Bumi Armada units get Rm317mil loan for projects in India and Malta

KUALA LUMPUR: Bumi Armada Bhd units, Bumi Armada 98/2 Holdings Pte Ltd (BA98/2) and Armada Floating Gas Storage Malta Ltd, have secured a Rm317mil loan to finance projects in India and Malta.

The loan, comprising a Rm128mil three-year term to BA98/2 and Rm189mil six-year term for Armada Floating Gas Storage Malta, was from Usaha Tegas Sdn Bhd’s unit, Mezzanine Equities N.V.

In a filing with Bursa Malaysia, Bumi Armada said the purpose of the BA98/2 facility was to fund the group’s 30% equity interest in a joint-venture project with Shapoorji Pallonji Oil & Gas Pte Ltd.

The project relates to the charter and operation of a floating production storage and offloading facility for deployment at NELP Block KG - DWN 98/2 Development Project Cluster-ii field located on the east coast of Kakinada, offshore India.

Incorporated in Singapore, BA98/2’S principal activities are investment holding and management consulting, including engineering and corporate services.

The group said Armada Floating Gas Storage Malta would utilise the loan facility to refinance an existing Us$45mil bridge loan facility for the Malta FSU.

Armada Floating Gas Storage Malta is incorporated in Malta and its principal activities are ship owning, chartering and provisioning of marine support and other services to offshore oil and gas companies.

According to Bumi Armada, the loan facilities are not expected to have any material effect on the net assets and gearing based on its latest audited consolidated balance sheet as at Dec 31, 2018. —