Bumi Armada saw first quarter net profit rise 22% to MYR109.7m ($36.3m) from MYR89.7m previously boosted by increased revenue from a new floating production, storage and offloading vessel (FPSO) contract and expansion of its fleet.
Revenue rose by nearly half to MYR488.8m due mainly to the new FPSO contract award from India's Oil and Natural Gas Corporation, contributions from new offshore support vessels such as the Armada Hibiscus, Armada Tuah 107, 108 and 302 and the Lukoil engineering, procurement, installation and commission project in the Caspian Sea, executive director Hassan Basma said in a press release.
Hassan added that the acquisition of the Armada Condor has helped with the expansion of the group's subsea umbilical, risers and flowlines capability.
Source: Seatrade Global
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Bumi Armada Q1 up 22% on new FPSO, vessel contributions
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