KUALA LUMPUR (July 20): Bumi Armada Bhd's floating production storage and offloading (FPSO) vessel — the Armada Kraken — is currently operating at approximately 90% of its pre-shutdown levels after one hydraulic submersible pump (HSP) transformer was reconditioned from failed units on the vessel, which is owned by its wholly-owned subsidiary, Armada Kraken Pte Ltd (AKPL).

Previously, the offshore facility and service provider announced on June 21 that the FPSO’s operational performance had reached 60% of pre-shutdown levels.

On June 2, the Armada Kraken was shut-in due to a technical failure which is expected to have a material impact on its financials.

The vessel was deployed at the Kraken Field in the UK North Sea under a bareboat charter contract with UK-based exploration and production operator, EnQuest. The contract, inked in December 2013, for a period of eight years, was valued at an aggregate US$1.4 billion (RM6.3 billion) with options for 17 annual extensions.

At the time of writing, Bumi Armada was up 2.5 sen or 5.10% to 51.5 sen, valuing the company at RM3.05 billion.