PETALING JAYA: The final acceptance of Bumi Armada Bhd’s Armada Kraken floating production, storage and offloading vessel (FPSO) will help mitigate the group’s default risks on its related borrowings and improve earnings and cash flow visibility.
Kenanga Research said risk of default for the RM1.9bil borrowings involved in Armada Kraken was now mitigated as the lenders could have exercised their right to demand full repayment of the borrowings if the final acceptance was not achieved.
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