KUALA LUMPUR: Shares of Bumi Armada rose at midmorning on Tuesday after the company had secured a two-year contract extension worth RM221mil.
At 10.58am, its shares rose nine sen to RM3.94 with 357,100 shares traded between RM3.87 and RM3.95.
The FBM KLCI rose 8.6 points to 1,846.48. Turnover was 352..5 million valued at RM355.27mil. There were 276 gainers, 241 decliners while 258 counters were unchanged.
Bumi Armada said Afren Energy Resources Ltd has extended its contracts for a bareboat charter with Armada Floating Solutions Ltd as well as the operations and maintenance services with Bumi Armada (Singapore) Pte Ltd in respect of Armada Perkasa, a floating production, storage and offloading (FPSO) vessel for two more years.
RHB Research has also maintained maintained its Buy call on Bumi Armada with a fair value of RM4.50, saying that investors should accumulate the stock ahead of potential contract wins for projects that have been long delayed, namely the Madura FPSO vessel charter contract.
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