Bumi Armada's share price up 2.21% on additional deal with Lukoil

PETALING JAYA: Bumi Armada Bhd's share price rose 2.21% this morning on news of it signing a supplementary agreement worth US$134 million (RM576 million) with LUKOIL-Nizhnevolzhskneft LLC (Lukoil).

At 10.37am, the stock rose 1.5 sen to 69.5 sen with a total of 944,700 shares traded. Last Friday, the stock fell 1.45% to close at 68 sen with a total of 7.09 million shares traded.

Bumi Armada said last Friday that its wholly-owned subsidiary Bumi Armada Caspian LLC (BAC) signed the supplementary agreement with Lukoil for additional engineering, procurement, construction and installation (EPCI) scope.

The additional scope involves the EPCI of about 20km of various pipelines in the field involving the Armada Installer and Armada Constructor vessels. The works are expected to be completed in the second half of 2018.