Bumi Armada hit by RM1bil impairment charge

Harland: ‘The offshore marine services business continues to struggle with low demand due to continued weak activity.’

PETALING JAYA: Oil and gas company Bumi Armada Bhd sank deeper into the red in the last quarter ended Dec 31, 2016 after a massive RM1.1bil impairment charge on its fleet of offshore support vessels (OSV).

“The large impairment we have taken indicates that we are addressing the burden of the severe under-utilisation of several assets, particularly in the OSV segment,” Bumi Armada executive director and CEO Leon Harland said in a statement yesterday.