KUALA LUMPUR, Nov 20 — Bumi Armada Bhd’s pre-tax profit rose to RM138.81 million in the third quarter ended September 30, 2013, from RM113.41 million registered in the same quarter a year ago.
Revenue increased to RM546.31 million from RM461.7 million previously, the offshore oilfield services provider said in a filing to Bursa Malaysia.
In a separate statement, Executive Director and Chief Executive Officer Hassan Basma said the better performance reflected the company’s strong and consistent growth strategy underpinned by good execution and increased activities in three established business segments.
They are floating production, storage and offloading (FPSO), offshore support vessels and transportation and installation units.
“These segments registered healthy increases in revenue of 9.9 per cent, 20 per cent and 80 per cent, respectively, compared with the corresponding period in 2012,” he said.
The group has a total order backlog of RM12.7 billion comprising RM8 billion in firm contracts and an additional RM4.7 billion in options.
Going forward, Bumi Armada said the long-term outlook for the offshore oil and gas (O&G) services sector remained positive with long-term oil price expected to remain above US$70 per barrel.
It said capital expenditure in the offshore O&G sector was likely to remain robust as the search for oil in deep waters continues, while the costs of exploration and production and offshore project development were expected to rise.
However, it added concerns regarding the weak recovery of the European and North American economies remain.
Nevertheless, the company anticipates robust activities across its main segments over the long term and will continue consolidate its presence in Asia, Africa and Latin America. — Bernama
