Bumi Armada posts 3Q net profit of RM177.77mil as Kraken returns to full operations

KUALA LUMPUR: Bumi Armada Bhd‘s operations are back on track following the restoration of the Armada Kraken floating production storage and offloading (FPSO) facility to pre-shutdown levels.

The oil and gas services provider said it has also fully restored board redundancy to original design status.

“Further to this, there is an additional new transformer onshore awaiting a weather window to enable it to be transferred to the vessel and installed to replace one of the original transformers which remains operational,” it said in a stock exchange filing.

In the third quarter ended Sept 30, 2023, Bumi Armada recorded a net profit of RM177.77mil, which was improved from RM149.72mil in the previous corresponding quarter.

The group’s earnings per share rose to three sen from 2.53 sen in the comparative quarter.

Revenue, meanwhile, was lower at RM524.8mil compared to RM653.07mil.

Year-to-date, the group’s net profit was RM497.55mil as compared to RM521.73mil in the same period in 2022, while revenue dropped to RM1.51bil from RM1.8bil in the year-ago period.

The group said the weaker nine-month result was owing to the impact of the Kraken shutdown and the Subsea Construction contract in the Caspian Sea contributing lower revenue as the project was nearing completion.

As at end Sept 30, 2023, the group’s future firm orderbook amounted to RM10.6bil with additional optional extensions of up to RM9.8bil.