Bumi Armada to raise cash for FPSOs

Kuala Lumpur: Bumi Armada will look to raise up to $1.5bn in the first quarter as it gears up for bonds and rights issuances in the first quarter to help fund its entrance into the floating production, storage and offloading (FPSO) sector. Bumi Armada has made $2bn capex plans for FPSOs.

The cash raising follows on from last year’s successful $1.5bn medium term debt programme at the fast growing offshore company.

Bumi Armada is understood to be chasing around 10 FPSO contracts around the world and is deemed the frontrunner for a soon to be announced FPSO deal off Angola.  [23/01/14]

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