Bumi Armada Sells VLCC Armada Ulysses

Malaysia-based Bumi Armada has reached an agreement to dispose of a very large crude carrier (VLCC), according to data provided in the company’s third quarter of 2018 financial report.

The vessel in question is the 1999-built VLCC Armada Ulysses, which was held as an FPSO conversion candidate, Bumi Armada explained.

Due to the sale of the 310,100 dwt tanker, the company recognised a non-cash impairment of MYR 41.4 million (USD 9.86 million) in its FPO business.

The group’s revenue for the third quarter of 2018 reached MYR 588 million, dropping by 8.3% from MYR 641.4 million reported in the same period a year earlier.

Net loss for the period was at MYR 502.8 million, as compared to a net profit of MYR 123.7 million seen in the third quarter of 2017.