Malaysian oil and gas (O&G) services provider Bumi Armada is making use of the lull in the industry to do some restructuring, announcing the formation of a Netherlands holding company.
The holding company structure “is part of the group’s ongoing initiatives to streamline its corporate structure, create a corporate and legal shield, optimise efficiencies and establish a commercial presence close to key target clientele and major oil and gas companies” it said in a stock market announcement.
Bumi Armada Holdings BV (BAHB), wholly owned by Bumi Armada, is the holding company, under which all subsidiaries and joint venture companies in the Bumi Armada Group involved in offshore services via two business units: Floating Production and Operation (FPO), comprising floating, production, storage and offloading and floating gas solutions and Offshore Marine Services (OMS), comprising offshore support vessel and subsea construction services, will be held.
The three-tier structure will see BAHB overall controlling further subsidiaries Bumi Armada Holdings Netherlands (BAHNB) and Bumi Armada Netherlands (BANB).
Bumi Armada said BANB will be the holding company for subsidiaries and joint venture companies involved in the FPO business unit.
Bumi Armada CEO Leon Harland, who was appointed in May last year, is a Dutch national.
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