Bumi Armada's Q2 profit up 52.6%
Bumi Armada, Malaysia's offshore oil field services firm, saw a 52.6% year-on-year jump in second quarter net profit marked by an improvement in all business units, Seatrade Asia online reports.
Second quarter net profit soared to MYR91.93m ($29.33m) from MYR60.26m a year ago. Revenue, however, dipped 2.1% year-on-year to MYR384.6m.
“From a quarterly perspective... our FPSO business was running at 99% uptime; there was additional new tonnage in our OSV fleet and the start of contribution from the $200m Lukoil contract for our T&I business,” said Hassan Basma, executive director and ceo of Bumi Armada.
The long term outlook for the offshore oil and gas services sector remains positive with oil price expected to remain well above $70 per barrel and capital expenditure in the industry forecasted to increase year-on-year by more than 10%.
Bumi Armada anticipates strong activities across all its sectors of FPSO, OSV, T&I and OFD. It also expects to consolidate its presence in Asia, Africa and Latin America and raise its penetration and market share across it business sectors.