Bumi Marine Group

10 September 2024

Bumi Marine Group is pleased to announce that we have signed a three-year contract for the acquisition of 300,000 DWT (Deadweight Tonnage) floating storage tank. This strategic agreement marks a significant step forward for the company as we continue to expand its presence in the maritime and offshore storage sectors.

The 300,000 DWT floating storage tank will enhance Bumi Marine Group's capacity to provide flexible and efficient storage solutions for crude oil and other petroleum products. This contract aligns with the company's commitment to delivering reliable and cost-effective services to its clients in the oil and gas industry.

Bumi Marine Group, a leader in land reclamation, oil & gas, and commodity supply, views this contract as an opportunity to further strengthen our portfolio of services and reinforce our position in the market.

A floating storage tank, commonly referred to as a floating storage unit (FSU) or floating storage and offloading unit (FSO), is used primarily in the oil and gas industry for the following purposes:

1. Storage of Crude Oil or Refined Products: Floating storage tanks are used to temporarily store crude oil, refined petroleum products, or natural gas. They are commonly stationed near oil fields or at sea to store products before they are transported to refineries, distribution centers, or export terminals.

2. Offloading to Shuttle Tankers: These storage units often serve as an intermediate storage solution where oil or gas is offloaded from production facilities and temporarily stored until shuttle tankers can transport it to its next destination.

3. Production Facility Support: In offshore oil and gas fields, FSUs can be used in conjunction with Floating Production Storage and Offloading units (FPSOs) or platforms to store oil produced from wells before it is processed or transported.

4. Reducing Onshore Storage Demand: By providing offshore storage capacity, floating storage tanks help manage excess supply, especially during times of high production or low demand. This reduces the strain on onshore storage facilities and provides flexibility in supply chain management.

5. Strategic Reserves: They can also be used by countries or companies to store strategic reserves of oil or other petroleum products, allowing them to manage market volatility, price fluctuations, or geopolitical events.

Overall, floating storage tanks offer flexibility and scalability for the storage and transportation of petroleum products, especially in offshore and remote areas.

Bumi Marine has entered into a Memorandum of Understanding (MOU) with Santarli Construction, a prominent construction company in Singapore, to supply sand for various construction projects in the country.

This partnership marks a significant step for Bumi Marine, as it will provide essential raw materials needed for infrastructure development and construction activities in Singapore.

The agreement outlines the terms of collaboration, with Bumi Marine committed to delivering high-quality sand that meets the specific requirements of Santarli Construction’s projects. This collaboration is expected to enhance the efficiency and sustainability of construction operations, supporting the growth of the industry in Singapore.