Bumi Armada has been forced to take a huge impairment of MYR 1.1bn ($246.6m) on the value of its offshore support vessel (OSV) fleet.
The write-down helped push the Malaysian FPSO specialist to a fourth quarter loss of MYR 1.3bn. Twelve months ago its losses were just MYR 86.8m.
Revenue for the fourth quarter was down 65% to MYR 205m, but this was partially offset by a 34.6%
