Bumi Armada Berhad
Q2 2021 Financial Results
Bumi Armada Q2 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 Vessels - HSE recognitions from Shell and ExxonMobil for Behavioural Safety and proactive onboard Safety Observation.
HSE Performance
- A Lost Time Injury ("LTI") reported at Armada Kraken in Q2 2021 - Injured Person (IP) lost their balance during housekeeping activities and injured a finger.
COVID-19 mitigations
- Health and Safety protocols in place for onshore and offshore operations with ongoing mental health awareness talks conducted across the organisation
2
Bumi Armada Q2 2021
FPO Performance
Revenue (RM) | Segment Results (RM) | Average Uptime | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 |
533.1 mil | 344.7 mil | Owned Units* (4) | 99% | 99% | 98% | 99% |
JV Units (3) | 100% | 98% | 99% | 100% | ||
- Excludes Armada Claire
- Solid Q2 performance with challenges associated with COVID 19 being managed.
- Armada Kraken shutdown on 5th April due to very bad weather causing gas detectors to activate leading to plant shutdown.
- Karapan Armada Sterling 3 had planned shutdown in April 2021.
- Armada Olombendo, Armada Sterling, Armada Sterling II, Armada TGT1 and Armada LNG Mediterrana all met production targets.
3
Bumi Armada Q2 2021
OMS Performance
Revenue (RM) | Segment Results (RM) | Utilisation | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 |
82.5 mil | 7.2 mil | OSV Fleet | 56% | 49% | 44% | 70% |
- Higher OMS revenue due to higher OSV utilisation in Q2 2021 vs Q1 2021 and disposal of laid-up vessels.
- Vessel utilisation in Q2 2021 was 70% vs 44% in Q1 2021.
- Two (2) vessels were disposed of in Q2 2021 with profit on sale of RM12.2mil recorded.
- Balance fourteen (14) vessels remaining as at 30 June 2021, of which six (6) vessels are classified as Non-Current Assets Held-For-Sale.
- Vessel impairment of RM103.7mil related to eight (8) of the remaining vessels was recognised in Q2 2021 resulting from recoverable amount lower than carrying amount.
4
Financial Performance
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Bumi Armada Bhd published this content on 27 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 August 2021 04:50:03 UTC.