Bumi Armada Bhd. · MYX:ARMADA
Bumi Armada Bhd — Q2 2023 Earnings Presentation
20 slides from Bumi Armada Bhd's earnings presentation, Aug 1, 2023
Slide 1: Bumi Armada Berhad Financial Results Q2 2023
Bumi Armada Berhad Financial Results Q2 2023
Slide 2: Health, Safety & Environment
Q2 2023 Health, Safety & Environment Armada Sterling FSU Armada LNG Mediterrana 10 years LTI free 6 years LTI free Armada Sterling II Armada Kraken 8 years LTI free 1 year LTI free Karapan Armada Sterling III Armada Constructor 5 years LTI free 6 years LTI free Armada Olombendo Armada Installer 1 ye
Slide 3: Sustainability
Q2 2023 Sustainability • Bumi Armada signed a Memorandum Of Understanding With Navigator Holdings Ltd. In June 2023, to establish Bluestreak CO2, a joint venture company to provide CO2 shipping and injection solutions in the United Kingdom. • The Sustainability team visited Turtle Sanctuary and the
Slide 4: Key Operations Update
Q2 2023 Key Operations Update Armada Kraken Armada Sterling V • HSP B and D transformer failures, resulting in availability • On location preparing for of only 1 x HSP pump and 23 days production outage. first oil • Failed HSP transformers removed from E-house and transported to onshore facility for
Slide 5: Fleet Highlights
Q2 2023 Fleet Highlights FPSOs and FSU FPSOs and FSU Average Uptime Q3 2022 Q4 2022 Q1 2023 Q2 2023 Owned Units* (4) 99% 99% 98% 93% JV Units (3) 100% 100% 100% 100% * Excludes Armada Claire • Overall operational performance in Q2 2023 was significantly affected by HSP transformer failures on Armada
Slide 6: Update on Armada Kraken
Q2 2023 Update on Armada Kraken • Production from Armada Kraken was shut-in in the latter part of Q2 2023 due to failure of critical hydraulic submersible pump (“HSP”) transformers. • Operational performance has now been restored to pre-shutdown levels utilising refurbished transformers. • 2 new HSP
Slide 7: Update on Armada Kraken
Q2 2023 Update on Armada Kraken • 29 May 2023: Production offline following third transformer failure: 0% production. • 11 June 2023: HSP Charlie restarted: ~60% of pre-shutdown levels. • 20 July 2023: HSP Delta rebuilt and restarted: ~90% of pre-shutdown levels. • 07 August 2023: HSP Alpha rebuilt
Slide 8: Armada Sterling V (30% owned by the Group)
Q2 2023 Armada Sterling V (30% owned by the Group) Kakinada 98/2 • FPSO Sterling V successfully hooked up with the STP buoy mooring system since end Dec 2022, and is now ready to commence commissioning upon provision of first oil by ONGC. • Delay in provision of first oil to enable a final acceptanc
Slide 9: Financial Performance
Q2 2023 Financial Performance 9
Slide 10: Key Takeaways
Q2 2023 Key Takeaways Q2 2023 (versus Q1 2023) -19% RM441m (RM544m) -34% RM176m (RM265m) -41% RM119m (RM201m) Revenue Operating profit Net profit attributable to to Owners of the Company RM276m (RM288m) ➢ Net current liabilities position of RM412m: -4% refinancing discussions ongoing Net operating c
Slide 11: Results Overview – Q2 2023 vs. Q1 2023
Results Overview – Q2 2023 vs. Q1 2023 RM'm Q1 2023 Q2 2023 Revenue 544.0 441.3 Operating expenses (304.6) (341.4) Revenue and operating expenses mainly Other operating income 24.0 74.4 due to failure of Armada Kraken’s HSP transformers in Operating profit before impairment 263.4 174.3 Q2 2023. Reve
Slide 12: Cash Movement – Q2 2023
Cash Movement – Q2 2023 (All amounts shown are in RM’m) Cash Balance – Q2 2023 153 11 9 409 118 182 52 689 678 1 Apr 2023 Operating Net change in Proceeds from Interest Others Repayment of Interest paid 30 June 2023 Cash balance surplus before working capital disposal of received (including forex bo
Slide 13: Leverage Reducing Over Time
Leverage Reducing Over Time (All amounts shown are in RM’m) Debt Gearing Net Debt Cash Net Debt to Equity Net Debt to EBITDA 4.75 4.69 4.27 4.00 3.86 3.96 975 876 3.83 910 795 3.29 759 717 3.03 3.07 953 839 678 689 2.10 1.94 1.72 7,166 6,903 6,486 1.56 6,123 5,741 1.34 1.20 5,655 5,310 4,666 1.03 0.
Slide 14: Financial Performance Over Time
Financial Performance Over Time (All amounts shown are in RM’m) Revenue Operating Profit before Impairment (2) Operations Others 31.4 5.9 46.0 37.8 6.9 14.9 33.6 1.7 31.9 275.2 274.6 276.4 263.4 621.6 256.1 242.2 251.9 599.2 1.4 226.4 554.1 572.5 201.3 506.2 511.3 522.1 529.1 174.3 486.0 439.9 Q1 Q2
Slide 15: Order Book as at June 2023
Order Book as at 30 June 2023 ➢ 84% order book from Order book as at 30 June 2023 wholly-owned FPO units Firm contract ➢ Robust firm order book of RM11.2b period order book RM9.2 bil RM2.0 bil ➢ Certain contracts contain extension options beyond firm contract period Optional extension RM8.3 bil RM1.
Slide 16: Outlook
Outlook 16
Slide 17: 2023 Outlook
2023 Outlook We are pursuing new opportunities in targeted markets. We will continue to focus on the following areas to improve the prospects of the organisation: Safety ESG Growth Relationships Performance 17
Slide 18: Disclaimer
Disclaimer This presentation may contain statements of future expectations an other forward-looking statements based on management’s and/or other information providers’ current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, o
Slide 19: | a ae
| a ae ae BUMIARMADA 18
Slide 20: Thank You
KARAPAN ARWADA TERLING N va BUMIARMADA =