Titus Zheng/04 March 2015.  Malaysia-listed offshore services provider Bumi Armada has incorporated a new subsidiary under the name of Armada Madura EPC (Armada Madura) in the Republic of the Marshall Islands.

According to Bumi Armada's filing to the Malaysian stock exchange Bursa Malaysia, Armada Madura will be a wholly owned subsidiary of Bumi Armada Offshore Holdings, with intended principal business activities on vessel management and ownership, chartering, marine support, and other services to offshore oil and gas companies.

Bumi Armada Offshore Holdings, in turn is wholly owned by the Bumi Armada, offering offshore services for oil and gas exploration activities in Indonesia with its joint venture company, PT Armada Gema Nusantara.

The authorized capital of Armada Madura is USD 50,000, comprising 50,000 shares of USD1.00 each, of which 10 shares have been issued upon incorporation. Bumi Armada also stated in its corporate filing that the incorporation of Armada Madura is not expected to have any material impact on the earnings or net assets of the Bumi Armada group for the financial year ending 31 December 2015.

Previously, Bumi Armada had also incorporated a wholly owned subsidiary named Armada Etan in the Marshall Islands. The new subsidiary is involved in principal business activities of shipowning, chartering, management of ships and vessels, provision of marine support, and other services to offshore oil and gas companies.

Source: www.ihsmaritime360.com