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Bumi Armada-Husky FPSO deal postponed

Bumi Armada's MYR3.76bn ($1.15bn) floating production storage and offloading (FPSO) vessel deal with Husky-CNOOC Madura (HCML) is being dragged out as both sides have mutually agreed to extend the execution date of their contract, according to a stock market release.

Bumi Armada said the Letter of Intent (LOI) is set to terminate on 31 October, subject an extension to be mutually agreed between the two parties.The LOI signed on Aug 8 was for a 10-year FPSO contract with options of five annual extensions worth MYR469m.

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