Bumi Armada Berhad (“BAB” or “the Company”) refers to its previous announcement on 26 September 2019, regarding the 3 year term loan facility of up to USD30 million made available by MENV to Bumi Armada 98/2 Holdings Pte. Ltd. (“BA98/2”), wholly owned subsidiary of BAB (“BA98/2 Facility”), to fund the Company’s 30% equity interest in a joint-venture project with Shapoorji Pallonji Oil & Gas Pte. Ltd., in connection with the charter and operation of a floating production storage and offloading facility for deployment at NELP Block KG - DWN 98/2 Development Project Cluster-II field located on the east coast of Kakinada, offshore India. 

MENV is a wholly owned subsidiary of Usaha Tegas Sdn Bhd, a major shareholder of BAB.

BAB wishes to announce that the BA98/2 Facility has been amended on 14 September 2022 to extend its final repayment date from 23 September 2022 to 22 September 2023.

The BA98/2 Facility extension is not expected to have any material effect on the earnings and net assets of BAB Group for the financial year ending 31 December 2022.

The Board of Directors of BAB is of the opinion that the extension of the Facility is in the best interest of the Company.

This announcement is dated 14 September 2022.