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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.
PETALING JAYA: Analysts are expecting potential earnings upgrade for Bumi Armada Bhd, as a result of its floating, production, storage and offloading (FPSO) Armada Olembendo’s first oil success on Feb 8 and subsequently, FPSO Armada Kraken, which is on station and securely moored at the North Sea.
PETALING JAYA: Bumi Armada Bhd, which is challenging the termination of an RM1.46bil charter agreement involving its vessel Armada Claire, said the contract would only expire in August 2018.
PETALING JAYA: Bumi Armada Bhd posted a net loss of RM96.71mil for the third quarter ended Sept 30, 2016 from a net profit of almost RM70mil in the same quarter a year ago, as contributions from floating production, storage and offloading (FPSO) and floating gas solutions (FGS) narrowed.
PETALING JAYA: Bumi Armada Bhd’s unit Armada Kraken Pte Ltd has bagged a syndicated term-loan facility and a standby letter of credit facility worth US$755mil (RM2.88bil).