BUMI ARMADA UNIT SIGNS RM567.6 MLN SUPPLEMENTARY PACT WITH LUKOIL

12 Jul 2013 11:19

KUALA LUMPUR, July 5 (Bernama) -- Bumi Armada Bhd's wholly-owned Russian unit, Bumi Armada Caspian LLC, has signed a RM567.6 million supplementary agreement with OOO LUKOIL-Nizhnevolzhskneft.

In a statement today, Bumi Armada said the agreement was for engineering, procurement, installation and pre-commissioning work in the Russian sector of Caspian Sea.

The contract will increase the company's transport and installation order backlog to over RM2 billion, it said.

Bumi Armada chief executive officer/executive director, Hassan Basma, said the contract was expected to contribute positively to the revenue and earnings of the group for the financial year ending Dec 31, 2013 and the financial periods thereafter for the duration of the supplementary agreement. -- BERNAMA

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