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Flash Note – Bumi Armada (ADD, maintain) - Securing RM568m Lukoil EPIC contract




Affin Hwang Investment Bank Bhd


07 Jul 2013





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Securing RM568m Lukoil EPIC contract Bumi Armada secures US$179m (RM568m) Lukoil EPIC contract Bumi Armada announced that the gorup has signed a supplementary agreement with OAO Lukoil for engineering, procurement, installation and precommissioning (EPIC) of subsea in-field and inter-field pipelines for the Filanovsky field in the Russian sector of the Caspian Sea. The total contract value is US$178.5m (RM567.6m). Note that the supplementary contract is in addition to Bumi Armada’s existing contract with Lukoil. To recap, Bumi Armada had on 16 April 2012 secured a US$200m (RM636m) contract from Lukoil for a similar EPIC work (contract period of 32 months ending 2014).

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