Bumi Armada announces third quarter resultsCompany News // November 21, 2014
Malaysia-based international offshore oilfield services provider Bumi Armada Berhad has announced its third quarter 2014 financial results, which saw quarter-on-quarter revenue increase by RM46.4 million to RM636.5 million, a 7.9 per cent improvement, on the back of increased contributions across all its established business units.
Current year-to-date revenue also increased 11.8 per cent to RM1,695.5 million from RM1,516.2 million recorded for the corresponding period in 2013. Profit attributable to shareholders of RM108.1 million increased 9.9 per cent quarter-on-quarter, from RM98.4 million.
Commenting on the third quarter 2014 financial results, Hassan Basma, Executive Director and Chief Executive Officer of Bumi Armada, said: "Despite the decline in oil prices and uncertainty in the oil and gas industry, the past quarter has been a busy one for Bumi Armada.
"The conversion of the Armada Sterling II was completed and sailed for the Cluster 7 field, off the West coast of India in October, and is expected to deliver first oil in the first quarter of 2015. The Armada Claire, in the Balnaves field off the West coast of Australia, achieved first oil on 11 August, while work on the Kraken and Block 15/06 projects are also well underway and progressing in accordance to plans. With the Armada Sterling II, Bumi Armada has 6 FPSOs in operation with a further two FPSOs undergoing conversion.”
“Notwithstanding the current uncertainty brought about by the downward movement of the oil price, the third quarter brought about further increase in revenue contribution from its main business segments.
"Bumi Armada continues to observe high utilisation, with more than 99 per cent uptime in the FPSO fleet, and utilisation in the OSV fleet improving to 74 per cent. This coupled with a large order book gives a lot of reasons to be positive going forward.”