Bumi Armada Delays Results Release

Malaysian offshore services provider Bumi Armada has delayed presentation of its financial results for its second quarter ended June 30, 2014 for another week.

The Star reports that it was a last minute decision that is understood to have happened due to new positive developments in the company. The company expects an update next week.

Bumi Armada is the world’s fifth largest owner of FPSOs and has an order book of RM31 billion. Tendering activity for FPSO’s is picking up pace and the group is actively participating in new tenders in Nigeria, Mexico, Indonesia and Brazil. The offshore support vessel market is also expected to grow. 

Bumi Armada posted a 40 percent drop in net profit for its first quarter ended March 31, 2014 compared to the previous year.

AllianceDBS Research has downgraded its earnings forecast for the company for the financial years ending Dec 31, 2014 and 2015. Earnings have been cut by 14-20 per cent, but forecasts for 2016 are favourable with a forecast profit increase of four percent. This is the result of planned activities in Angola and the charter of the Kraken FPSO.