There is also possible delay to the Armada Sterling V, or delay in FID for the Cameia FPSO. Insiders might have this information and might be selling.

Has anyone checked with Bumi Armada IR on the Q4 results release date?

By the way, the removed post was based on the Operational Update from Enquest, where they have deferred drilling at the Kraken field. Previously, it was due to occur in 2023. It is a less than ideal news, as the Kraken production is rapidly falling and Enquest needs to drill new wells or tieback the FPSO to adjacent fields to increase/maintain the production plateau. The firm period of the FPSO charter ends in 2026, and a lack of drilling is always worrisome on the long term viability of the FPSO. Although of course, if the drilling is merely deferred for a year, then there shouldn't be much of a problem. However, Enquest's plans for the Kraken field are now unclear as it has been years since a new well was drilled.

Lol why is my posting removed??

Post removed.Why?

Post removed.Why?

I think Agogo safely belongs to Yinson.

Shapoorji is planning to bid for Brazil FPSO contract, not sure if Bumi Armada is involved in some capacity. However, I recall last year AGM the CEO mentioned that Bumi Armada has zero intention to get involved in the Brazil market.

https://www.upstreamonline.com/field-development/race-is-on-four-contractors-mulling-bids-for-sizeable-petrobras-fpso-in-brazil/2-1-1402003

The acquisition should have a positive impact moving forward, as for FPSOs with turrets designed in house, Yinson will experience better margins. And if they continue to do turret designs for third-party FPSOs, then it will contribute to both the topline/bottomline.

Yinson is moving up the value chain with this acquisition.

Surprisingly not much news on this here, and no announcement on Bursa about this either.

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

Yinson through its offshore production business unit, Yinson Production ("YP") has acquired 100% of the issued capital of London Marine Group Limited (LMG), the sole owner of London Marine Consultants ("LMC").

LMC, one of the few companies to have designed and provided production turret mooring and swivel systems , was appointed to work on the mooring system and turret mooring, respectively for FPSO (“Floating Production Storage and Offloading”) Atlanta and FPSO Helang. Additionally, they have provided engineering services related to mooring and risers for our spread moored unit, FPSO Anna Nery.

Established in 1990, LMC ranks among the top five global providers in the design and provision of turret mooring systems for offshore production vessels such as FPSOs, FSRUs (“Floating Storage and Regasification Unit”), FLNGs (“Floating Liquefied Natural Gas”) and FSOs (“Floating Storage and Offloading” More recently, this expertise has been used to provide similar expertise to the Floating Wind, Tidal and Wave Energy Sectors.

As a result of the extensive experience and expertise developed in the mooring industry, LMC can also offer its clients wide-ranging engineering consultancy services.

Chief Executive Officer of YP Flemming Grønnegaard commented on the acquisition, “LMC brings a wealth of knowledge and expertise that will greatly benefit our offshore production business unit. Having them onboard will enhance our in-house mooring and swivel capabilities and reinforce our leadership in the FPSO industry.”

Managing Director of LMC Jon Dunstan commented: “The acquisition marks a new beginning for LMC, allowing us to expand our operations and services, and solidify our market presence. We look forward to contributing our industry knowledge while continuing to provide high-quality services to our current and future customers.”

So much rubbish being posted since the recent run up in price. Hard to have a serious discussion anymore.

RM1.00 and beyond is very much possible, however it will be predicated on fulfilling at least half of the following:

1) 1 Major contract win for FPSO (Cameia FPSO in Angola is a good bet)
2) 1 Minor FPSO contract win (either a small/medium scale FPSO 100% owned, or a large scale FPSO owned with a JV partner)
3) 1 or 2 non-FPSO contract win (either 100% owned or JV) - e.g. FSRU, FSU, FSO etc
4) "Green energy" initiatives especially for future FPSO/non-FPSO wins, and better still if current FPSOs also incorporate elements of green energy
5) Confirmation of sale or scrapping of Armada Claire FPSO
6) Confirmation of contract extension for Armada TGT FPSO in Vietnam (might only be announced in Q4 2024, but it's all but certain the contract will be extended as new wells are still being drilled in the aged TGT field)
7) Contract extension of Armada Sterling II (Q4 2024)
8) Diversification into floating CCS and other "green" structures materialises
9) Ongoing charter of the 2 SC vessels in the Caspian Sea and 1 SC vessel in Indonesia
10) First oil achievement and then full acceptance of Armada Sterling V FPSO by ONGC at the 98/2 field in India
11) Full divestment of the two remaining offshore vessels
12) Positive development at the Kraken field such as drilling of the Kraken Western flank or tieback to the nearby Bressay and Bentley fields (as this would signal long-term contract extension for Armada Kraken FPSO which is due to expire in Q3 2025)
13) No major issues at all its current producing FPSOs and FSU - Olombendo (Angola), Kraken (UK), Sterling I (India), Sterling II (India), TGT (Vietnam), Sterling III (Indonesia) and Mediterrana (Malta)

In fact, if all 13 above become a reality in the coming two years - then we shall see a strong rally to RM2.00 levels. If Bumi Armada can add a further large-scale FPSO contract win in the coming year or two (in addition to Cameia FPSO) that is backed by a long-term charter, then we might even be seeing RM3.00 levels.

Just my two cents, please share if I have missed out anything. I've been holding 350k from RM0.225 levels and added another 100k over the past year at an average price of RM0.40. I consider myself a long-term investor, but of course if there is a crazy run in price where the valuations over-run the fundamentals, I will be ready to sell.

Folks, the inclusion to F4GBM Index has ZERO impact. That index is by and large irrelevant.

Bon, if anything, this is just the start of the resurgence. Net gearing back to 1.0x level. The company can now re-gear and make the most of the tight FPSO market. Hopefully the green energy stuff comes to fruition too. If the company gets new projects on an annual basis, we could be in a position Yinson was in around 10 years ago and we could easily be a 10-bagger.

Robert, if anything, that should be a good thing! We could potentially extrapolate that there's more institutional presence in the recent run up, and on the flip side, there's been less retail interest in the company. Most retailers probably already sold off in the 40s and moved on.

In any case, not much to be happy about vis-a-vis share price movements per se. I'll only be happy when there's good news!

Akan ku bangkit...soon!

I believe Armada Claire has been sold for scrap. Not sure what residual value can be realised, I think it'd be around USD12mil - USD15mil. We should get further information during the Q4 22 results release in end-Feb 2023.

Hoping for some positive news out of Angola real soon.

Also, first oil for Armada Sterling V should be happening in the coming weeks.

The above strengthens the case that the FPSO charter extension in Vietnam is all but certain. From 2024 to end of 2026 - 2031.

Operations Update

Vietnam
Vietnam Production
Production in 2022 from the TGT and CNV fields net to the Group’s working interest averaged 5,418 boepd (2021: 5,560 boepd). This is in line with the 2022 production guidance.

TGT production averaged 13,784 boepd gross and 4,089 boepd net to Pharos (2021: 13,887 boepd gross and 4,120 boepd net). CNV production averaged 5,317 boepd gross and 1,329 boepd net to Pharos (2021: 5,762 boepd gross and 1,440 boepd net).

Vietnam production guidance for 2023 is 4,700 to 5,700 boepd net.

Vietnam Development and Operations
On Block 16-1 – TGT Field, the drilling programme for two development wells completed in H2 2022, on time and under budget. The first well, H1-35P, commenced production on 21 October 2022, and the second well, 11XPST, commenced production on 10 November 2022.

Additionally, the JOC continues to execute an active well intervention and data-gathering programme on TGT to further optimise production.

On Block 9-2 – CNV Field, one development well, CNV-2PST1, started drilling in H2 2022 and is anticipated to be completed by the end of January 2023.

For the 2023 work programme, the JOCs are working towards submitting Revised Field Development Plans (RFDPs) for two wells on TGT and one on CNV, with all wells remaining in contingent budget until approval by partners and the Ministry of Industry and Trade (MOIT). Production guidance has assumed no contribution from these wells in 2023.

https://www.pharos.energy/investors/press-releases/trading-and-operations-update-january-2023/

Does anybody know about this JV project in India?

https://media.licdn.com/dms/image/C4D22AQEt9nGmHfiYIg/feedshare-shrink_2048_1536/0/1662871825514?e=1675900800&v=beta&t=ZfNpXyqoMgjROMEvv_QY6TuyntfFeA7xSkLWejiGTIw

Patience, my young padawan

https://www.upstreamonline.com/field-development/armada-sterling-v-fpso-poised-to-kick-start-production-from-flagship-ongc-asset/2-1-1382821

@Robert using Armada Olombendo as an example.

Sail away from Singapore: 18th Oct 2016
First oil in Angola: 16th Feb 2017

The vessel was Bumi Armada's largest then, and had to sail from Singapore all the way to Angola. From the time it sailed away from the yard to the time it achieved first oil, it took just under 4 months.

Of course on the other hand you have Armada Kraken which took a whole lot longer, but then again that was a unique scenario given the well documented issues with the FPSO there, not the least of which was the challenging heavy oil required to be lifted.

https://www.eni.com/en-IT/media/press-release/2016/10/eni-armada-olombendo-fpso-vessel-ready-to-sail-to-block-1506-offshore-angola.html

https://www.theedgemarkets.com/article/first-oil-achieved-bumi-armadas-fpso-angola

@Robert hook up is completed. Only commissioning remains. Based on Bumi Armada's past FPSO, it takes roughly 2-3 months from the time the FPSO departs the yard to first oil. Hence why I said first oil should be due for the Armada Sterling V within the next month or two.

https://energy.economictimes.indiatimes.com/news/oil-and-gas/shapoorji-pallonji-oil-gas-says-set-to-begin-hydrocarbon-production/96712841

New Delhi: Shapoorji Pallonji Oil & Gas (SP O&G), announced it has achieved a milestone of “hook-up” for its Floating Production Storage and Offloading Unit (FPSO) Armada Sterling V at KG 98/2 block, offshore Kakinada.

The FPSO Armada Sterling V reached Cluster 2 of ONGC’s KG 98/2 block on the east coast of India on 15 December 2022, having left from Sembcorp Marine shipyard, Singapore.

"On 28th December 2022, India’s largest FPSO was safely hooked up. She is now prepared to receive hydrocarbons from the field for processing. Despite challenges due to inclement weather, hook-up was achieved in one of the fastest lead times," the company said in a statement.

According to sources, Armada Sterling V has arrived on-site at the Kakinada 98/2 field and completed hook-up work.

Next milestone will be the commissioning of the FPSO and the achievement of first oil, which should occur within the next month or two.

Feels like the buying to this level is supported by fundamentals (either due to insider information, or due to value plays by local/foreign funds).

Wonder if the movement today is:

1) Speculative play - trading driven
2) Fund accumulation - value driven
3) Insider play - inside information driven

CIMB: https://rfs.cgs-cimb.com/api/download?file=3cd671d1-499e-403c-94d2-9d385eec5d0e

Anybody got the updates from UOB, RHB etc?

Guys, please share the PDFs of research reports as you have them.

Net Profit to Shareholders: RMRM149.7m

Adjustments:
Net allowance for impairment: +RM4.5m
Reduction in residual vessels (fully owned): +RM25.9m
Reduction in residual vessels (JV and associates): +RM45.1m
Unrealised FX Gain: -RM8.2m

Adjusted Core Net Profit: RM217.0m

It appears that there are the following one-off to consider. The Q3 results are actually much better once you factor these in.

1) Net allowance for impairment: RM4.5m
2) Reduction in residual vessels (fully owned): RM25.9m
3) Reduction in residual vessels (JV and associates): RM45.1m

Solid set of results. Will comment further once I've gone through it.

Results usually announced Friday afternoon. So I expect it latest by this coming Friday.

Armada Sterling V has left the port!!! She is sailing to the Kakinada field as we speak.

All ready for sailaway!

https://ibb.co/WGjrVV7

Sailaway ceremony was held over the weekend at the yard in Singapore. The journey of Armada Sterling V to the KG DW 98/2 field should begin any day soon.

Some more news: https://energy.economictimes.indiatimes.com/news/oil-and-gas/shapoorji-pallonji-builds-floating-rig-for-ongcs-kg-wells/95287960

"Shapoorji Pallonji spokesman while refusing to divulge costing details told PTI that the vessel will be reaching the domestic waters sometime before December-end."

This is amazing news. Bumi Armada has been updating that sailaway readiness will be achieved in Oct 2022.

If true, it should start moving the price up once the FPSO actually begins moving out to India, and then again the price will improve with first oil. So lets see how it goes.

Some FPSO projects we know Bumi Armada has bid for/will be bidding for:

1) TotalEnergies Cameia (Angola) - Favourites
2) Eni Agogo (Angola) - Yinson is the favourite
3) Repsol Block 29 (Mexico)
4) Harbour Tuna (Indonesia)
5) ConocoPhillips Salam-Patawali (Malaysia)
6) Petronas Sepet (Malaysia) - FSO only

Based on further research, the above list is pure nonsense. M53 loadout was completed in October 2021, while M40 loadout was completed in February 2022. I can't find the date for M90 loadout. M54 was the final module to be loaded out in May 2022. So all have been loaded out.

Use LinkedIn, search "VME FPSO"

Robert this is your source: https ://oilandgas. world/viewtopic.php?t=96

VMEAP was awarded a contract from SPOG for 5 Modules:

M40 Produced Water Treatment Module (in production)
M51 Seawater treatment Modules (Shipped May 17, 2022)
M53 Chemical Injection Module (in production)
M54 Hydrocarbon Dewpoint and Gas Dehydration Modules (Shipped May 31, 2022)
M90 Metering Laydown Module (in production)

Note: UNKNOWN THE ABOVE STATUS AS OF WHAT DATE

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

From LinkedIn: www[dot]linkedin[dot]com/posts/denis-brouwer-5303417_greentip-vme-tathong-activity-6940574032933064706-YU01/

Two years of hard work and the last module has been completed, loaded-out, sailed to Singapore and installed onto the FPSO. Congratulations to VME Process Asia Pacific Pte Ltd with this milestone, under the difficult circumstances during the last years. Thank you to all involved in this challenging project !

Robert where’s that comment from?

Bumi Armada's share price will still be stuck in the doldrums, as we need some official announcement before price can consolidate higher.

Things to expect:
1) Sailaway of Armada Sterling V (expected by Oct 2022)
2) Sale of Armada Claire (expected by Dec 2022)
3) Signing Mumbai FSRU binding contract (expected by Mar 2023)
4) Signing Cameia FPSO binding contract (expected by Mar 2023)

The above are not without risks. Armada Claire may be scrapped rather than sold, while no agreement might be reached for the Mumbai FSRU. They have been discussing since May 2021 with no outcome, so that might lead nowhere.

The big hope now is the sail away of Armada Sterling V, which according to various sources should not see any further delays, as well as the signing of a binding contract with TotalEnergies for the Cameia FPSO which should be done by Q1 2023 (though an LOI might be signed before the LOA).

Aside from the above, continued debt pare down, sale of the remaining 3 OSVs, and additional work in the Caspian Sea would help greatly in share price recovery. As a bonus, an additional contract win or two in the coming months that is not yet known about (either fully-owned or as a JV).

Currently Armada TGT FPSO is contracted until Dec 2024. The license expiry for the TGT Field was also supposed to be in Dec 2024.

However, in 2020, the field operators submitted a Full Field Development Plan (FFDP) to drill a further 6 wells (4 in 2021, 2 in 2022) and requested for a 5 year extension to the license. 2 year license extension was initially granted, so the field is operational until Dec 2026. But the operators have now submitted a further 5 year license extension request, up till 2031. The field is producing well, and the operator is minting money.

So a 2 years FPSO extension to 2026 is pretty much guaranteed, but it might likely remain contracted up until 2031. The FPSO will unlikely serve beyond that as it has a maximum design life of 20 years (started operating in 2011).

Will need to see some analyst updates next week on the potential impact of the new project on Bumi Armada's valuation. I'm estimating that SOP wise it would add roughly 10-15 sen to the share valuation, maybe slightly biased to the upside.

We also need news of the 98/2 FPSO (aka Armada Sterling V) sailaway, because for now, most SOP-based valuations have inputted a conservative valuation for the project owing to potential delays and start-up issues.

And of course, the sooner we hear about the sale of Armada Claire, the better.

What we do know is that the drilling is commencing for 2 new wells at the TGT field in Vietnam, and the FPSO charter is likely to be extended beyond Dec 2024. Looking at an additional 5 years there.

This is the full CIMB report: https://rfs.cgs-cimb.com/api/download?file=891b1e03-4e75-46a2-b686-92496b37d0c7

What paywall?

FINALLY! Seems like Bumi Armada is on the cusp of securing a contract win! This will be a EPC contract, so 2-3 years just designing, engineering and constructing the FPSO, before handing it back to TotalEnergies.

https://www.upstreamonline.com/exclusive/front-runner-emerges-to-supply-fpso-for-totalenergies-offshore-angola/2-1-1297568

Front runner emerges to supply FPSO for TotalEnergies offshore Angola

TotalEnergies has chosen its preferred contractor to provide a floating production, storage and offloading vessel for the Cameia-Golfinho project offshore Angola, which will be the first development in the Kwanza basin.

The French supermajor’s decision came just weeks after Eni and BP — which subsequently joined forces in Angola to form the Azule Energy joint venture — chose Yinson to supply FPSOs for the Agogo and Palas- Astrea-Juno (PAJ) projects, marking a much-needed resurgence in upstream activity in the country after years of falling investments.

Between them, the Cameia-Golfinho, Agogo and PAJ developments could boost Angolan production by more than 300,000 barrels per day — welcome news for a nation that in July became Sub-Saharan Africa’s biggest oil producer, surpassing Nigeria and averaging 1.177 million bpd.

Contracting sources in Asia and Europe told Upstream that Malaysian offshore contractor Bumi Armada is leading the race to land the deal for provision of an FPSO with production capacity of 100,000 bpd.

Bumi completed the front-end engineering and design work for the floater late last year and its commercial proposal is very competitive, sources said.

Some project watchers suggested TotalEnergies signed a letter of intent with the Kuala Lumpur-based FPSO player early this week, but this could not be confirmed.

“The LoI was scheduled for signing Monday, though it is not sure the signing ceremony took place,” said one source.

Another contact familiar with the tender process said: “I know they (Bumi) are leading and going ahead.”

Kuala Lumpur sources claimed Bumi has a conditional letter of award for Cameia FPSO.

Upstream understands there are expected to be several months of pre-engineering work on the FPSO before a formal award is made by February 2023.

The contract up for grabs is said cover engineering, procurement and construction, with TotalEnergies owning the vessel after delivery.

Saipem working with MISC was said to be other remaining bidder in the race, with the Malaysian rumour-mill suggesting MISC had high hopes for this job — especially with Saipem on board.

Also jostling for the prestigious job have been Technip Energies of France working with Malaysia’s Yinson.

Upstream understands the Technip Energies-Yinson group may have withdrawn from the bid process due to commitments elsewhere, not least on the two other Angolan schemes.