Bumi Armada: 3Q profit falls

Malaysia-based international offshore oilfield services provider, Bumi Armada Berhad saw its 3Q 2014 profit drop to RM111 million, from RM121,5 million in the same period of 2013.

Converted to US dollars, the company’s 3Q profit was around $33.2 million versus $36.3 million in the third quarter last year.

The company’s revenue for the 3Q 2014 was RM636.5 million ($190.3M), up from RM546,3 million ($119.4M) in the third quarter of 2013.

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 & 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 2 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% uptime in the FPSO fleet, and utilisation in the OSV fleet improving to 74%. This coupled with a large order book gives a lot of reasons to be positive going forward.” added Basma.