KUALA LUMPUR: Bumi Armada Bhd shares edged up on Tuesday, Aug 16 after the company said the seven-year floating production, storage and offloading (FPSO) contract was worth US$620 million (RM1.85 billion).
At 9.21am, Bumi Armada rose two sen to RM4.02 with 526,000 shares traded.
The company disclosed the value of the contract in a filing to Bursa Securities on Monday. The contract was clinched by its 49.99% owned Forbes Bumi Armada Offshore Ltd (FBAOL) while Forbes & Co. Ltd, which is listed on the Bombay Stock Exchange, owns the other 50.01%.
Last Thursday, FBAOL signed the contract with Oil and Natural Gas Corporation Ltd (ONGC), following the letter of award on June 25.
The contract is for an FPSO''to be operated by FBAOL on the ONGC D1 field located 200km off the west coast of Mumbai, India. The contract is for a seven-year fixed term time charter with a further six year annual extension period at ONGC's discretion.
Bumi Armada expected the contract -- which is ONGC's first ever FPSO contract award -- to contribute positively towards Bumi Armada group's future earnings.
At 9.21am, Bumi Armada rose two sen to RM4.02 with 526,000 shares traded.
The company disclosed the value of the contract in a filing to Bursa Securities on Monday. The contract was clinched by its 49.99% owned Forbes Bumi Armada Offshore Ltd (FBAOL) while Forbes & Co. Ltd, which is listed on the Bombay Stock Exchange, owns the other 50.01%.
Last Thursday, FBAOL signed the contract with Oil and Natural Gas Corporation Ltd (ONGC), following the letter of award on June 25.
The contract is for an FPSO''to be operated by FBAOL on the ONGC D1 field located 200km off the west coast of Mumbai, India. The contract is for a seven-year fixed term time charter with a further six year annual extension period at ONGC's discretion.
Bumi Armada expected the contract -- which is ONGC's first ever FPSO contract award -- to contribute positively towards Bumi Armada group's future earnings.
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