The Board of Bumi Armada Berhad (“Bumi Armada”) announces that its wholly owned subsidiary, Armada Balnaves Pte Ltd (“ABPL”), has completed the sale of the Armada Claire FPSO (“Armada Claire”).
The Armada Claire sale was on an “as is where is” basis, at a sale price of US$20 million. The sale proceeds were received by ABPL on 19 April 2023.
The Bumi Armada Group will recognise a gain on sale of the Armada Claire of approximately US$12 million in its second quarter financial results. Proceeds from the sale, net of transactions fees, will be applied towards a reduction of Bumi Armada Group’s corporate debt.
None of the Directors, and/or major shareholders of Bumi Armada and/or persons connected with them have any interest, either direct or indirect, in the transaction.