Potential earnings upgrade seen for Bumi Armada

In a research report, UOB Kay Hian opined that the progress is in line with its expectation and that the FPSO Armada Kraken

PETALING JAYA: Analysts are expecting potential earnings upgrade for Bumi Armada Bhd, as a result of its floating, production, storage and offloading (FPSO) Armada Olembendo’s first oil success on Feb 8 and subsequently, FPSO Armada Kraken, which is on station and securely moored at the North Sea.

In a research report, UOB Kay Hian opined that the progress is in line with its expectation and that the FPSO Armada Kraken’s arrival in the Kraken field in North Sea removes investor concern of risk of further delay and the associated financial penalty charges.