Bumi Armada agrees Kraken FPSO delay fees of $85m

Bumi Armada has agreed to $85m in compensation for delays to an FPSO project set to be deployed in the UK Sector of the North Sea.

The Malaysian company is making the payment to UK firm EnQuest due to delays in sail-away and first oil dates for the Armada Kraken FPSO.

It has agreed to make the payment following a mutual agreement due to the revised sail-away date, which is now Ocotober 2016, and date for first oil, which will be in the first half of 2017.

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