Positive earnings visibility for Bumi Armada

PETALING JAYA: The first quarter of financial year 2024 (1Q24) earnings of Bumi Armada Bhd came in within market expectation but it may need new assets to drive growth.

Kenanga Research said on April 25, the group’s floating production, storage and offloading (FPSO) vessel Kraken will transition to an extension contract as its firm charter with Enquest concludes, resulting in a lower recurring earnings base from this asset.