Last checked at 6 Aug 2018 07:00
SOCO International plc
("SOCO" or the "Company" or, together with its subsidiaries, the "Group")
EXTENSION OF TGT FPSO BARE BOAT CHARTER
SOCO is pleased to announce that Hoang Long Joint Operating Company (HLJOC) has signed a contract extending the FPSO Bare Boat Charter located in the Te Giac Trang (TGT) field, offshore Vietnam.
The six-year contract extension of the existing Bare Boat Charter for the FPSO Armada TGT 1 has been signed between Armada TGT Ltd a wholly owned subsidiary of Bumi Armada Berhad and HLJOC with effect from 27 August 2018 to 14 November 2024, lowering the existing lease rate, with a contract value of USD $285 million.
Ed Story, President and Chief Executive Officer, commented:
"It is great news that the contract for the TGT FPSO Bare Boat Charter has been extended with lower lease rates. Over the last seven years the FPSO Armada TGT 1 has had an average oil and gas uptime availability of over 99% since start up and processed over 106 million barrels of oil."
ENQUIRIES:
SOCO International plc Tel: 020 7747 2000
Ed Story, President and Chief Executive Officer
Jann Brown, Managing Director and Chief Financial Officer
Mike Watts, Managing Director
Sharan Dhami, Group Investor Relations Manager
Camarco Tel: 020 3757 4980
Billy Clegg
Georgia Edmonds
Owen Roberts
NOTES TO EDITORS
SOCO is an international oil and gas exploration and production company, headquartered in London and traded on the London Stock Exchange and has field development, production and exploration interests in Vietnam.
SOCO holds a 30.5% working interest in the Te Giac Trang Field of Block 16-1, which is operated by the HLJOC, which is a partnership between PetroVietnam Exploration Production Corporation, SOCO Vietnam Ltd., OPECO Vietnam Ltd., and PTT Exploration and Production Co. Ltd.
Bumi Armada Berhad is a Malaysia-based international offshore energy facilities and services provider with a presence in over 17 countries spread across five continents, supported by over 1,700 people from over 49 nationalities.
SOCO holds a 25% working interest in the Ca Ngu Vang field of Block 9-2, offshore southern Vietnam, which is operated by the Hoan Vu Joint Operating Company.
SOCO holds a 70% interest in and is designated operator of Blocks 125 & 126, located in the moderate to deep water Phu Khanh Basin, offshore central Vietnam.