Blog: Bumi Armada - Rights Issue Expected To Propel Growth

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2 comment(s). Last comment by AhMoi 2014-09-29 11:39

bumihalo2014

151 posts

Posted by bumihalo2014 > 2014-09-20 11:58 | Report Abuse

Heard from reliable third party source

C7 mooring is badly under sized; this is confirmed by Bureau VERITAS independence studies check and also model testing in Shanghai Jiao Tong University , China on May-June 2014

They denied that they have done third party check of BV and model test.
Now, ABS Class doesn’t agree with their basic design and no approve this mooring design & integrity

ONGC is also aware of this issue, start further investigation and engaged with third party. For past lesson to be learnt is like BP Deep-water Horizon happened in Gulf of Mexico, it caused disaster to human & environmental and major loss to BP

AhMoi

5,802 posts

Posted by AhMoi > 2014-09-29 11:39 | Report Abuse

...... the rights issue as the proceeds will be utilised to propel the growth of Bumi Armada going forward. We also reiterate our positive view on floating production systems and believe that Bumi Armada is in a good position to take advantage of the continuous demand for FPSOs.

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