KUALA LUMPUR: Oil-field services provider Bumi Armada Bhd is optimistic about the outlook for next year, boosted by sustainable oil prices at above US$70 (RM222) per barrel and continued investment by oil companies in the sector.
With this in mind, the company is eyeing a number of deep-water development projects in Latin America, West Africa and Asia.
It aims to secure at least two new project annually.
Currently, its order book stands at RM7.2 billion of which about 70 per cent comes from the floating production storage and offloading (FPSO) vessel business.
Executive director and chief executive officer Hassan Basma said investments in the oil and gas sector are at the highest level in two decades.
"There are a lot of investments going on in the industry. We see demand for FPSO vessels higher than supply, and that is definitely good for our business outlook," he said during a media briefing here yesterday.
For the third quarter, Bumi Armada reported a 7.5 per cent lower net profit of RM92.57 million due to listing expenses inccured in July this year and higher taxes.
Revenue rose to RM403.9 million from RM328.9 million previously.
For the nine-month period ended September 30, its net profit was unchanged at RM240 million, while revenue was 35 per cent higher at RM1.17 billion against RM870.2 million before.
With this in mind, the company is eyeing a number of deep-water development projects in Latin America, West Africa and Asia.
It aims to secure at least two new project annually.
Currently, its order book stands at RM7.2 billion of which about 70 per cent comes from the floating production storage and offloading (FPSO) vessel business.
Executive director and chief executive officer Hassan Basma said investments in the oil and gas sector are at the highest level in two decades.
"There are a lot of investments going on in the industry. We see demand for FPSO vessels higher than supply, and that is definitely good for our business outlook," he said during a media briefing here yesterday.
For the third quarter, Bumi Armada reported a 7.5 per cent lower net profit of RM92.57 million due to listing expenses inccured in July this year and higher taxes.
Revenue rose to RM403.9 million from RM328.9 million previously.
For the nine-month period ended September 30, its net profit was unchanged at RM240 million, while revenue was 35 per cent higher at RM1.17 billion against RM870.2 million before.
