Smooth sailing for Bumi Armada in rough seas
It has firm, long-term contracts and an orderbook backlog that lasts until 2047.
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RESILIENCE may best describe Malaysian-listed Bumi Armada, an offshore oilfield services firm with a presence in 19 countries and controlled by the country's second richest man T Ananda Krishnan.
International oil prices have plunged by 30 per cent since June. Two places where Bumi Armada has a presence are in turmoil - Ukraine is locked in geopolitical conflict with Russia while West Africa is at the epicentre of the deadly Ebola outbreak.
Yet, Bumi Armada, the world's fifth largest floating production, storage and offloading (FPSO) maker with a market capitalisation of around RM9 billion (S$3.5 billion), hardly appears caught up by all that gloom.
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