KUALA LUMPUR (Feb 27): Bumi Armada Bhd’s net profit rose 13% to RM124.76 million in the fourth quarter ended Dec 31, 2011 from RM110.37 million.
The international offshore oilfield services provider announced on Monday that its revenue was flat at RM370.85 million from RM371.16 million. Earnings per share were 4.26 sen compared with 5.55 sen. It proposed a dividend of 2.5 sen per share.
For FY11, its earnings were just 2.4% higher at RM359.67 million from RM350.745 million. Its revenue increased by 24.3% RM1.543 billion from RM1.241 billion, driven by higher activity across all business segments.
Its operating EBITDA increased 26% (RM185.5 million) to RM 899.6 million in the same period.Its executive director and chief executive officer Hassan Basma said the group managed to secure two floating production storage and offloading (FPSO) contracts last year from the six it tendered.
"This is impressive considering that only nine FPSO contracts were tendered last year," he said at a media briefing.
He added that utilisation of its OSV fleet increased to over 90% in the second half of last year and full operations of new vessels also contributed to the growth.
Moving forward, Hassan said the group is looking to secure two FPSO contracts this year.
"We are also looking at increasing our FPSO fleet and is anticipating capital expenditure of US$800 million (for this purpose) this year," he said. The group currently has five FPSOs.
He added that it is looking to increase its OSV fleet to between 80 and 100 units in the next four to five years. It currently owns over 40 OSVs.
The international offshore oilfield services provider announced on Monday that its revenue was flat at RM370.85 million from RM371.16 million. Earnings per share were 4.26 sen compared with 5.55 sen. It proposed a dividend of 2.5 sen per share.
For FY11, its earnings were just 2.4% higher at RM359.67 million from RM350.745 million. Its revenue increased by 24.3% RM1.543 billion from RM1.241 billion, driven by higher activity across all business segments.
Its operating EBITDA increased 26% (RM185.5 million) to RM 899.6 million in the same period.Its executive director and chief executive officer Hassan Basma said the group managed to secure two floating production storage and offloading (FPSO) contracts last year from the six it tendered.
"This is impressive considering that only nine FPSO contracts were tendered last year," he said at a media briefing.
He added that utilisation of its OSV fleet increased to over 90% in the second half of last year and full operations of new vessels also contributed to the growth.
Moving forward, Hassan said the group is looking to secure two FPSO contracts this year.
"We are also looking at increasing our FPSO fleet and is anticipating capital expenditure of US$800 million (for this purpose) this year," he said. The group currently has five FPSOs.
He added that it is looking to increase its OSV fleet to between 80 and 100 units in the next four to five years. It currently owns over 40 OSVs.
