Malaysian FPSO specialist Bumi Armada has amended the maturity of a portion of the $660 loan from 2019, citing the impact of the coronavirus pandemic on its business.
Bumi Armada said the loan agreement has been amended on to extend the final maturity date for Tranche 1 - USD260 million or approximately RM1,051 million - of the USD660 million (approximately RM2,668 million) term loan facilities to November 23, 2022.
The final maturity date of May 23, 2024, for Tranche 2 - $400 million or approximately RM1,617 million - remains unchanged.
"The [...] revision takes into consideration the impact of the COVID-19 pandemic and the resulting significant slowdown in global business activities, which have in turn impacted the progress of Bumi Armada’s monetization initiatives."
Despite the challenges, Bumi Armada said it expected continued stable operations for its Floating Production business.
However, Bumi Armada expects its offshore marine services segment is expected to remain soft with relatively subdued industry activity.