Middle East

Bumi Armada launches three ice-class vessels

Malaysian FPSO specialist and offshore support vessel owner Bumi Armada has decided to sell the icebreaker operating in the Caspian Sea to Lukoil in line with its plans to withdraw from the offshore marine services business.

Bumi Armada said Wednesday that the board had agreed to sell its subsidiary, which owns an ice-class vessel operating in the Caspian Sea, for $ 44.5 million in cash. The company plans to use $ 38 million in revenue from the sale to reduce debt and the remaining $ 6.5 million in working capital.

The four subsidiaries sold are collectively referred to as “ice-class shipping companies”: Bumial Madamarin Urai, Bumial Madamarin Pokachi, Bumial Madamarin Narian Mar, and Bumial Madamarin.

Established in Russia in August 2014, ice-making companies other than Bumi Armada Marine’s main activity is to provide oil and gas companies with marine support and other services. Bumiurai, Bumipokachi, Buminariyanmaru ship.

The ship trio is workingFor Lukoil in the Russian section of the Caspian Sea since 2016 Support offshore under a charter party contract
The platform is located in the Filanovsky oil field in the northern Caspian Sea off the coast of Russia and serves all year round.
As cargo delivery, rescue, search and rescue functions, firefighting, towing and tanker mooring activities.

The Bumi Naryan Maru is an ice-class multipurpose rescue vessel, and the Bumiurai and Bumi Pokachi are ice-class supply vessels, all delivered by Keppelsin Marine in 2015.

“Based on the interim financial statements for the nine-month accounting period ending September 30, 2021, Ice Class Vessel Companies recorded a total loss after tax of 56.6 million ringgit. [~$13,5 million ] Net assets (“NA”) (including capital contributions) combined to RM219.9 million [~$52,5 million]”Bumi Armada said.

Bumi Armada will sell its subsidiary along with the vessel to Lukoil’s subsidiaries AC Management and KN Holding.

According to the company, the sale price was calculated on a voluntary buyer / seller basis, taking into account future cash flow from a charter party agreement with Lukoil.

https://www.oedigital.com/news/493668-bumi-armada-to-sell-three-ice-class-vessels-to-lukoil-for-44-5m Bumi Armada launches three ice-class vessels

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