Pursuant to Paragraph 9.19(23) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, Bumi Armada Berhad (“Bumi Armada” or “the Company”) wishes to announce that its wholly-owned subsidiary, Bumi Armada Offshore Holdings Limited (“BAOHL”), has on 8 January 2019 entered into a shareholders agreement with Cosmarq International Limited (“CIL”), and Corib Holdings Inc (“CHI”) to form a joint venture company known as Abaco Offshore Limited (“AOL”) for the provision of offshore procurement services to Armada Cabaca Ltd. (“ACL”) in connection with the FPSO services contract between (a) Eni Angola S.p.A. ("Eni") as charterer, and (b) a consortium comprising ACL as contractor and Angoil Bumi JV, Lda. ("ABJV") as operator in Angola.

AOL was incorporated on 16 August 2017 in the Republic of the Marshall Islands with an authorised capital of USD50,000 and paid-up capital of USD1,000. BAOHL holds 49.0% equity interest in AOL and the remaining shareholders are CHI and CIL holding 20.4% and 30.6% equity interest respectively. AOL is deemed as a subsidiary of BAOHL and an indirect subsidiary of Bumi Armada upon the execution of the shareholders agreement on 8 January 2019, which terms provides the Group control over AOL’s operations.

Information of CIL

CIL is a limited liability company incorporated in Malta on 16 August 2018.

The authorised and paid up capital of CIL is Euro2,000.

The principal activity of CIL is investment holding.

Information of CHI

CHI is private limited company incorporated in Republic of Panama on 21 May 2004.  

The authorised and paid up capital of CHI is USD10,000.

The principal activity of CHI is investment holding.

AOL as a subsidiary of Bumi Armada is not expected to have any material impact on the earnings or net assets of Bumi Armada Group for the financial year ending 31 December 2019.

None of the Directors and/or major shareholders of Bumi Armada and person connected to them has any interest, direct or indirect, in AOL.

This announcement is dated 9 January 2019.