Profits at Bumi Armada jumped last year thanks to a strong showing from its Armada Kraken FPSO in the North Sea.
The Malaysia-based offshore energy facilities and services contractor chalked up pre-tax profits of £22 million in 2020, up from £14.5m the previous year, on revenues of £407m, 13% higher year-on-year.
Bumi Armada said the improvement was mainly due to “higher vessel availability” from Armada Kraken FPSO, which serves the EnQuest-operated Kraken field.
London-listed EnQuest achieved first oil from Kraken in June 2017.
In November, the operator hailed the performance of Kraken, from which production was up 10% year-on-year to almost 38,000 barrels per day.
Bumi, which has an office in Aberdeen, has a £2.8 billion order book at the end of December.
Gary Christenson, chief executive of Bumi Armada said, “Despite operational and logistical hurdles caused by the Covid-19 pandemic, Bumi Armada has maintained our excellent HSE performance in the fourth quarter of 2020 with zero lost-time injuries.
“Our focus on operational excellence and cost efficiencies underpinned the solid financial performance over the same period.
“Since the close of Q4 2020, we have also secured an extension of our tranche one corporate loan final maturity from May 23 2021 to November 23 2022.
“We will continue to focus on safety, sustainability, operational excellence, and financial discipline.”
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