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.