The much anticipated listing of FPSO operator, Bumi Armada, Malaysia, is finally set to take place this year, according to a Bernama News Agency report.
The report did not say when the company, owned by Forbes-designated billionaire, Ananda Krishnan, would be listed, but speculation of a possible listing has dated as far back as 2005.
Malaysia's leading bank CIMB, which has been involved in most of Mr Krishnan's corporate exercises, will once again spearhead the listing drive, the report said. Speculation has also, however, revolved around whether Mr Krishnan would consider a partial sale of the company to private equity owners.
Bumi Armada's attraction to investors is in its forte in operating FPSOs. High crude oil prices have spurred these types of exploration and production activities all around the world.
Only last November, Bumi Armada and a Vietnamese partner sealed a US$495 million FPSO contract with the state-owned Vietnam Oil & Gas Group.
Bumi Armada is Malaysia's largest owner and operator of offshore support vessels (OSVs), with a fleet of about 50 vessels. Three more OSVs are expected to be delivered in the third quarter of this year.
Analysts have noted that Bumi Armada is expanding quite well into markets such as Africa, India, Mexico and Southeast Asia.
Sammy Lee
