Bumi Armada to perform better this year, says CEO
KUALA LUMPUR: Bumi Armada Bhd ( Bumi Armada) is optimistic of performing better this year given its sterling performance last year, said chief executive officer Hassan Assad Basma.
He said business was robust in the last fi nancial year for the international offshore oilfield services provider with revenue increasing 24.9 per cent to RM2.1 billion and net profit up 11.8 per cent at RM431.2 million.
Hassan said the company had received a letter of intent for the largest floating production storage and offloading ( FPSO) unit for the Angolan ENI Block 15/16 field which could add RM9.5 billion to the company’s order book.
Geographically, the company would continue to pursue attractive prospects along the
Four bids were submitted along the Atlantic Corridor, so hopefully one or more will come. Hassan Assad Basma, Bumi Armada CEO
Atlantic Corridor in regions such as the West Coast of Africa and Latin America.
“Four bids were submitted along the Atlantic Corridor, so hopefully one or more will come,” Hassan told Bernama after the company’s annual general meeting here yesterday.
Meanwhile, the company’s latest annual report said that Bumi Armada had succeeded in prequalifying to bid for more than eight major FPSO projects which collectively would incur a capital expenditure of between US$ 12 billion and US$ 15 billion.
Hassan was quoted as saying in the report that the awards were expected from 2014 through to 2017.
“Currently, contribution from floating production storage and offloading ( FPSO) remains around 70 per cent, however, going forward we will try to rebalance the portfolio to 60: 40 or 50: 50 between FPSO and our other services,” he added.
Besides FPSO as it current key business, Bumi Armada also offered offshore support vessels, transport and installation, oilfield services, as well as, gas development and technology services. — Bernama