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Bumi Armada Suspends Operations on Armada Perdana FPSO

Source: www.gulfoilandgas.com 6/21/2017, Location: Africa

Armada Oyo Limited (AOL) and Bumi Armada (Singapore) Pte Ltd (BASPL), the wholly owned subsidiaries of Bumi Armada Berhad (Bumi Armada), are suspending the bare-boat charter (BBC) and operations and maintenance (O&M) contracts respectively, on the FPSO Armada Perdana to Erin Petroleum Nigeria Limited (Erin), a subsidiary of Erin Energy Corporation.

The suspension of operations is due to longstanding delays in the BBC payments due to Bumi Armada, as well as irregular payments on the O&M contract.

Commenting on the suspension of operations, Mr. Leon Harland, Executive Director and Chief Executive Officer of Bumi Armada said, “This situation has been brought about by Erin’s refusal to provide us with a clear structure of how they intend to comply with the contractual agreements as well as repay the amounts owing to Bumi Armada, despite our repeated attempts to resolve the situation amicably. This situation has gone on long enough and Bumi Armada has taken the decision to enforce its rights under the contracts and to be paid in accordance with the contractual terms.

The Group is willing to work with our clients to reach mutually agreeable solutions during challenging times or events, on a good faith basis. However, such solutions must be sufficient and reasonable, as a resolution to the outstanding amounts that Erin owes to Bumi Armada.”

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