MISC-Bumi Armada tie-up in the offing?

Shipping giant MISC Bhd and oil and gas services provider Bumi Armada Bhd are said to be in early stages of exploring a corporate exercise involving the consolidation of the floating production storage offshore (FPSO) businesses of both companies.

Sources say that the exercise could see MISC inject its FPSO businesses into Bumi Armada in return for shares, a move that could see the Petronas-owned shipping giant owning a substantial stake in the latter.