Bumi Armada Berhad
Q3 2021 Financial Results
Bumi Armada Q3 2021
Health, Safety and Environment
Key HSE Milestone Achievements
- Armada TGT 1 - 10 years LTI free
- Armada Olombendo FPSO - 4 years LTI free
- FSU Armada LNG Mediterrana - 4 years LTI free
- Armada Sterling - 8 years LTI free
- Armada Sterling II - 6 years LTI free
- Karapan Armada Sterling III - 4 years LTI free
- OSV - HSE recognitions from Shell and ExxonMobil for Behavioural Safety and proactive onboard Safety Observation.
COVID-19 mitigations
- Health and Safety protocols in place for onshore and offshore operations with ongoing mental health awareness talks conducted across the organisation
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Bumi Armada Q3 2021
FPO Performance
Revenue (RM) | Segment Results (RM) | Average Uptime | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 |
472.2 mil | 337.0 mil | Owned Units* (4) | 99% | 98% | 99% | 99% |
JV Units (3) | 98% | 99% | 100% | 100% | ||
- Excludes Armada Claire
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COVID challenges being managed without interruption to operations, including full crew change out on Karapan Armada Sterling III in July to maintain crew protection from
COVID. - Armada Olombendo planned shutdown for tie-in of new wells and outstanding modification work completed successfully ahead of schedule.
- The decrease from the FPO segment was mainly due to lower vessel availability arising from an unplanned shutdown of one of the two trains at Armada Kraken FPSO.
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Bumi Armada Q3 2021
OMS Performance
Revenue (RM) | Segment Results (RM) | Utilisation | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 |
73.5 mil | 22.0 mil | OSV Fleet | 49% | 44% | 70% | 69% |
- Vessel utilisation in Q3 2021 was 69% vs 70% in Q2 2021.
- 4 vessels were sold in Q3 2021 with profit on sale of RM5.8mil recorded.
- The decrease in OMS revenue was mainly due to fewer operating OSVs as a result of vessel sales.
- 10 OSVs remaining as at 30 September 2021, of which 4 vessels are classified as Non- Current Assets Held-For-Sale.
- Impairment of RM6.2mil was recognised in Q3 2021 for certain vessels where the recoverable amount is lower than the net book value.
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Financial Performance
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Bumi Armada Bhd published this content on 19 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2021 05:42:03 UTC.