Debt analysis: https://i.ibb.co/936Gk9X/image.png

Take note that the reduction in the rate of paring down the debt is mainly due to higher USDMYR rates (March 31 2021 RM4.15/USD vs Dec 31 2020 of RM4.02/USD).

@VincentTang, other operating income exists normally (provision of engineering services to subsidiaries/joint ventures etc). The asset disposal contributed only a small amount to the other operating income (RM6.8mil). Meanwhile, impairment is NOT normal. That it has ended is a good thing, not a bad thing. There should be no further impairments as a normal course of action here on out.

I already stripped out the one-off exceptional items and got to a net profit of RM148mil. Whichever way you look at it, RM148mil is a superb result!

Also, Kraken was offline for 3 days due to unforeseen circumstances. This reduced profits by around RM10mil.

Btw, this is Bumi Armada BEST EVER quarter results!

Plus there are new projects coming on stream next year (FPSO) and the year after (FSRU). So the company is growing the top line, as well as reducing costs such as finance costs (as they repay large chunks of borrowings) and depreciation charges (as the OMS vessels are sold off).

Rm6.8mil from asset disposal, Rm5.7mil from reversal of impairment, and RM1.7mil from gain in FX. Therefore total one off gains is Rm14.2mil. Meaning which, core net profit is around Rm148mil. Finance cost has lowered further. Exceptional!

RM162mil net profit. Now that’s something! Well done Bumi Armada!

3 hours and 15 mins to go. I'm feeling good! :)

Net profit might be over RM150mil, but on a core basis, should be between RM120mil to RM140mil. Disappointing if core net profit below RM100mil. Impairment is unknown, hopefully none.

Everyone, share your expectations as well!

Anyone going agm tomorrow? (Online)

Tomorrow's gonna be a ong ong and huat huat day!

Woohooo, 3 days to go!! Enjoy the weekend people!

So crazy. Whether Iran sell more or less oil does not impact Bumi Armada's operations!

Anyways, profits...profits will tell the full picture. 4 days to go now.

Hold. It's darkest before dawn.

Patience my young padawan. Move, it will. But first, wait you must.

Does anyone have access to any updated research reports? Hong Leong, RHB, CIMB, Kenanga, MIDF, AffinHwang etc?

Maybank has no updated report.

I'm mistaken. The current project in Malta is merely a FSU (only storage), while the new award in Mumbai is for an FSRU (regasification and storage). This means the contract value should be higher, and in tandem, the profit margins will likely be higher too. Hope to get more details from the Company soon.

Hip hip hooray!

Going by the current FSRU they have in Malta, the revenue per annum is around RM60mil. Net profit per annum is likely around RM10mil to RM20mil.

Since this is a JV, assuming similar margins, net profit per annum would be at the most an additional 10mil or so. But even then, there's no news on the total contract award, and this might be a larger scale project than the Malta FSRU.

Regardless, in the best case scenario, this would not contribute more than RM20mil in net profit to Bumi Armada annually (based on 51:49 ownership stake). But that's still something, that's an extra RM5mil a quarter, for a relatively stable and low-risk project.

Well done!

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3158062

https://www.thestar.com.my/business/business-news/2021/05/19/bumi-armada-jv-gets-30-year-contract-to-set-up-regasification-unit-in-mumbai-harbour

One week to go to a magnificent quarter!

Kraken

During the first four months of 2021, average gross production was 32,183 Bopd, in line with 2021 full year guidance of between 30,000 and 35,000 Bopd (21,150 and 24,675 Bopd net). The floating, production, storage and offloading vessel continues to perform well, with production efficiency of 86% and water injection efficiency of 89%. A tether was successfully replaced in March, with the field shut in for approximately three days. Subsurface and well performance remains good, with aggregate water cut stable.

https://www.enquest.com/media/press-releases/article/operations-update-10

In one and a half weeks time, we shall get Bumi Armada's results. Expect some fireworks! I'm predicting core net profit of between RM120mil to RM140mil. :)

They got contract for the Subsea Construction vessel....saw job ads for pipelay personnel.

To 60 sens, with loves. Muahh

Expecting core net profit of RM120 mil. Plus additional gains on disposal.

BULL RUN! RM0.60 coming month end. May 25 we get Q1 2021 results!

RM 0.60 by month end

Not hard to imagine they will start paying dividends from next year onwards.

From Monday, will fireworks. Anticipation of good Q1, and improvement throughout the year. OSV utilisation will increase in tandem with the sustained increase in oil prices. Lower depreciation expenses (due to writeoffs, impairments and disposals), and lower finance costs (due to lower loan outstanding and lower interest rates).

Bad. Shape.

Annual report out today. Let's see what it contains! :)

Kinda bummed about the low share price. But worry not, profits of ~RM120mil await us in Q1 2021! One more month left...

https://www.enquest.com/media/press-releases/article/enquest-signs-spa-for-100-equity-interest-in-the-bentley-discovery

Good potential for tieback to Kraken FPSO, thereby extending the field life. Kraken already has Bressay waiting in the wings. Very good news!

RM0.60 by end of May 2021

Too cheap

But the current price is just crazy low!

Be prepared for slightly lower profit as Kraken had shutdown in Q1.

Chilll fellas. The good times are upon us

No impairment. Profit is expected at RM135mil, maybe higher due to gains from disposal

No limit up but RM0.60 is coming soooon

Good news soon :)

Congrats folks!

https://www.eni.com/en-IT/media/press-release/2021/04/eni-announces-new-light-oil-discovery-offshore-angola.html

A new oil discovery was made in Block 15/06 East Hub (Armada Olombendo FPSO). 200-250mil barrels of oil in there. Will extend the production plateau for Armada Olombendo (better long term visibility!).

We huat huat this week yea.

Bumi Armada, close two eyes also, will get EPS of 9 sen this year (average EPS 2.25 sen per quarter).

Next year, EPS per quarter will rise to 2.75 sen, total EPS 11 sen for the year when Armada Sterling V comes onstream.

This is discounting any possible improvements in the OSV segment, and also excluding any possible impairments.

So minimum EPS 9 sen in FY 2020, minimum EPS 11 sen in FY 2021...you do the maths.

My gut feeling is, dividends will resume next year. There will be so much excess cash.

Good price to accumulate. Next quarter, target normalised eps of 2.25 sen per share. Core net profit of around RM135 million.

Poor sentiment

Pullback. For those long term, keep holding. Short term, sentiments driven by oil price.

@Robertwalters, all fields go into natural decline after the first 1 or 2 years. Kraken is heading into natural decline. This is part of the design. It is still expected to generate over 35,000 bopd. Nothing to worry about. This can be confirmed in the production figures, which peaked in 2019 and have been steadily declining since.

Note: The decline is very steady. It's like a plateau more like.

This counter reeks of insider trading. The company still havent announced that it got the Jerun CPP contract. Insiders know it so they buy. I think it is unfair that insiders have this knowledge for so long and are able to push the price by over RM0.20 in about a week.

Very close, but +RM0.03 this week. Good. Slowly but surely!

Slow volume day, need volume to fly

Visiting 50 sen soon :)