The contracts were associated with the floating production, storage and offloading (FPSO) vessel Armada Perdana, and the suspension was first announced last June after delays to the bare-boat charter payments as well as irregular payments on the operations and maintenance contract.
WHILE a number of analysts agree that the worst may already have been priced into Bumi Armada Bhd
, there are some concerns the company may need to resort to raising funds given its high gearing position and the need to brighten its outlook in order to secure jobs moving forward.
The company is well aware of this issue and tells StarBizWeek that it is looking at a number of approaches to improve its balance sheet.
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