MISC denies Bumi Armada tie-up

MISC denies Bumi Armada tie-up

MISC, the shipping arm of energy giant, Petronas, has come out with a release on the local stock exchange denying it is in discussions with fellow Malaysian firm Bumi Armada “on any potential transaction”.

The pair had been linked earlier this week to a merger of their FPSO units, which would have created the world’s second largest FPSO player.

MISC, Petronas’s shipping subsidiary, could inject its FPSO business into fellow Bumi Armada in return for shares, local media had suggested.

Among MISC’s diverse fleet are six FPSOs while Bumi Armada has nine. Combined the pair would leapfrog BW Offshore to claim second spot in the world FPSO fleet rankings.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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