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Bumi Armada third quarter utilisation rate rises to 58% amid fleet optimisation

Higher specification vessels see greater uptake but many charterers continue to take cheaper, low specification OSVs. Floating production units however provided a steady revenue as the group stayed in the black in the third quarter of the year

Meanwhile, compatriot offshore player Dayang saw vessel utilisation at its OSV unit Perdana Petroleum hit 91% up from 79% in the second quarter of 2019 because of expanded scope of work and synergies with its parent

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