The Malaysian Reserve

Bumi Armada’s FPSO ship delivers 1st cargo in UK

Bumi Armada Bhd has successfully offloaded the first cargo from its Armada Kraken floating production storage and offloading (FPSO) in the UK North Sea on Sept 12, the oil and gas company noted in a release yesterday.

The fifth-largest FPSO player in the world said its vessel had arrived at the Kraken field on Feb 13, and completed its hook-up two days later. The ship produced its first oil on June 28, four and a half months after the hook-up, the fastest first oil delivery on an FPSO in the North Sea in the last 10 years.

For its second quarter ended June 30, Bumi Armada posted a net profit of RM116.59 million on stronger contributions from its Armada Olombendo FPSO and Armada liquefied natural gas Mediterrana floating storage unit. Its share price closed at 73 sen yesterday, down by one sen, giving it a market capitalisation of RM4.28 billion.