Posted by Macgyver11 > 2022-09-30 09:35 | Report Abuse

Mayday mayday...our battleship in deep problem..mayday mayday

Posted by yangkwang99 > 2022-09-30 13:08 | Report Abuse

Window thrashing!!!

Posted by bullmarket1628 > 2022-09-30 14:44 | Report Abuse

Top up more Armada at @0.375

Heng ah, Ong ah, Huat ah !

Posted by KimSua > 2022-10-04 07:29 | Report Abuse

Oil price expected to spike in october, with US stopping the release of 1mil barrel in their reserves and OPEC planning to cut ouput by similar amount. More interest should pour in OnG. Good luck, top up below 4.00 will be the best.

Posted by KimSua > 2022-10-04 07:49 | Report Abuse

USD index has been slowly dropping since the peak on 9/27 114.1 now at low of 111. Expect oil to start moving up and USD to stabilize move downwards soon. KLSE should see more interest in October. I think we have seen the bottom. All the best

Posted by bullmarket1628 > 2022-10-04 07:53 |

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Posted by bullmarket1628 > 2022-10-04 09:16 |

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Posted by bullmarket1628 > 2022-10-04 15:17 |

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Posted by yangkwang99 > 2022-10-04 15:17 | Report Abuse

Armada will fly after OPEC meeting to reduce oil production! Time to go into the 50 cents range with window dressing support! Huat Ahhhhhh!!!

Posted by bullmarket1628 > 2022-10-05 06:56 |

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Posted by bullmarket1628 > 2022-10-05 07:25 | Report Abuse

Oil prices could soon return to $100 as OPEC+ considers ‘historic’ cut, analysts say
PUBLISHED MON, OCT 3 2022 6:43 AM EDT

Lee Ying Shan @LEEYINGSHAN
Sam Meredith @SMEREDITH19

https://www.cnbc.com/amp/2022/10/03/opec-oil-prices-could-soon-return-to-100-a-barrel-analysts-say.html

KEY POINTS
* OPEC and non-OPEC producers, a group often referred to as OPEC+, will meet in Vienna, Austria on Wednesday to decide on the next phase of production policy.
* The oil cartel and its allies are considering an output cut of more than a million barrels per day, according to OPEC+ sources who spoke to Reuters.
* "The OPEC ministers are not going to come to Austria for the first time in two years to do nothing. So there's going to be a cut of some historic kind," said Dan Pickering, CIO of Pickering Energy Partners.

Posted by bullmarket1628 > 2022-10-05 09:27 |

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Posted by bullmarket1628 > 2022-10-05 09:28 |

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Posted by bullmarket1628 > 2022-10-05 09:31 | Report Abuse

Wow, Fantastics !
Now Hibiscs already traded at=>
0.955 (+0.085) (+9.8 %)!

Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 2022-10-05 09:34 | Report Abuse

Wow, Fabulous !
Now Hibiscs already traded at=>
0.97 (+0.10) (+11.5 %)!

Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 2022-10-05 09:40 | Report Abuse

Wow, Awesome !
Now Hibiscs already traded at=>
0.98 (+0.11) (+12.6 %)!

Heng ah, Ong ah, Huat ah !

Posted by Robert Waters > 2022-10-05 16:28 | Report Abuse

Tuna .... hmmm

Leading FPSO contractors in frame for sizeable Indonesian offshore project
At least four groups are limbering up for the project’s design competition

4 October 2022 23:27 GMT UPDATED 4 October 2022 23:27 GMT
By Russell Searancke and Nishant Ugal in Wellington and New Delhi
Leading floating production, storage and offloading vessel contractors in Southeast Asia are standing by in preparation for an invitation to start the bidding phase for a sizeable floater required for the Tuna oil and gas project offshore Indonesia.

FPSO market sources said at least four companies or consortia are lining up for the bidding phase — Bumi Armada with Shapoorji Oil & Gas, BW Offshore, HBA Offshore and Yinson Holdings.

Posted by Arron Wei > 2022-10-06 06:47 | Report Abuse

https://www.upstreamonline.com/exclusive/leading-fpso-contractors-in-frame-for-sizeable-indonesian-offshore-project/2-1-1325904

Posted by bullmarket1628 > 2022-10-06 07:05 |

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Posted by bullmarket1628 > 2022-10-06 07:32 | Report Abuse

White House Disappointed With OPEC’s ‘Shortsighted’ Decision
By Charles Kennedy - Oct 05, 2022, 12:00 PM CDT

https://oilprice.com/Energy/Energy-General/White-House-Disappointed-With-OPECs-Shortsighted-Decision.amp.html

A White House statement following the OPEC+ decision to defy the Biden administration with an output cut for November vows to find new ways to temper OPEC’s control over energy prices. 

Earlier on Wednesday, members of OPEC+ said they would cut November production quotas by 2 million bpd, citing the “uncertainty that surrounds the global economic and oil market outlooks”. 

The decision immediately led to a more than 2% increase in Brent crude and WTI prices and goes directly against the Biden administration’s attempts to lobby Saudi Arabia for higher production to bring prices down. 

Shortly after the release of an OPEC+ press release detailing the output cuts, the White House said, “In light of today's action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC's control over energy prices.”

Posted by bullmarket1628 > 2022-10-06 07:48 | Report Abuse

OPEC+ agrees deep oil production cuts, Biden calls it shortsighted
By Ahmad Ghaddar, Alex Lawler and Rowena Edwards
October 6, 2022 4:33 AM GMT+8Last Updated 17 min ago

https://www.reuters.com/business/energy/opec-heads-deep-supply-cuts-clash-with-us-2022-10-04/

VIENNA/LONDON, Oct 5 (Reuters) - OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted.
OPEC's de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output - equal to 2% of global supply - was necessary to respond to rising interest rates in the West and a weaker global economy..

Posted by bullmarket1628 > 2022-10-07 06:53 |

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Posted by bullmarket1628 > 2022-10-08 07:28 |

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Posted by bullmarket1628 > 2022-10-08 07:32 |

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Posted by hng33 > 2022-10-11 09:19 | Report Abuse

bought back armanda at 38sen

Posted by success2628 > 2022-10-11 11:00 | Report Abuse

Follow hng33 to Sailang all my belongings till underwear to buy in Armada at @0.38

Posted by success2628 > 2022-10-11 11:04 | Report Abuse

hng33, at what price you going to sold all bought at @0.38 to take profits ?

Posted by yangkwang99 > 2022-10-11 12:00 | Report Abuse

Gambler's counter!!!

Posted by hng33 > 2022-10-11 12:35 | Report Abuse

Armada always response positively on its Q result due to increasing profit and trim debt continuing. Just wait for coming Q next month

Posted by hng33 > 2022-10-11 12:37 | Report Abuse

Continue strength in USD is added profit to armanda as all its long term rental fees in FSOP is USD denominated.

Posted by Arron Wei > 2022-10-11 13:35 | Report Abuse

We just wait for new FPSO contract announcement

Posted by success2628 > 2022-10-11 16:46 | Report Abuse

Walaoeh, What happended ?
Super damn hot man ICON today !
Now ICON already traded at => 0.125 (+0.015) (+13.6 %)

Congratulations to all of the ICON diehard supporters !

Posted by Robert Waters > 2022-10-11 17:54 | Report Abuse

Bullsmarket, is that you ?
Welcome back.

Posted by DickyMe2 > 2022-10-11 18:01 | Report Abuse

Waa, Robert Waiter..

Posted by Macgyver111 > 2022-10-11 21:54 | Report Abuse

https://www.klsescreener.com/v2/news/view/1054121/bumi-armada-s-potential-step-forward-on-recovery-path

Posted by Macgyver111 > 2022-10-11 21:56 | Report Abuse

IT would appear that Bumi Armada Bhd stands a high chance of securing a new floating production storage and offloading (FPSO) project in Angola — if project watchers are proven correct — which, along with other bids should they be won, could put the oil and gas player on an even stronger footing as it charts its recovery after a significant effort to fortify its balance sheet.

According to analysts and industry reports, Bumi Armada is said to have bid for French player TotalEnergies’ Cameia FPSO vessel project as well as Italian player Eni’s Agogo FPSO build-own-lease project, both of which are based offshore Angola.

While no official announcement has been made on the jobs in Angola, oil and gas journal Upstream reported on Sept 14 that TotalEnergies may have signed a letter of intent with Bumi Armada at a signing ceremony “scheduled for [Sept 12] but there was no certainty as to whether it took place”.

The group reportedly “completed the front-end engineering and design work for the floater late last year and had a very competitive commercial proposal”.

When contacted, Bumi Armada declined to comment.

“Apparently, based on the Upstream article, Bumi Armada might have received a conditional letter of award for the Cameia FPSO, and the condition is several months of pre-engineering work to be done on the FPSO before a formal award is made by February 2023,” UOB Kay Hian research analyst Kong Ho Meng tells The Edge.

“However, we think this alone may not move the share price much given there are, surprisingly, still conditions on the offer. Also, the current scope is small as it is engineering, procurement and construction-only, which means Bumi Armada will only earn during the construction phase of the FPSO, and not during the charter period as TotalEnergies will own and lease the vessel.

“There is still other FPSO demand where Bumi Armada can be keen, given it has balance sheet room for at least one large project, for example Repsol’s new FPSO job in Mexico’s Block 29, where the deep water discovery and a smaller find called Chinwol are located,” he suggests.

Analysts who declined to be named concur that Bumi Armada is holding its bids close to its chest, and that the Mexico job is most certainly one of them.

“Yinson would have been a strong contender for the project but apparently has too much on its plate now, which then reduces the competition for Bumi Armada,” Kong adds.

Posted by Macgyver111 > 2022-10-11 22:01 | Report Abuse

Vigorous balance sheet clean-up
Bumi Armada was hit hard by the absence of jobs during the commodity crash of 2014, when crude oil prices plunged from a June peak of US$115.06 per barrel to US$28.76 per barrel in January 2016.



Having geared up and become asset heavy, the group booked two rounds of massive impairments on its FPSOs and offshore service vessels (OSVs), and faced unpalatably high finance costs resulting in a net loss of RM1.97 billion in the financial year ended Dec 31, 2016 (FY2016), and RM2.3 billion in FY2018.

Execution issues with its FPSO vessel Armada Kraken had led to a massive impairment of US$119 million in 2018, and the sudden termination of its wholly-owned subsidiary Armada Balnaves Pte Ltd’s (ABPL) FPSO (Armada Claire), worth RM1.46 billion, by Australia’s Woodside Energy Julimar Pty Ltd did not help. Armada Claire is still available for redeployment, its website shows.

Since then, the group has taken steps to address its balance sheet woes which include exiting the offshore marine services (OMS) segment to focus on the more lucrative FPSO business, and repaying its debts.

Its OMS segment, which ran a fleet of 10 vessels, saw the disposal of four ice class (ships that operate in icy weather) OSV vessels to Russian oil and gas giant PJSC Lukoil for US$44.5 million (RM186.6 million) this year. It said US$38 million of the proceeds would be utilised to pare down its borrowings and US$6.5 million for working capital purposes.

Currently, the group has a fleet of seven FPSOs (four wholly owned and three jointly owned), one liquefied natural gas floating storage unit, and a partially-owned FPSO under construction.

It is noteworthy that despite its massive bleed, Bumi Armada did not resort to a cash call, as had been announced in recent years by other major O&G players such as Sapura Energy Bhd (RM4 billion), UMW Oil & Gas Bhd (now Velesto Energy Bhd, RM1.8 billion) and Icon Offshore Bhd (RM250 million).

It did, however, secure a US$75 million loan from major shareholder Ananda Krishnan who owns a 34.9% stake in the company via his vehicle Usaha Tegas Sdn Bhd, albeit a smaller size than initially planned.

Although Bumi Armada chalked up about RM4.5 billion in accumulated losses between 2015 and 2018, the group is likely en route for its fourth consecutive year of profit, raking in RM372.01 million in the first half of FY2022 on revenue of RM1.15 billion.

However, the group’s debt remains sizeable at RM6.37 billion against cash of RM717.38 million as at June 30. Net gearing stood at 1.2 times.

Comparatively, its peers Yinson Holdings Bhd has a net gearing of 1.54 times, while MISC Bhd’s stood at 0.52 times. Note that Yinson has perpetual securities amounting to RM1.8 billion, which are categorised as equity in its balance sheet.

Posted by Macgyver111 > 2022-10-11 22:02 | Report Abuse

Only working capital requirement for Cameia FPSO
The saving grace for the Cameia FPSO project off Angola would be its requirement for working capital only, without the burden of capital expenditure (capex) since TotalEnergies has tendered out the work as an engineering, procurement and construction project.

In an Aug 26 note, CGS-CIMB Research analyst Raymond Yap says, “TotalEnergies will bear the capex with the FPSO contractor merely providing the EPC services, which will not require substantial equity capital. [Thus, it] reduces the risk of a rights issue in the foreseeable horizon, in our opinion.”

Yap has an “add” call on the stock and gives it a target price of 55 sen apiece in view of the 11% drop in the counter over the last three months.

For 1HFY2022, net profit rose 22.92% to RM372.01 million from RM302.65 million last year, with revenue coming in slower at RM1.15 billion, a hair lower than RM1.18 billion year on year.

In its latest results, Bumi Armada says its future firm order book at the end of 2QFY2022 amounted to RM13.1 billion, with additional optional extensions of up to RM9.4 billion.

Analysts concur that the immediate outlook for Bumi Armada “looked good, with plenty of pipelay jobs available in the Caspian Sea in view of high oil prices”, and in Africa, which has “plenty of new demand for FPSOs”.

“[Bumi Armada] said it is confident of securing additional work once its existing job is completed in the third quarter. On the FPSO front, its 30%-owned FPSO Kakinada 98/2 project in Singapore was 90% complete as at June 30, and should sail away to India in 4Q2022F,” CGS-CIMB’s Yap says.

Although the FPSO pipeline in the market is strong, whether Bumi Armada can take on these projects will depend on its execution capability and whether it still has a core management team to tackle the new project, Maybank Investment Bank Research analyst Liaw Thong Jung cautions.

“Securing the required financing and having a project management team to execute and deliver it, on schedule and on budget, is key,” Liaw adds. He has a “buy” call on the counter with a target price of 58 sen.

In terms of the group’s appetite for more FPSO projects, UOB’s Kong reiterates Bumi Armada’s guidance that “with lower gearing, [the group] said it can take on two new FPSOs, or one wholly-owned FPSO with US$1 billion capex and one to two FPSOs [via] joint venture with [co-venturer] Shapoorji Pallonji Group. It wouldn’t need a rights issue or equity funding”.

He explains that having settled about US$91 million of debt repayments in the second quarter, Bumi Armada’s outstanding debt now stands at RM5.7 billion while its net debt-to-earnings before interest, taxes, depreciation and amortisation ratio is at four times.

“There are also other FPSO projects which the group may be keen to take on, such as ConocoPhillips’s Salam-Patawali oil development offshore Sarawak. If Indonesia is looking for an FPSO provider, Bumi Armada could be keen as they have an FPSO there as well,” Kong says, adding that he believes the group would not stretch beyond the US$1 billion gearing upside mark with the mixture of FPSO and gas projects it takes on.

He believes that the robust international demand for FPSOs as well as high oil price also bode well for the other FPSO stocks under the research house’s coverage — Yinson Holdings and MISC.

“We like Yinson as it has the best growth and delivery, given its highest new FPSO earnings growth among peers. MISC can be positioned as a more diversified investment, and Bumi Armada, as a recovery play after an improved balance sheet,” explains Kong, who has a “buy” call and target prices of RM3.05, RM7.80 and 60 sen, respectively, for the counters.

Year to date, shares of Bumi Armada have slipped 17% to 39 sen last Thursday, valuing the company at RM2.25 billion.

Posted by Robert Waters > 2022-10-11 22:22 | Report Abuse

I love this report. A lot of good information. Thank you, McGyver.
Interestingly enough, I owned Yinson for 5 years. He became the darling of brokers and analysts.
When everyone became in love with the stock, I exited.
More to gain here.
Though sure my patience is stretched, and I was disappointed over and over.
It is painful to be Armada long. But we shall see long term.

Posted by nikicheong > 2022-10-12 10:27 | Report Abuse

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

Posted by hng33 > 2022-10-12 11:11 | Report Abuse

Added more to armanda, all at 38sen

Posted by hng33 > 2022-10-12 11:14 | Report Abuse

Holding most armanda in portfolio, at cost 38sen.

Posted by hng33 > 2022-10-12 11:15 | Report Abuse

Now, only need to wait for next month Q result, expect to deliver EPS = 4.2- 4.5sen

Posted by Macgyver111 > 2022-10-13 19:37 | Report Abuse

The world should be worried’: Saudi Aramco — the world’s largest oil producer — just issued a dire warning over 'extremely low' capacity.

The global oil market remains tight according to Saudi Aramco, the largest oil producer in the world. And that does not bode well for a world that still relies heavily on fossil fuels.

“Today there is spare capacity that is extremely low,” Saudi Aramco CEO Amin Nasser says at a conference in London. “If China opens up, [the] economy starts improving or the aviation industry starts asking for more jet fuel, you will erode this spare capacity.”

Nasser warns that oil prices could quickly spike — again.

“When you erode that spare capacity the world should be worried. There will be no space for any hiccup — any interruption, any unforeseen events anywhere around the world.”

If you share Nasser’s view, here are three oil stocks to bet on. Wall Street also sees upside in this trio.

Posted by 1pingpong > 2022-10-14 16:19 | Report Abuse

seems like armada is still downtrend....next week too maybe

Posted by Macgyver111 > 2022-10-14 23:14 | Report Abuse

Yup, maybe but I believed qtr going to deliver good profit...50c impossible after that plus if there's any new contract announcement

Posted by Macgyver111 > 2022-10-14 23:23 | Report Abuse

Like Niki said, either one of that mentioned contracts. Maybe they can win two contract simultaneously, who knows. Out of 6 tenders 5 seems bright.


nikicheong

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

Posted by Macgyver111 > 2022-10-17 12:34 | Report Abuse

Mayday mayday, our battleship in deep problem...mayday mayday

Posted by Macgyver111 > 2022-10-17 21:20 | Report Abuse

KUALA LUMPUR (Oct 17): RHB Investment Bank Research has said that investors should maintain a yield-centric defensive posture while prioritising capital preservation and remaining alert for medium-term opportunities.

According to a market strategy note on Monday (Oct 17), analyst Alexander Chia remains cautious about Malaysia's outlook for the equity market in the coming quarters as growth prospects in 2023 may be clouded by macroeconomic worries and extended hawkish monetary policy by the US Federal Reserve.

He added that the imminent 15th general election may be a near-term source of volatility but should ultimately be a market-neutral event, as long as the rule of law and good governance principles are adhered to.

RHB kept its "overweight" stance on banks, non-bank financial institutions (NBFIs), healthcare, oil and gas (O&G), basic materials, gaming and technology, while it was "underweight" on rubber products.

Its top picks for banks were CIMB Group Holdings Bhd (target price [TP]: RM6.50), AMMB Holdings Bhd (TP: RM4.60), and Alliance Bank Malaysia Bhd (TP: RM4.20), while its top picks for NBFIs were Allianz Malaysia Bhd (TP: RM16.60) and AEON Credit Service (M) Bhd (TP: RM15.70).

RHB Research' top O&G counters were Bumi Armada Bhd (TP: 59 sen), Coastal Contracts Bhd (TP: RM2.35), and Yinson Holdings Bhd (TP: RM2.91). Meanwhile, its top pick for basic materials was Press Metal Aluminium Holdings Bhd (TP: RM5.73).

Technology stocks favoured by RHB Research were Malaysian Pacific Industries Bhd (TP: RM36.20), CTOS Digital Bhd (TP: RM2.22), and Coraza Intergrated Technology Bhd (TP: 93 sen).

According to Chia, key stock selection criteria should include companies with robust balance sheets, pricing power, captive customer bases, recurring demand, the ability to pass through higher costs, and a strong environmental, social and governance profile.

"We trim our end-2022 FBM KLCI target to 1,510 points (from 1,580 points), after ascribing a lower 14.5 times (from 15 times) price-to-earnings ratio to FY23 earnings per share to reflect the less favourable operating environment ahead.

"We expect markets to remain volatile and investors should priortise on ensuring sufficient liquidity, to take advantage of market weakness with medium-term investment objectives," he commented.

On possible rerating catalysts, Chia expects the US hiking cycle to continue through first half of 2023 with the federal funds rate (FFR) expected to peak at 4.5% to 4.75%.

"However, we are unable to rule out the possibility of the terminal FFR rising further should inflationary pressure prove to be stickier than expected due to the tight US labour market and rising wages (offset by easing commodity prices).

"Such a scenario would come at the expense of risk assets, with odds lengthening on the probability for a soft lending.

"A key event to monitor is the 20th National Congress of the China Communist Party that kicked off on Oct 16 as the party is expected to endorse a third term for President Xi Jinping and offer clues on the zero-Covid policy," it said.

Posted by hng33 > 2022-10-18 17:49 | Report Abuse

ARMADA steady profit from FSOP is USD denominated, strengthen USD translate to higher RM profit