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Bumi Armada Q1 profit doubles as projects come onstream

Bumi Armada got off to a good start with first quarter net profit more than doubling to MYR48.1m ($11.2m) from MYR23.4min the previous corresponding period, even though revenue fell 6% to MYR404.2m.

In a stock market announcement, Bumi Armada said the floating production and operation (FPO) segment predictably saw revenue rise 11% as initial revenue streams from first oil and first gas on Armada Olombendo and Armada LNG Mediterrana respectively started to flow through.

Naturally, the offshore marine services segment also saw revenue fall 23% amid the continuing sluggish market and resultant lower utilisation of the offshore support vessel fleet.

Bumi Armada ed and ceo Leon Harland highlighted  the first quarter results as transition phase for the company and marked a recovery despite the continuing challenges in the market, even as it pulls back from the MYR1.39bn losses in the preceding quarter.

“In the first quarter of 2017, we started operations on both the Armada LNG Mediterrana FSU and the Armada Olombendo FPSO in Malta and Angola, respectively. We have also recently received first gas on the Karapan Armada Sterling III in Indonesia and we hope to soon deliver first oil on Armada Kraken in the UK sector of the North Sea. Full charter income from all these projects will result in a significant improvement in revenue streams for the group throughout 2017,” Harland concluded.

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