Absence Of Major Projects Casts Shadow Over Armada’s Prospects

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Absence Of Major Projects Casts Shadow Over Armada’s Prospects - Business Today

Quick Summary:

Bumi Armada Berhad’s first-quarter financial year 2025 (1QFY25) core profit has fallen short of market expectations, primarily due to an anticipated significant reduction in revenue from its Floating Production Storage and Offloading (FPSO) Kraken vessel.

On a quarter-on-quarter basis, revenue dipped by 11%, again largely due to compensation related to FPSO Kraken.

Additionally, Bumi Armada is not anticipated to incur substantial expenses on its upstream projects, Project Akia and Kojo, in the near term as they are still in the seismic data collection phase.