Bumi Armada Establishes Netherlands Subsidiaries
- Business & Finance
Bumi Armada has set up a direct wholly-owned subsidiary and two indirect wholly-owned subsidiaries in the Netherlands.
The company said that formation of a Netherlands holding company structure is part of Bumi Armada’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.
Bumi Armada Holdings B.V. (BAHB) was incorporated on August 04, 2017 as a private limited company and its entire issued and paid-up capital of USD 25,000 is held by Bumi Armada. BAHB 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.
Subsequently, BAHB on August 04, 2017 has formed a wholly-owned subsidiary known as Bumi Armada Holdings Netherlands B.V. (“BAHNB”). BAHNB is a private limited company with its issued and paid-up capital of USD 25,000.
Furthermore, BAHNB has formed a wholly-owned subsidiary known as Bumi Armada Netherlands B.V. (BANB). BANB is a private limited company with its issued and paid-up capital of USD25,000. BANB will be the holding company for subsidiaries and joint venture companies involved in the FPO business unit.