Higher capex for Bumi Armada

PETALING JAYA: Bumi Armada Bhd might need to raise about US$311mil (RM1.3bil) through a rights issue if it lands a major floating production storage and offloading (FPSO) project, said CIMB Research.

Projects that Bumi Armada is planning to bid include the US$1.2bil FPSO for India-based Oil and Natural Gas Corp (ONGC), a US$1bil Hess Corp deepwater project in Ghana, Italy-based Eni’s Zaba Zaba field offshore of Nigeria, and Petrobras’s Buzios development in offshore Brazil.