Bumi Armada slips 21% on termination of FPSO vessel contract
Kuala Lumpur
BUMI Armada Bhd plunged 21 per cent to 79 sen on Monday after it announced that Woodside Energy Julimar Pty Ltd had terminated the charter of an FPSO unit mid-term, prompting investor concerns over the impact to its earnings.
The Malaysia-based international offshore oilfield service provider, which is controlled by tycoon Ananda Krishnan, is repudiating the termination, which it revealed in a filing to Bursa Malaysia on Friday night.
Bumi Armada said it intends to fully enforce its rights under t…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Japan’s Mitsui to develop Vietnam gas field for US$740 million
Trafigura pleads guilty, agrees to pay about US$127 million to settle US probe
Oil rises more than US$1 a barrel on tighter supply outlook
Freeport warns copper export ban could cost Indonesia US$2 billion in lost revenue
More than 20% of global oil refining capacity at risk: analysis
China lifts tariffs on Australian wine, ends three-year freeze in trade