Bumi Armada assessing solutions to Kraken FPSO shut-in

KUALA LUMPUR: Bumi Armada Bhd said a shut-in at its Armada Kraken floating production storage and offloading (FPSO) vessel and future reduced level of production is likely to reduce bareboat charter contract revenue earned by the FPSO.

"Given the current uncertainties, the financial impact of this incident cannot be reliably estimated at this point, but is expected to be material for Bumi Armada," it said in a filing with Bursa Malaysia.