Malaysian oil-and-gas services company Bumi Armada Bhd. swung to a 2nd-quarter net profit of MYR 116.59 million ($27.3 million) from a year-earlier loss of MYR 518.32 million ($121.3 million), the company reported on August 25, 2017.
Revenue for the quarter (2Q FY17) rose to MYR 694.42 million ($162,5 million), from MYR 402.87 million ($94,2 million) a year earlier.
Bumi Armada said the floating production and operation (FPO) business segment revenues in Q2 2017 increased by 116.9% year-on-year to RM 337.6 million ($79 million), due to higher revenue from the Armada Olombendo floating production storage and offloading (FPSO) and the Armada LNG Mediterrana floating storage unit (FSU) respectively, as well as the absence of supplementary payments to the charterer of the Armada Kraken FPSO, which impacted Q1 2017 revenue.
It said offshore marine services (OMS) revenue in Q2 2017 saw a 44.3% year-on-year increase to RM 356.8 million ($83,5 million), due to higher revenue from the LUKOIL project.
Bumi Armada´s CEO Leon Harland said within the OMS business unit, the subsead construction (SC) results in Q2 2017 were stronger, on the back of good performance in the pipelay activities in the Caspian Sea.
He added with the recently-announced supplementary contract from LUKOIL, Bumi Armada had secured additional work with an existing client.