KUALA LUMPUR: Bumi Armada Bhd recorded a net profit of RM185.76mil in the first quarter ended March 31, 2022, 14.11% improvement over RM162.79mil in the previous corresponding quarter.

       The offshore energy services provider reported revenue of RM529.01mil, 19.9% lower than RM539.7mil in the comparative quarter.

       In a filing with Bursa Malaysia, the group said the improved profit was owing to lower depreciation of property, plant and equipment, tax expense and finance costs, offset by lower other operating income.

       The group also said in a statement accompanying the results that it had completed the disposal of its subsidiaries, which own three ice class vessels, during the quarter for US$44.5mil cash, the proceeds of which went towards debt reduction.

       An additional OSV was also sold during the quarter in line with the group's asset monetisation initiatives.

       "The FPO fleet continued to deliver stable operations in the first quarter of 2022.

       "Our focus on operational excellence and cost efficiencies underpinned the solid financial performance over the same period," said Bumi Armada CEO Gary Christenson.

       "Our improved financial position is enabling us to turn our attention to pursuing new opportunities in targeted markets," he added.

       The group's future firm orderbook at the end of 1Q 2022 amounted to RM13.2bil, with additional optional extensions of up to RM9bil.