Malaysian offshore service provider Bumi Armada has received up to RM317m ($75m) of financing from Mezzanine Equities, a unit of its largest shareholder Usaha Tegas, owned by billionaire T Ananda Krishnan.
According to Bumi Armada, the financing was awarded to two of its wholly-owned units, and it comprises of a three-year term loan facility of up to $30m to Bumi Armada 98/2 Holdings and a six-year term loan facility of about $45m to Armada Floating Gas Storage Malta.
The facility will fund Bumi Armada’s 30% equity interest in a joint-venture project with Shapoorji Pallonji Oil & Gas in relation to a FPSO facility contract in India.
Mezzanine Equities has also been granted options to acquire Bumi Armada’s 30% interest in the project.
Bumi Armada reported a net profit of RM78.21m in the second quarter following several consecutive quarters of losses.
Earlier this month, Bumi Armada sold its Armada Perdana FPSO for $40m.