Alam is NOT applying to exit PN17. If they wanted just to apply to exit, they would not submit a plan that we can now discuss. They will need years to implement the Plan.
Unfortunately, there will be billion shares available for 1.2 sen to pay off creditors. That will likely ruin the price.
Tomorrow we can see 155.3 million buy @ 3.5 sen disappear. Why ?
Because the shares will be available for 1.2 sen in the future.

What a disppointment. Record low revenues and earnings in latest 3 month period.

I had a glance at the regularisation plan. New shares are issued to creditors at 0.028 MYR (before consolidation for ease). So based on my judgement those who paid 3 are screwed. There is a warrant though, so you may make some money on it in case price goes up.

I like it how Kenanga in today's write up maintains as risk to Armada: (i) further delay of first oil for Armada Sterling V.

Just my opinion about the whole project. Moving the CO2 from sky to underground does not change much. It is still CO2 and will reman such for millions of years. Sooner or later it will get out. So there is no point doing it.
Bumi Armada is barely capable of delivering one simple FPSO over years. No way they can successfully deliver a complicated and innovative project. Greedy Gary is not taking new projecs anyway. He turned down Camaia, Caspian Sea and other, sticking to visions and general woke declarations.

5 days of trading at ONE AND THE SAME price. There is only one type of buying that goes like this. Seems to me that left pocket is selling to the right one, with zero effect. Those who get drawn in will pay dearly.
Court approved meeting is one step before the wind up in case even minority creditors vote against, of even do not show up at the meeting.

Misc and Armada. It reminds me of Sapura merging with Kencana a few years ago. Also long wait for decision. And then successful merger.
Where are they now, by the way ? Sapura at 3.5 sens, down 99%. Hope enough of time for us to dispose of the shares.

This datuk. I saw my stock go up and down wildly, now I see what property companies are up to.

I just started to accumulate and then I see all the insider selling. Not just one, but three. Will pause for a while.

AI gives it highest rating overall ... Also they seem to make right decisions on moving to higher end market and increasing profit margins. Substantial decrease in debt too.

It is sad. They have NOTHING.

I am interested. I found it by using a screener. Seems attractive.

How, this company is hopeless. Glad I got out.

So, the bottom line is:
1. Alam Maritim is NOT issuing any warrants. Borneo Oil is.
2. There is NO new contract or project for AM.
3. Creditor meeting is scheduled. If 25% of creditors do not agree to 'haircut of the debt' the company will be wound up and shares become worthless. Creditors will divide assets of the company between themselves.

Well, a year has passed and nothing new here. Unusual.

This counter has a potential to deliver profit to all of us long in the game to greater extent than the darlings like Yinson, but it will likely take longer and be less profitable than we hoped for.

Or maybe they are disposing, as much as they can without breaking the market.

Earnings are NOT a factor for company in distress about to be delisted from bursa. They need any of below to prevent it:
• Settlement of debts with creditors
• Reduction of capital to cancel accumulated losses
• Onboarding of new investors (white knights) via issuance of new shares
• Sale of assets
• Issuance of free warrants and right shares to retain old investors
• Establishment of an Employees Share Scheme (ESS)

Truth is slowly coming out. The Syndicate has been SELLING behind the scenes. When they are done, their share disposed, only ikan bilis will be trading small share parcels between each other.

I believe that the syndicate will keep this counter at 4. They will collect more and then push it up to dump all they accummulated. This is not a new story.
Look at the amounts of shares that Amanahraya is dumping. Insiders have inside info ?

You can never extract all the gas.
Gas estimate subject to change.
Secondary, tertiary recovery is very expensive.
The customer base within pipeline boundary may be limited.
FLNG may cost 10 bln USD, so the process machinery alone may take production over several years.

Analyst Kong Ho Meng worked for OSK and then RHB. They sold me original Yinson investment 10 years ago. I remember they were against Armada because of ethnicity. At that time I was still naive and said I did not mind at all. Bought small portion. Now, without being racist I say OK to consider all options. I was once interviewed by chinese company that did NOT want any more chinese and wanted to be more open... so it works all ways.
But the Yinson investment worked out for me, for their credit.

Sleepy Gary reported that he has nothing to report. Now he will take a few weeks of rest thinking that anouncement of nothing is something to cover up his idleness.

Armada already missed on the expectation of acceptance test for ASV.
They also missed to deliver on the promise of contracts in the Caspian, where Greedy Gary went to find an excuse for NOT getting involved.

This seems to be the usual way with BAB. When Kraken had HSP failure we had to get information from Enuest, even though the matter was immaterial for them. Any develpment that leads to change in management I approve, as they do not care about minority shareholders being informed.

Do not get too excited. I studied Roach Energy a bit. About 50% was bought at 20 sen per share while it was trading at 5. There was hope, but did not materialize. Plans to invest. However, the counter is now at 3 sen.
We better hope all of BAB gets bought. Misc is cash rich as I checked.

Someone has to take charge as they are unable to get any project to move ahead. Yinson would be the best, but even Misc is better.

I share your frustration. We are excited about the price moves up and down, like today, but there is no project to discuss. And there has not been any for 8 years.
Even if they get one by some miracle, there will be 8 year gap in earnings growth in the future, so I see a lot of sense in your decision.

Maybe they will go green by mothballing carbon producing assets to achieve carbon zero certification ?

I am back to have another look at it after one year. Maybe this time. We will get to know each other.
So far looks promising compared to PN17 counters in Oil and Gas. But this skyhigh P/E ratio ...

Last week action was weak indicating syndicate collecting for news release (?) and I anticipate a spurt. Also average chart signal crossess which are very bullish.
In any case, price target is RM 0.84 based on the latest crude oil futures.

Based on Bumi Armada lack of ability to execute, they should be taken over by Yinson. I remember when Yinson was a bus company in Johor (Logistics) and they bought one asset. At that time Armada was a big player. Now Armada has zero projects and Yinson is the star of the industry. Yinson could get a sukuk to take over Armada and shareholders would be better off.

I still stand by my opinion of last week here.
-----------------------------------------------
Robert Waters
Take it from a guy who spent 3 years in Kazakhstan, both offshore and onshore. All the projects I saw were failing as the locals were simply too corrupt even for Italians to handle them. And it takes a lot to outdo Italians in corruption.
They had good coffee though, I admit.

1 week ago

I want to say that as disappointed as I am with Bumi Armada, the management of R0ach Energy Berhad has the absolute world record in incompetence and mismanagement. Those guys are clowns of ignorance beyond belief. They have a company like hibiscus, but they crash it down to RM 0.03. In comparison, Greedy Gary is OK.

Come to think about it, R0ach may be a good investment. If someone wants to spend money with me, we can join other forum. Management has been changed recently. But Kazakhstan ...

This is a beautiful city. I stayed there for a few weeks. Hope that they prop Greedy Gary up before the meetings like they do for Biden before the debate. Those old 'fat cats' need a lot of maintenance, preferring to sleep on warm fireplace and eat ice cream. Greedy Gary is only 60++ years old, so maybe less senile and more vivacious than Biden.

Bumi Armada could NOT get a new contract even if a client slapped them across the face with it. That is what happened a year ago when Total asked them to develop Cameia, but Greedy Gary refused in order to pursue climate change and zero carbon initiatives by means of international conferences and luxury hotel junkets. So far he has zero new ESG achievement as well as he aims for carbon zero. Doing NOTHING to achieve ZERO. Carbon zero.

Todays price drop is an indication that perhaps Greedy Gary turned down contracts in the Caspian Sea for pipeline construction vessels (too much hard work) and decided to follow inclusive or green targets in the future by more woke declarations.

I bought some at 0.555, but not to push the market up. I just want to sell it and anounce here like all do that I sold off some of my position just as did all my fellow longs. Hopefully at miniscule profit.

The funny thing is I could NOT get a fill all day, then I finally bought it at 16:50 hrs in the after market / closing time. There was a huge selling wave at market. Also enormous wave of buy orders ... for the order book window dressing ?. I think it was meant to intimidate sellers (buys went from 4 to 8 mln).

Amazing action with BAB. Every minute there is a small sale. It is relentless. Someone decided to exit for sure, and we should let him do it. Just an example that goes on without any stopping.
114 09:57:20 am 0.555 0 2,300 1,192,400
113 09:56:30 am 0.555 0 2,300 1,190,100
112 09:55:42 am 0.555 0 2,200 1,187,800
111 09:54:46 am 0.555 0 2,000 1,185,600
110 09:53:12 am 0.555 0 4,000 1,183,600
109 09:53:06 am 0.555 0 2,000 1,179,600

I think there must be a reason while BAB have NOT secured a single contract in 8 years. I suspect that the Greedy Gary just does not want the risk and hassle of new project. Finds an excuse to reject it, or does not even put a real try to convince the client.
It is much easier to make vague plans of becoming green leader, or progressive by developing partnership with competitor or alternative service provider, rather than a partnership with a client. And that works for a while, until the old money runs out.

Rohank, good luck to you. Tell us where you moved.
One of the last longs to leave .... may be sign of a bottom.
They call it: CAPITULATION.

This result is nothing short of concerning in my eyes. It is revenues that make future profits and projects.
__________________________
First quarter 2025 results:
EPS: RM0.056.
Revenue: RM2.21b (down 27% from 1Q 2024).

About this Genting / Wison projet. I know the company Wison. My former colleague who interviewed me for a job few years ago went there, and it was a posting to an unknown entity. Chinese job. Bumi Armada was a big player.
Now Wison gets contract and Bumi Armada has NOTHING anounces partnerships for green initiatives without any specific project.

Or maybe someone lost patience with the management and decided NOT to hold it any more.
Why would he purposely hurt himself by keeping the stock down ?
To buy more in the future would be my guess.

Many thanks. Word of reason.

I wonder where we should be getting any news on this company. They have an office, and maybe a web page. There is life after PN17 delisting. Too bad no comments here any more.

Now, this is a good point. Nicky talking about new projects or extensions, but the real thing may be crossing the line sideways with resistance trend. Oh my.

Where is the contrarian when you need one ?

So, what is the take on this stock ? Caught my attention recently. Near all time high, I notice.
I guess using chinese management to improve project in Kazakhstan is not always working out. Still lossess are adding up.
What is the case to buy it ?

Tan KW
Publish date: Wed, 19 Jun 2024, 04:14 PM
The daily chart of Bumi Armada (ARMADA, 5210, Main Board Energy) closed at RM0.565 on June 18, up 1.0 sen or 1.80% on a daily basis, sideways between the support level and the rising trend line. Its daily relative strength index (RSI) indicator began to rise and is at 48.98. Its share price may break through and climb to the resistance level between RM0.615-0.63 in the short term. Its support level is at RM0.55-0.56.
Huat ah, everyone.