BUMI ARMADA REPORTS FINANCIAL RESULTS

FOR SECOND QUARTER 2021

  • Revenue of RM615.6 million reported for the second quarter of 2021, an increase of RM52.9 million compared to the first quarter of 2021.
  • The FPO business continued to deliver a solid performance and generated RM533.1 million or 87% of total reported revenue during the quarter.
  • Operating profit before impairment1 was consistent at RM279.2 million during the second quarter of 2021.
  • Net profit2 of RM139.9 million recorded for the second quarter of 2021.

Q2 2021

Q1 2021

Q2 2020

RM million

30/6/2021

31/3/2021

30/6/2020

Revenue

615.6

562.7

606.8

-

FPO

533.1

495.1

521.2

-

OMS

82.5

67.6

85.6

Operating Profit before

279.2

278.2

246.6

Impairment 1

Profit after Tax

123.9

159.6

109.4

Net Profit 2

139.9

162.8

119.8

EPS (sen)

2.38

2.77

2.04

Kuala Lumpur, 27 August 2021 - Bumi Armada Berhad ("Bumi Armada" or "the Group") today announced its second quarter ("Q2") 2021 financial results.

The Group reported net profit of RM139.9 million in Q2 2021.

Revenue was RM615.6 million in Q2 2021, an increase of RM52.9 million compared to Q1 2021. The increase in the FPO segment was mainly due to higher vessel availability for Armada Kraken FPSO, while the increase in revenue from the OMS segment was partly due to higher OSV utilization in Q2 2021 as compared to Q1 2021.

Operating profit before impairment was consistent at RM279.2 million in Q2 2021, compared to RM278.2 million in Q1 2021.

2 OSVs were sold during the quarter in line with the Group's asset monetization initiatives with respect to the OMS segment. Despite recognizing a gain on sale of RM12.2 million in respect of these sales, an impairment of RM103.7 million was recognized in relation to certain remaining vessels.

  1. Impairment of vessels.
  2. Net profit refers to profit for the financial period attributable to Owners of the Company.

Registration No. 199501041194 (370398-X)

The future firm orderbook at the end of Q2 2021 amounted to RM14.9 billion, with additional optional extensions of up to RM9.5 billion.

Commenting on the results, Mr Gary Christenson, Chief Executive Officer of Bumi Armada said, "Our focus on operational excellence and cost efficiencies underpinned the solid financial performance in the second quarter of 2021. We will continue to focus on safety, sustainability, operational excellence, and financial discipline."

###

Please refer to the Unaudited Financial Statement for the full details of the Q2 2021 financial results of Bumi Armada Berhad.

Registration No. 199501041194 (370398-X)

Notes:

FPO

Floating Production & Operations

FPSO

Floating Production Storage & Offloading

OMS

Offshore Marine Services

OSV

Offshore Support Vessels

SC

Subsea Construction

HSE

Health Safety and Environment

About Bumi Armada

Bumi Armada Berhad is a Malaysia-based international offshore energy facilities and services provider, supported by over 900 people from 25 nationalities.

Bumi Armada Berhad provides offshore services via two business units - Floating Production and Operations ("FPO") and Offshore Marine Services ("OMS") (encompassing the Offshore Support Vessels ("OSV") and the Subsea Construction ("SC") services).

For more information, please refer to www.bumiarmada.com

For further information, please contact:

Mr. Peter Su

Head, Treasury

Tel: +603 2171 5623

Email: peter.su@bumiarmada.com

Registration No. 199501041194 (370398-X)

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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.