While capital expenditure in the offshore oil and gas industry are projected to remain robust, there are concerns regarding the uncertainty over European sovereign debt, geopolitical risks and a continued slowdown in the global economy, according to Hassan Basma, executive director/ceo of Bumi Armada.
“Capital expenditure in the offshore oil and gas industry is expected to remain robust as the search for oil in deepwater continues,” he said.
As a result of higher margins from its floating production storage offloading (FPSO), offshore support vessel (OSV) and transport and installation (T&I) segments, Bumi Armada posted a 2012 full year net profit of MYR385.83m ($124.38m), up from MYR359.67m in 2011.
The offshore oil field services company also recorded increased revenue of MYR1.66bn compared to MYR1.54bn in the previous year.
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