Bumi Armada posted a strong financial performance, recording a net profit of RM 119.77 Million for the second quarter ended June 30, 2020 (2QFY20)
According to a filing to Bursa Malaysia on Friday, the Group generated revenue of RM606.8 million for the quarter ended 30 June 2020 (“Q2 2020”), an increase of RM54.2 million compared to the quarter ended 31 March 2020 (“Q1 2020”). The increase from the Floating Production & Operation (FPO) segment was due to improved vessel availability for Armada Kraken FPSO, which was offset by a decrease from the Offshore Marine Services (OMS) segment mainly due to lower Offshore Support Vessel (OSV) vessel utilisation in Q2 2020 as compared to Q1 2020.
The future firm orderbook at the end of Q2 2020 amounted to approximately RM17.2 billion, with additional optional extensions of up to RM10.1 billion.
Bumi Armada Chief Executive Officer, Gary Christenson, stated, “Bumi Armada maintained our excellent HSE performance in the second quarter with zero lost-time injuries. Our focus on FPO operations and cost reductions underpinned our financial performance. We will continue to take a prudent approach and focus on safety, sustainability, operational excellence, and financial discipline.”
The group expects the FPO business to remain relatively stable through 2020, while the OMS is anticipated to be weaker
