High value: Bumi Armada is reported to be the frontrunner to provide the vessel for Eni’s Zaba Zaba development offshore Nigeria.
PETALING JAYA: CIMB Equities Research is retaining its “hold” call for Bumi Armada Bhd
and sum-of-parts based target price of 85 sen if it secures the contract to provide a floating production storage and offloading (FPSO) vessel for Eni’s Zaba Zaba development offshore Nigeria.
“Our initial estimate is that the contract, if secured, will only add a maximum of five sen a share. Maintain ‘hold’ as the Zaba Zaba FPSO may have high local content requirements,” it said in a report yesterday.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
