Bumi Armada Berhad

Q3 2021 Financial Results

Bumi Armada Q3 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 - HSE recognitions from Shell and ExxonMobil for Behavioural Safety and proactive onboard Safety Observation.

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 Q3 2021

FPO Performance

Revenue (RM)

Segment Results (RM)

Average Uptime

Q4 2020

Q1 2021

Q2 2021

Q3 2021

472.2 mil

337.0 mil

Owned Units* (4)

99%

98%

99%

99%

JV Units (3)

98%

99%

100%

100%

    • Excludes Armada Claire
  • COVID challenges being managed without interruption to operations, including full crew change out on Karapan Armada Sterling III in July to maintain crew protection from
    COVID.
  • Armada Olombendo planned shutdown for tie-in of new wells and outstanding modification work completed successfully ahead of schedule.
  • The decrease from the FPO segment was mainly due to lower vessel availability arising from an unplanned shutdown of one of the two trains at Armada Kraken FPSO.

3

Bumi Armada Q3 2021

OMS Performance

Revenue (RM)

Segment Results (RM)

Utilisation

Q4 2020

Q1 2021

Q2 2021

Q3 2021

73.5 mil

22.0 mil

OSV Fleet

49%

44%

70%

69%

  • Vessel utilisation in Q3 2021 was 69% vs 70% in Q2 2021.
  • 4 vessels were sold in Q3 2021 with profit on sale of RM5.8mil recorded.
  • The decrease in OMS revenue was mainly due to fewer operating OSVs as a result of vessel sales.
  • 10 OSVs remaining as at 30 September 2021, of which 4 vessels are classified as Non- Current Assets Held-For-Sale.
  • Impairment of RM6.2mil was recognised in Q3 2021 for certain vessels where the recoverable amount is lower than the net book value.

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Financial Performance

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Disclaimer

Bumi Armada Bhd published this content on 19 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2021 05:42:03 UTC.