Profits steady for Bumi Armada

Kuala Lumpur: Profits remained stable in the third quarter of year for Malaysian offshore vessel owner and operator Bumi Armada. Year-to-date the company reported a profit of RM238.5m.“We achieved a profit of RM238.5m, down 1% from the same period a year ago. This was mainly due to expenses in relation to our  listing on the Bursa Malaysia,” said Hassan Basma, ceo of Bumi Armada.

The company reported year-to-date revenues of RM1.17bn up 34.8% on the previous year. Utilisation of the company’s OSV fleet was up 10% in the third quarter compared to the previous three months at 93%.

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  1. "Asia continues to be a driving force in offshore oil and gas - be it through demand, construction of vessels, finance or production. The region will, to a large degree, probably determine the future direction of the sector." Per M. Ristvedt, Managing Partner - Wikborg Rein Singapore

    “Offshore craft supporting the oil and gas sector in general will continue to see an increase in employment as energy needs in the region grow. Crew retention and competency will be just one of a number of challenges facing the OSV’s industry." Steven Randall, General Manager, Shipowners Club Singapore branch


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