Bumi permits oil flow from Oyo field into FPSO tanks despite Erin debts

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Bumi Armada Berhad’s (“Bumi Armada” or “the Company”) announcement dated 21 June 2017 on the above matter refers.

Despite numerous discussions with Erin Petroleum Nigeria Limited (“EPNL”), payments due to Bumi Armada (Singapore) Pte Ltd (“BASPL”) and Armada Oyo Limited (“AOL”) for the provision of services by BASPL and AOL to EPNL under the Operational and Maintenance Services Contract (“O&M Contract”) and Bareboat Charterparty Contract (“Charterparty”) respectively, remain outstanding.

However, following meetings with the Department of Petroleum Resources (“DPR”) of Nigeria and EPNL subsequently, BASPL and AOL have allowed the flow of produced oil into the FPSO cargo tanks.

The Company continues to engage with EPNL in order to reach an amicable solution for the outstanding payments.

Bumi Armada will continue to provide updates from time to time on any further material development on this matter.

 

Source: Press Release