In a filing with Bursa Malaysia, Bumi Armada said the liquidated damages of US$20 million for Armada Kraken FPSO had been provided for in the accounts of the first half of its financial year ending Dec 31, 2016. According to Bumi Armada, the contract value for the FPSO job is about US$1.4 billion. The filing was in response to the Securities Commission Malaysia’s request to furnish further information, after a news report on Bumi Armada’s negotiation with EnQuest over the liquidation damages. Bumi Armada today said the revised date of the FPSO from the Keppel Conversion Yard will be in October, with no specific date mentioned. Bumi Armada’s counter was unchanged at 71 sen at 2.49 p.m. today, with 8.08 million shares transacted.

Source: The Edge Markets September 21, 2016 07:41 UTC