Bumi Armada Berhad reported a net profit of RM211.3 million for Q3 2024, a decrease from RM266.0 million in Q2 2024, attributed to foreign exchange losses and lower contributions from joint ventures. Revenue for the quarter stood at RM551.9 million, down from RM578.9 million in Q2, primarily due to reduced earnings from a variation order for Armada Olombendo FPSO and a weaker USD.
Bumi Armada Refinances Sukuk
The group returned to a net current asset position of RM1.05 billion following the refinancing of its RM1.5 billion Sukuk Murabahah loan with a USD400 million syndicated facility. Its cash balance remains robust at RM1.1 billion.
CEO Gary Christenson highlighted the successful extension of the Armada TGT1 FPSO contract in Vietnam and the award of a flare gas recovery project for EnQuest Heather Limited. The company is also exploring a potential merger with MISC Berhad’s Offshore Business Unit, signaled by a non-binding memorandum of understanding.
The firm order book totaled RM10.2 billion, with additional optional extensions worth RM9.5 billion.
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