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PETALING JAYA: Bumi Armada Bhd has won its largest floating production, storage and offloading vessel (FPSO) job to date for a deepwater oilfield offshore Angola valued at US$2.9bil (RM9.5bil), with the conversion alone likely to cost some US$1.5bil (RM4.91bil).
PETALING JAYA: Bumi Armada Bhd’s long-serving chief executive officer Hassan Basma’s (pic) departure comes at a challenging time for the oil and gas (O&G) outfit, considering the current low oil price environment and its already battered down share price.
BUMI Armada Bhd can expect incoming cashflow from its floating production, storage and offloading (FPSO) unit Olombendo, by this week as oil production from project offshore Angola will commence ahead of initial estimates.
KUALA LUMPUR: CIMB Research says the merger deal between MISC Bhd and Bumi Armada Bhd offers an opportunity for MISC to grow its portfolio of stable cashflow assets, while growth in the oil and gas environment is stagnant.
AmResearch maintains its “buy” call on Bumi Armada Bhd with unchanged sum-of-parts (SOP)- based fair value of RM5.15 per share, which implies a financial year ending Dec 31, 2014 forecast (FY14F) price-earnings ratio (P/E) of 23 times - a 15% premium to oil and gas stocks with market valuations above RM1bil.
PETALING JAYA: Bumi Armada Bhd’s tumbling share price and the sudden departure of its chief executive officer on Dec 5 is fuelling talk that the company could be taken private again.