Bumi Armada posts RM78 million net profit for 2Q2019

Malaysia-based offshore energy facilities and services provider Bumi Armada reported a net profit of RM78.2 million (US$18.5 million) for the second quarter of 2019 (2Q2019), a 25.7 per cent increase over its net profit for 1Q2019.

For 2Q2019, the group reported revenue of RM535.6 million (US$127 million) with RM443.6 million (US$105.2 million) generated by its floating production and offloading (FPO) business. The offshore maintenance services (OMS) business reported revenue of RM92 million (US$21.8 million) on the back of higher offshore supply vessel (OSV) fleet utilisation, which increased to 51 per cent from 39 per cent in 1Q2019.

Bumi Armada CEO Gary Christenson said the FPO business had benefited greatly from contributions from the Armada Kraken floating production storage and offloading (FPSO) vessel while other assets under this sector continued to deliver stable performances.

The OMS business meanwhile enjoyed higher demand in Malaysia, resulting in greater fleet utilisation, Christenson added.