The contracts were associated with the floating production, storage and offloading (FPSO) vessel Armada Perdana, and the suspension was first announced last June after delays to the bare-boat charter payments as well as irregular payments on the operations and maintenance contract.
PETALING JAYA: Despite management’s guidance that there will not be an equity raising exercise in the near term, Bumi Armada Bhd
may need to recapitalise its balance sheet, said KAF-Seagroatt & Campbell Securities.
The research house opined that one of the remaining few options available for Bumi Armada to improve its balance sheet is asset monetisation, although it remains to be seen if the group will be able to effectively conclude its asset monetisation.
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