SINGAPORE (Sept 3): Bumi Armada has recognised an impairment expense of US$119 million ($162.6 million) in its financial statements for 2QFY2018 ended June 30, arising from its floating, production, storage and offloading (FPSO) vessel Armada Kraken for the Kraken field in the UK’s North Sea. The estimated negative financial impact on the group’s profit or loss is US$25 million for 2018.

In its filing with Bursa Malaysia on Aug 29, Bumi Armada, an oil and gas support services provider, said the impairment amount was obtained through an assessment based on the terms in an amended agreement between the group’s wholly-owned subsidiary Armada Kraken and the charterers.

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