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Malaysia's Bumi Armada gets letter of intent for $2.9 bln contract
March 31, 2014 / 2:02 AM / 3 years ago

Malaysia's Bumi Armada gets letter of intent for $2.9 bln contract

KUALA LUMPUR, March 31 (Reuters) - Bumi Armada Bhd has received a letter of intent from Italian oil and gas company Eni SpA contracting the Malaysian offshore oilfield services firm to provide a floating production, storage and offloading (FPSO) vessel.

The contract has an indicative value of $2.9 billion and involves the vessel being delivered in 31 months and deployed offshore Angola, Bumi Armada said in a stock exchange filing on Monday.

The deal is likely to contribute to earnings in the financial year ending Dec. 31, the company said.

Trading of shares of Bumi Armada was suspended earlier Monday at 3.91 ringgit pending this announcement. The shares have risen 3.2 percent over the past year compared with a 10.6 percent gain in the benchmark index.

Trading of the shares will resume at 0200 GMT. (Reporting by Yantoultra Ngui; Editing by Christopher Cushing)

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