Armada D1 Private Limited has secured a syndicated term loan of up to RM 843.02 million from seven Indian banks – Allahabad Bank, Bank of Baroda, Bank of India, Indian Bank, Indian Overseas Bank, UCO Bank, and Union Bank of India. The loan will be used to pay for the costs and expenses in relation to the acquisition, conversion, refurbishment, mobilisation, transport, and installation of Armada Sterling – a floating production, storage, and offloading vessel – and refinance Armada D1’s existing bridge loans. The company is a JV of Bumi Armada Berhad and Shapoorji Pallonji and Company Limited. While Bumi Armada Berhad is a Malaysia-based international offshore oil and gas services provider, India-based Shapoorji provides marine support and other offshore services to oil and gas companies.