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Bumi Armada defers Q2 results, better news expected

Bumi Armada defers Q2 results, better news expected
Malaysian offshore services firm Bumi Armada has interestingly delayed the release of its second quarter results by a week, although analysts believe this will likely result in good news rather than an earnings shock.

The major player in the floating production storage and offloading vessel (FPSO) space was supposed to have released results this week but the media briefing was called off at the last minute, local reports said.

Reports quoted sources as saying the postponement is believed to be due to new developments within the company. “There are some decisions pending confirmation of positive developments. The company expects an update next week,” a source said.

A recent Alliance Research report said the company currently has an order book of MYR31bn ($9.8bn) and is bidding for more contracts as FPSO tendering activity picks up in Nigeria, Mexico, Indonesia and Brazil.More growth is also expected to come from the previously underperforming transport and installation (T&I) division as it expands into the subsea services segment with the delivery of new multi-purpose support vessels and ice-class vessels.