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(Image courtesy of Bumi Armada)

Bumi Armada plans to allocate $2 billion to its floating production, storage and offloading (FPSO) segment for 2014, according to a company official.

Bumi Armada CEO Hassan Basma said the firm intends to raise close to $1.5 billion in bonds and rights issue by the mid-2014.

“We are aiming to tap the debt market as early as the second quarter of this year … we have big plans for Bumi Armada,” Hassan said.

Bumi currently has seven FPSO contracts, with two each in India and Nigeria and one each in Vietnam, Australia and the North Sea.

The company is currently bidding on 10 additional FPSO contracts.