Bumi Armada expanding OSV fleet with four newbuilds for US$130m

By Surin Murugiah of theedgemalaysia.com | The Edge Malaysia – Wed, Jun 20, 2012

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KUALA LUMPUR (June 20): Bumi Armada Bhd has issued a letter of intent (LOI) to Nam Cheong Dockyard Sdn Bhd to build four units of DP2 multi-purpose platform support vessels with an option to build four additional units at US$130 million (RM410.8 million).

On the rationale for the contract, Bumi Armada said the newbuilds envisaged under the LOI were in line with the the company’s fleet expansion plan in the offshore support vessel (OSV) market.

“The newbuilds will have no material effect on the revenue and earnings of Bumi Armada Group for the financial year ending 31 December 2012, but is expected to contribute positively to the future earnings of the group,’ it said.

 

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