of award. The Cluster-7 project comprises several fields including B-192, B-45 and WO-24 lying in a water depth of around 85 m (279 ft).
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