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.