KUALA LUMPUR (June 22): Bumi Armada Bhd shares fell 3.52% in active trade at mid-morning today after it suspended operations on its floating production storage and offloading (FPSO) unit Armada Perdana due to longstanding delays in payments from Erin Petroleum Nigeria Ltd, a subsidiary of Erin Energy Corp.
At 10.01am, Bumi Armada fell 2.5 sen to 68.5 sen with 8.27 million shares done.
The suspensions on the bare-boat charter and operations and maintenance contracts were carried out by Bumi Armada's wholly-owned subsidiaries, Armada Oyo Ltd and Bumi Armada (Singapore) Pte Ltd, the group said in a statement yesterday.