Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.
KUALA LUMPUR: Bumi Armada Bhd
will receive part of the proceeds from the sale of crude oil amounting to US$8.5mil (RM35mil) from the sale of the crude oil stored on Armada Perdana FPSO.
It said on Monday the US Bankruptcy Court in Texas allowed the appointment of a receiver/manager in Nigeria over Erin Petroleum Nigeria Ltd (EPNL) to oversee the sale and disposal of the crude oil stored on the Armada Perdana FPSO.
The oil and gas services provider said the order was obtained on Oct 18 following the bankruptcy filing by EPNL (together with its parent company Erin Energy Corporation and certain other subsidiaries).
Bumi Armada said the order provided that a portion of the proceeds of the sale from the crude oil amounting to US$8.5mil (RM35mil) would be used to partially settle the outstanding amounts due from EPNL to Bumi Armada (Singapore) Pte Ltd (BASPL) and Armada Oyo Ltd (AOL).
The amount was for the provision of services by BASPL and AOL to EPNL under the operational and maintenance services contract and bareboat charterparty contract for Armada Perdana FPSO.
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