Bumi Armada's 3Q 2014 Net Profit Rises to $32.23M, Up 9.9% YOY

Bumi Armada Berhad, Malaysia's international offshore oilfield services provider, recorded a 9.9 percent increase in net profit for the third quarter of this year (3Q 2014) to $32.23 million (MYR 108.1 million), compared to $29.34 million (MYR 98.40 million) a year ago, according to financial results released by the firm Thursday. 

The higher net profit was due to contribution from Armada 15/06 FPSO and new tanker MT Ulysses; improved offshore support vessel utilization; transportation and installation activities for Lukoil in the Caspian Sea as well as offshore and marine activity for pipelay and heavy lift barge Armada Installer.

Bumi Armada's revenue for 3Q 2014 rose $13.82 million (MYR 46.4 million) or 7.9 pecent over the previous year to $189.61 million (MYR 636.5 million), with the gains attributed to increased contributions from all established business units.

“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 Aug. 11, 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,” Hassan Basma, executive director and CEO of Bumi Armada said in the press release.

“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 utilization, with more than 99 percent uptime in the FPSO fleet, and utilization in the OSV fleet improving to 74 percent. This coupled with a large order book gives a lot of reasons to be positive going forward.” Basma added.

Bumi Armada's order book in 3Q 2014 continues to grow, reaching $6.49 billion (MYR 21.8 billion), a slight 0.5 percent increase from $6.46 billion (MYR 21.7 billion) in the previous quarter. The company's total order book reached $10 billion (MYR 33.6 billion) -- comprising $6.49 billion (MYR 21.8 billion) of firm contracts and $3.51 billion (MYR 11.8 billion) of optional  extensions.

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