Malaysia-based international offshore energy facilities and services provider Bumi Armada Berhad announced its second quarter (“Q2”) 2019 financial results.
For Q2 2019, the Group reported revenue of RM535.6 million. The FPO business generated revenue of RM443.6 million with the increase over the first quarter (“Q1”) 2019 coming from higher contributions from Armada Kraken FPSO and Armada Olombendo FPSO, while the OMS business reported revenue of RM92.0 million on the back of higher OSV fleet utilisation, which increased to 51% from 39% in Q1 2019.
The Group reported a net profit of RM78.2 million in Q2 2019, a 25.7% increase over Q1 2019.
Commenting on the results, Gary Christenson, Executive Director and Chief Executive Officer of Bumi Armada said, “During the second quarter, there was a Net profit/loss refers to profit/loss for the financial period attributable to Owners of the Company.
Noticeable improvement in the performance of Armada Kraken FPSO, which helped the overall FPO revenue. The other FPO assets continued to deliver stable performances.
The OMS business saw a noticeable improvement in the OSV fleet utilisation, mainly due to higher demand in Malaysia. The SC vessels in the Caspian Sea however, continue to seek new contracts.
Over the rest of 2019 the Group will continue to focus on the initiatives highlighted previously, namely safety, operational performance improvements and various financial efficiencies, including selective asset disposals.”
