Bumi Armada Reports Third Quarter 2017 Financial Results

Kuala Lumpur, 23 November 2017 – Malaysia-based international offshore energy facilities and services provider Bumi Armada Berhad (“Bumi Armada” or “the Group”) today announced its third quarter (“Q3”) 2017 financial results. 

Revenue for the Group increased by 69.9% year-on-year, to RM641.4 million. The FPO business revenues in Q3 2017 increased by 247.2% year-on-year to RM402.7 million, due to stable or improving contributions across all the FPSO and FSU units during the quarter. OMS revenue in Q3 2017 declined quarter-on-quarter, mainly due to the one-off revenue recognition from the LukOil project in the second quarter (“Q2”) 2017. During the quarter, OSV fleet utilisation registered a slight improvement at 54% versus 53% in Q2 2017.