The previous announcements made on 4 March 2016, 8 March 2016, 11 March 2016, 14 March 2016 and 21 April 2016 respectively by Bumi Armada Berhad (“Bumi Armada”) on the above matter refers.

The matter arose out of a dispute between Armada Balnaves Pte Ltd (“ABPL”), our wholly-owned subsidiary, and Woodside Energy Julimar Pty Ltd (“WEJ”) in relation to a contract for the provision of floating production storage and offloading services dated 30 September 2011 (“Contract”).  On 4 March 2016, WEJ purported to terminate the Contract by issuing a notice of termination to ABPL.  ABPL considered that this purported termination by WEJ amounted to a repudiation of the Contract, which entitled ABPL to damages.

On 14 March 2016, ABPL filed a Writ of Summons in the Supreme Court of Western Australia (“Supreme Court”) against WEJ for, inter alia, (i) a declaration that WEJ was in repudiatory breach of the Contract and (ii) damages for WEJ’s breach of the Contract.    The trial for this matter commenced at the Supreme Court on 18 February 2019 and concluded 27 March 2019. 

Judgment was delivered by the Supreme Court on 24 January 2020 as summarised as below:

1. The Supreme Court ruled in favour of WEJ on ABPL’s main claim of repudiation of the Contract.
2. ABPL was found to be entitled to a payment of USD 2,000,050 for unpaid milestone claims and AUD341,165.29 for unpaid invoices. ABPL was found to be required to pay WEJ AUD1,567,302.20 for reimbursement of miscellaneous charges.

Bumi Armada is currently reviewing the judgment and considering possible grounds of appeal. Any appeal is to be lodged by 14 February 2020.

Bumi Armada will provide updates from time to time on any further material developments on this matter.

This announcement is dated 28 January 2020.