Bumi Armada posts net loss for Q2 2018

One of Bumi Armada's vesels, Armada Perdana.
One of Bumi Armada’s vesels, Armada Perdana.

Malaysia-based international offshore energy facilities and services provider, Bumi Armada, recently announced a net loss of RM585.5 million (AUD$194.8 million) for the second quarter of 2018. The loss follows profits of RM48.4 million in the first quarter of 2018 and RM116.6 million profit in the second quarter of 2017.

The company reports that the losses follow impairment charges of RM477.2 million for the Armada Kraken floating production storage and offloading (FSPO) and RM1.7 million for the Aramda Gema.

The group recently signed a six-year and three-month extension for the Armada TGT 1 in Vietnam, securing work for the FPSO until November 2024.

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