KUALA LUMPUR, Malaysia, Dec. 4 (UPI) -- Malaysian oilfield services provider Bumi Armada Berhad said it secured a contract from Russian oil company Lukoil to support work in the Caspian Sea.
The company said it will build three so-called ice-class vessels to service offshore platforms in the Filanovsky field, situated in the Russian waters of the Caspian Sea.
"These contracts further reinforce the consolidation of our business in the Caspian region and strengthen our market position," Chief Executive Officer Hassan Basma said in a statement.
The contracts are for a 10-year period with the possibility for a 20-year extension. The 10-year contracts have an aggregate value of $262 million.
The Malaysian company said Tuesday work would begin in November 2015 "to provide all year round services such as delivery of cargo and personnel, salvage, search and rescue functions, fire-fighting operations, towing and tanker mooring operations."
Lukoil said it discovered the Filanovsky field in 2005. It contains an estimated 1.1 billion barrels of oil reserves and 1.1 trillion cubic feet of natural gas. The Russian company said production from the Caspian field should begin in 2015.
