Malaysia-based international offshore oilfield services provider, Bumi Armada Berhad announced Tuesday that its wholly-owned subsidiary Bumi Armada Offshore Holdings Limited (BAOHL), together with its joint venture company, PT Armada Gema Nusantara* (PT AGN) (collectively, the Consortium), have been appointed as the Floating Production, Storage and Offloading Vessel (the FPSO) Lease Contractor for the Madura BD Field, approximately 40 miles (65 kilometers) east of Surabaya and about 10 miles (16 kilometers) south of Madura Island, offshore Indonesia via a Letter of Intent (LOI) issued by Husky-CNOOC Madura Limited** (HCML).

Pursuant to the LOI, the Consortium will supply a FPSO Vessel to HCML at a total contract value of $1.18 billion (equivalent to approximately MYR 3.76 billion) for a fixed period of 10 years with options of 5 annual extensions worth an aggregate value of $147 million (equivalent to approximately MYR 469 million), if the options are fully exercised by HCML, subject to terms and conditions of the contract, which is to be finalized and signed within 45 days of the date of the LOI of Aug. 8 subject to such extension to be mutually agreed between HCML and the Consortium.

If the can't then they will be knee deep in debt.