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Bumi Armada flies high to 2013 full-year net profit of $131m

Major offshore services player Bumi Armada saw full-year net profit rise 12% to MYR431.2m ($130.5m) from MYR385.8m previously on continued strength in the FPSO segment. Strong contract wins including its breakthrough Kraken Field deal meanwhile pushed revenue up by 25% to MYR2.1bn.

The fourth quarter however saw a 19% drop in net profit to MYR88.3m although revenue rose 17% to MYR556.7m. It has an orderbook of MYR13.2bn as at 31 December 2013.

“The group’s results reflect our continuing growth, underpinned by our focus on execution and operational excellence,” ceo and executive director Hassan Basma said in a stock market announcement.

“The outlook for 2014 looks promising, as we see demand for offshore oilfield activities increasing, driven by an increase in demand for oil as a result of a more buoyant global economy . For the overall business, we continue to chase projects across our three established business units and this year, we hope to see initial contributions from our Oilfield Services and Gas Development and Technology
units." Hassan said.

He added that the group aimed to secure two new FPSO contracts and add four new offshore support vessels to its fleet this year. Local media reports also cited him as saying that the company was actively bidding for 10 FPSO contracts in mainly in West Africa, Latin America and Asia.

Bumi Armada also announced it had won a MYR1.3bn contract extension for its FPSO project at the Oyo Field offshore Nigeria.

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