Bumi Armada posts MYR125 million full-year net profit in 2020

Photo: Bumi Armada
Photo: Bumi Armada

Malaysia-based offshore energy facilities and services provider Bumi Armada reported a new profit MYR144.1 million (US$35.5 million) in the fourth quarter of 2020, an improvement from the Q3 2020 net profit of MYR85.6 million (US$21.1 million), mainly due to higher revenue from the Armada Kraken FPSO and higher shares of results of joint ventures and associates.

Bumi Armada's floating production and operations (FPO) business reported revenue of MYR532 million (US$131.2 million) in Q4 2020 boosted by higher vessel availability from the Armada Kraken FPSO. This was partly offset by a softer performance from the OMS segment arising from lower OSV vessel utilisation in Q4 2020 as compared to Q3 2020.

For FY 2020, Bumi Armada has improved its net profit to MYR125.6 million (US$30.9 million), from MYR58.6 million in FY 2019 mainly due to higher vessel availability from the Armada Kraken FPSO.

The future firm orderbook at the end of Q4 2020 amounted to approximately MYR16 billion (US$3.95 billion), with additional optional extensions of up to MYR9.7 billion (US$2.3 billion).

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