Bumi Armada Bhd. Shares Rise as Operations of FPSO Vessel Fully Restored

Bumi Armada Bhd, an oilfield-services company, experienced a surge in share prices on Thursday following the announcement that operations on its floating production storage and offloading (FPSO) vessel have been fully restored. This positive development has resulted in a 4.0% increase in share prices, reaching 0.53 ringgit ($0.12). Over the past year, the company's shares have experienced a remarkable gain of more than 44%.

The restoration of operations on the Armada Kraken FPSO was confirmed through a filing to the stock exchange on Wednesday. Following a shutdown due to critical hydraulic submersible pump transformer failures on June 2, Bumi Armada had anticipated a significant financial impact. However, as of July 20, the vessel's production had already reached approximately 90% of its pre-shutdown levels.