KUALA LUMPUR: Bumi Armada Berhad today announced that following the recent start-up of the Kraken FPSO, production is currently circa 60 per cent of pre shutdown levels.
"There is still further work, testing and investigations ongoing to stabilise and bring the vessel operational performance back to pre shutdown level," the company said in a filing with Bursa Malaysia Securities.
Analysts downgraded the stock and cut its target price when the company announced via a filing with Bursa Malaysia Securities that the Armada Kraken FPSO stopped production due to the failure of critical transformers, on a worst case scenario that it would be out of commission for three to four months.
The company's share price was down 1.1 per cent to 43.5 sen at 12.30pm after hitting a high of 46 sen on news that it has signed a non-binding memorandum of understanding with Navigator Holdings Ltd, to set up a joint venture company to provide CO2 shipping and injection solutions in the United Kingdom (UK) earlier today.
