Malaysia-based international offshore energy facilities and services provider Bumi Armada Berhad (Bumi Armada) announced its third quarter (“Q3”) 2019 financial results.
The Group reported revenue of RM527.8 million for Q3 2019. The FPO business generated revenue of RM453.9 million with the increase over the second quarter (“Q2”) 2019 coming from higher contributions from Armada Kraken FPSO.
The Group reported net profit of RM153.4 million in Q3 2019, a 96.2% increase over Q2 2019. The results were boosted by RM81.8 million of other operating income, which included gain on disposal of joint ventures and property, plant and equipment 1 Net profit/loss refers to profit/loss for the financial period attributable to Owners of the Company.
Commenting on the results, Gary Christenson, Executive Director and Chief Executive Officer of Bumi Armada said, “In the third quarter of 2019, our FPO business was stable, registering a 2.3% improvement in revenue over the second quarter of 2019.
In the OMS business, we disposed of five more OSVs in the third quarter and we continue to pursue new contracts for our two SC vessels in the Caspian Sea.
Going forward, the Group will continue to focus on safety, improvements in overall operational performance, financial efficiencies and the monetisation of selected assets.”
The Group’s firm orderbook at the end of the third quarter of 2019 was approximately RM18.5 billion, with additional optional extensions of up to RM10.0 billion.