Bumi Armada Seeks over USD 275 Mln for Cancelled FPSO Charter

Malaysian offshore services provider Bumi Armada Berhad has, through its wholly owned subsidiary Armada Balnaves Pte Ltd (ABPL), filed and served a Statement of Claim in the Supreme Court of Western Australia against the Australian oil and gas company Woodside following a notice to terminate a charter deal.

In a statement released yesterday, ABPL made a claim for damages in general which would include a sum of USD 275.8 million plus any additional damages for loss of bargain for the charter contract termination for the Armada Claire floating production storage and offloading (FPSO) unit from Woodside.

An additional sum of USD 7.7 million was sought for work done and materials supplied pursuant to the contract.

“Bumi Armada is of the view that there are reasonable grounds to expect a favourable outcome in respect of ABPL’s primary claim against Woodside on the repudiation of the contract,” the company said.

Bumi Armada recently said the FPSO charter deal termination is expected to have an impact on its full year 2016 financial results, however it is not known to which extent.

The 1993-built Armada Claire has been operating in the Balnaves Field off north-western Australia since August 2014, when it delivered first oil.

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