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.
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