Tuesday, 8 May 2012

Bumi Armada edges up on unit’s Mexican contract

KUALA LUMPUR (May 8): Bumi Armada Bhd shares edged up on Tuesday after its unit secured a five-year contract worth US$65 million (RM198.9 million) to provide an accommodation workboat.

At9.13am, Bumi Armada added two sen to RM4.02 with 11,400 shares done.

The company said on Monday that its subsidiary, Bumi Armada Navigation Sdn Bhd ("BAN") had been awarded the contract by Tecnologías Relacionadas con Energía y Servicios Especializados, SA de CV (TRESE).

"The Vessel will be providing accommodation and offshore support services in the Mexican territorial waters,” it said.

BIMB SEcurities Research has upgraded Bumi Armada from Neutral to Buy and said the recent share price retracement offered a good accumulation opportunity for investors.

"We made no changes to our forecast and target price of RM4.65," it said in a note Tuesday.

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