CNV RFDP agreed by all Partners and awaiting formal approval

Positive progress towards obtaining TGT and CNV licence extensions

Discussions continue with several interested parties in preparation for the drilling programme on Block 125

Pharos Operation Update:

TGT Revised Field Development Plan (RFDP) was approved by the Ministry of Industry and Trade (MOIT) on 9 January, enabling the two-well drilling programme to commence in 3Q

Anyone with full article?

FPSO accepted at last... six months after producing first oil in India
https://www.upstreamonline.com/rigs-and-vessels/fpso-accepted-at-last-six-months-after-producing-first-oil-in-india/2-1-1677622

its 4 rigs. and yes, it will not going to shutdown all at once hence this will drag down earning for continuosly 3 quarters.

while during that shutdown mess, naga 3 & 5 will be out of contract.

"" please refer to Kenanga Report in May24 ""
However, in 2HFY24, Naga 2, Naga 5, and Naga 6 are scheduled for special periodical surveys (SPS).

Except for Naga 3 which is set for SPS in 1QFY25

Price will be slowly downtrend in coming 6 to 9 months to reflect the events above.

upcoming quarters will be badly hit by 4 rigs Planned shutdown in Y24Q3-Y25Q1
Contract end for Naga 3 & 5 soon.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3463477

Finally, final acceptance and new earning will kick in from Y24Q3 onwards

https://www.upstreamonline.com/finance/acquisition-talks-reported-between-malaysian-fpso-players-but-no-material-development/2-1-1675120

Potential to create a mega FPSO player equal to Modec’s fleet size, with complementary areas in geographical reach.

Theoretically, combining the 13/8 offshore assets of MISC/BAB can create an FPSO behemoth with a fleet size equivalent to Modec, the largest FPSO player globally

Dyson to axe 1,000 jobs in UK, FT reports

https://www.klsescreener.com/v2/news/view/1355365/dyson-to-axe-1-000-jobs-in-uk-ft-reports

MISC didn't deny the transaction, instead it mean that if any progress big enough to disclose, they will make announcement in bursa.

In reference to the article in The Edge Malaysia dated 8 July 2024 which speculates on the possibility of MISC undertaking a corporate transaction involving Bumi Armada Berhad, the Company wishes to clarify that whilst MISC continues to explore growth opportunities, in its ordinary course of business, there is currently no development within any opportunity that would necessitate disclosure as per the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

From theEdge Weekly

https://klse1.i3investor.com/blogs/news6720241/2024-07-09-story-h-157769037-MISC_could_take_a_substantial_stake_in_Bumi_Armada.jsp

in your dream

nemesis Quarterly Fin Results is releasing soon which is expected to propel its EPS to new high...Buy
23/05/2024 9:44 AM

Y24Q1 PAT 21,173
Y23Q4 PAT 37,522
Y23Q3 PAT 17,230
Y23Q2 PAT 11,116
Y23Q1 PAT 136

Niki, Other than the Non-Informative Annual Report, is there anything else we should anticipate this week?

Is there any news regarding the final acceptance of Sterling V? It is expected to be completed this month.

https://www.moneycontrol.com/news/business/ongc-to-invest-4-5-billion-in-2-3-years-to-boost-output-from-mature-fields-12559841.html

looking forward Armada Sterling V to final acceptance by May 2024

ONGC is optimistic about improving output in FY25 with production set to start at its deepwater block in the Krishna Godavari basin. Kumar said installation activities would be completed by early May and peak production from the block would be reached by the end of 2024.

MISC BERHAD ("MISC" or "the Company")
- Award of Contract: Three (3) Liquefied Natural Gas ("LNG") Carriers on Long Term Contract with QatarEnergy

Examine the expanding receivables and negative cash flow. They remind me of the Serbak Dynamic.

tidak termasuk keuntungan forex 12.7 juta pendapatan teras meninggalkan 3 juta

排除外汇收益 1270 万 核心收入剩下 300 万

exclude forex gain 12.7 millions core earning left 3 millions

without forex gain, earning left 3 million

VS latest earning drop 67%.

PT RKA was officially served with the decision of the Supreme Court that the Court rejected the appeal and upheld the decision of Pengadilan Tinggi Pontianak as follows:

i) PT RKA is to pay a compensation of IDR188,977,440,000 (approximately RM56,677,646) for the environmental loss to the National Account of Indonesia as per the claim by the Respondent; and

ii) PT RKA is to rehabilitate the environment on the affected area due to the fire incident of 2,560 ha and to reactivate the affected ecology system with the cost of IDR731,036,640,000 (approximately RM219,250,698).

Assuming BAB trade at a similar PE to Yinson, our implied target price would be RM1.13

Bumi Armada Initiation

Phillip Capital Sdn Bhd
RESEARCH

https://www.bursamarketplace.com/mkt/tools/research/ch=research&pg=research&ac=2124786&bb=2170172

KUALA LUMPUR (March 19): Phillip Capital has initiated coverage on Bumi Armada Bhd (BAB) with a “buy” rating at 56 sen with a target price of 80 sen and said BAB is well-positioned to capitalise on the growing demand for floating production storage and offloading (FPSO), supported by its stronger balance sheet amid the increasing global oil and gas capital expenditure (capex) spending.

In a note on Tuesday, the research house said it expects 2024 to deliver a record-high profit driven by the full contribution of FPSO Sterling V and the normalisation of FPSO Kraken operations.

“We see multiple re-rating catalysts on the horizon, including 1) FPSO Sterling V securing final acceptance and recognising the full bareboat charter (BBC) rates, 2) FPSO TGT-1 securing 7-year charter extension, 3) both pipelay vessels securing new contracts and 4) potential new FPSO contracts win.

“Key risks include any unforeseen operational delays in existing FPSOs and securing final acceptance for Sterling V, and sharp global oil price decline affecting the global capex spending,” it said.

Expecting record high core net profit in FY24E With Kraken back to status quo operations and our expectations of BBC recognition for its 30%-owned Armada Sterling V FPSO beginning Apr 2024, we forecast a record-high core net profit of MYR853m in FY24E

https://klse1.i3investor.com/servlets/staticfile/533201.jsp

Bumi Armada- Potential Sale of Karapan Armada Sterling III

Based on a capex of US$500mil, a project IRR of 13.5%, 49%-
associate stake and a WACC of 6%, we estimate the net
present value contribution for KAS III attributable to Bumi
Armada at RM681mil. Against our estimated book value of
RM602mil for the vessel, we expect the group to record a oneoff disposal gain of RM79mil- 9% of FY24F net profit

Aminvest - Oil & Gas
Robust earnings growth from elevated oil prices against the backdrop of prolonged supply disruptions and past underinvestment. Companies with direct exposure to upstream production and FPSO subsector will be i n pole position to ride on
the tailwind of bouyant oil prices.

275mil fine coming soon

-------------------------------------------------------------------

KUALA LUMPUR (2023 Nov 3): Indonesia's highest court has dismissed the appeal by TDM Bhd’s subsidiary against the republic's Ministry of Environment and Forestry in relation to a fire incident in 2019 at its land in West Kalimantan province.

The plantation group told Bursa Malaysia on Friday that the Indonesian Supreme Court has upheld the decision by the Pontianak High Court, which ordered the subsidiary — PT Rafi Kamajaya Abadi (PTRKA) — to pay compensation of 188.98 billion rupiah (RM56.68 million) for environmental loss.

PTRKA also will have to fork out 731.04 billion rupiah (RM219.25 million) to rehabilitate the environment in the affected area of 2,560 hectares and to reactivate the affected ecology system.

In total, the Terengganu state-controlled group is required to pay RM275.93 million, a figure that nearly matches its entire market capitalization of RM293 million.

Armada Sterling V achieve significant milestone of first off take on 27th feb 2024 and the offtake tanker flagged off on 2 mar 2024

For FY24, we expect earnings to normalize on lower subsidy received from the Malaysian Government. Note that the subsidy for chicken has been discontinued in November 2023

On a positive note, its Armada Sterling V 98/2 has achieved first oil in January 2024 and is looking forward to achieving first gas by April 2024

Separately, BAB said at the analyst briefing that it already received credit
committee approvals from several banks to refinance the RM1.5bn sukuk
borrowings which will be maturing on 4 Sep 2024F.

BAB emphasised at the post-results analyst briefing that the contracted cashflows
for the FPSO Kraken remain unchanged.

Trading in BAB shares is likely to be dominated by retail flows, in our view,
and the average retail investor may find it difficult to understand the rationale for such an impairment; this caused BAB’s shares to plunge 11% yesterday after the lunchtime release of its FY23 results.

In our view, this is an opportunity for investors to accumulate BAB shares for a potential short-term rebound.

4Q23 core net profit of RM313m

CIMB raise target price to RM0.75
Selldown offers opportunity to accumulate

this is the first time Gary talk about enhance shareholder value & possible corporate activities

for bumi, always expect the unexpected

this is the fact : Impairment means bringing the depreciation costs forward earlier hence future depreciation costs are going to be lower