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HONG KONG: The US$276m seven-year loan for Forbes Bumi Armada Offshore Ltd has been oversubscribed, receiving more than US$300m in commitments from seven Indian banks, according to sources. The borrower is Singapore-incorporated Armada D1 Pte Ltd, a joint venture between India's Shapoorji Pallonji Co, Malaysia's Bumi Armada Bhd and Mauritian company Clean Environment Investments Co Ltd.
PETALING JAYA: Bumi Armada Bhd, which has seen some RM5bil being wiped out from its market capitalisation since mid-June when oil prices began to fall, has said that it has postponed the execution date of its RM3.76bil contract with Husky-CNOOC Madura Ltd (HCML) for the second time.
KUALA LUMPUR: JF Apex Research expects Digi.com Bhd, Salcon Bhd, Bumi Armada Bhd, Axiata Group Bhd, Straits Inter Logistics Bhd and Barakah Offshore Petroleum Bhd to be among the stocks to watch on Tuesday.
PETALING JAYA: Billionaire T. Ananda Krishnan’s Bumi Armada Bhd may have averted bankruptcy for the moment via its multi-billion-ringgit debt refinancing, but the loss-making company continues to be highly geared and will incur an additional RM40mil in interest expenses.
KUALA LUMPUR: Bumi Armada Bhd has been hit by a suspension of its Armada Perdana floating production storage and offloading (FPSO) unit by Erin Petroleum Nigeria Ltd (EPNL).
PETALING JAYA: Analysts are unfazed by the suspension of operations of Bumi Armada Bhd’s floating production storage and offloading (FPSO) vessel Armada Perdana, considering that the vessel had no revenue contributions previously, coupled with non-receivables for a prolonged period
KUALA LUMPUR: Bumi Armada Bhd's net losses widened in the fourth quarter ended Dec 31, 2016 after a RM1.1bil non-cash impairment on several of its assets, predominantly in the offshore vessels (OSV) business segment.