Posted by Gabriel Khoo > 2023-04-26 16:41 | Report Abuse

From AR 2022

Posted by Gabriel Khoo > 2023-04-26 16:41 | Report Abuse

No report uploaded in CIMB or UOB platform

Posted by Gabriel Khoo > 2023-04-26 16:42 | Report Abuse

OUTLOOK FOR 2023 Notwithstanding the current uncertain times for the global economy, health and safety remain a key focus area for us. We will continue to drive the performance of our existing fleet whilst progressing ongoing projects. Moving forward, our sustainability strategies, which include gas as a transitional energy source, will drive new infrastructure projects. We will also evaluate carbon capture injection and storage projects. This will accelerate our transition towards Net Zero carbon emission by 2050. Whilst ongoing debt reduction and the strengthening of our balance sheet enable us to explore new projects, we will continue to be financially disciplined and will only pursue opportunities which are mutually beneficial to us and our clients.

From Chairman in AR 2022

Posted by Bon888 > 2023-04-26 19:45 | Report Abuse

https://klse.i3investor.com/web/pricetarget/research/67095

The impact of Armada Claire disposal is more than the disposal gain of USD 12 Million.

1. Saving from maintenance of the ship.
2. Saving of interest from the loan repayment.

All these continue to contribute more profits for the future quarters.

So I will buy on dip. Maybe around 0.60.

Posted by Yu_and_Mee > 2023-04-26 20:02 | Report Abuse

time matter, will drop back to 0.15

Posted by Bon888 > 2023-04-26 20:23 | Report Abuse

OK newbie you wait for another 10 years maybe you could get 0.15. TKK ya.

Posted by nikicheong > 2023-04-26 21:20 | Report Abuse

On 28 February 2023, the Company entered into a sale and purchase agreement for the disposal of its interest in SPBAOPL to Shapoorji Pallonji Energy Private Limited (“SPEPL”) (formerly known as Shapoorji Pallonji Oil and Gas Private Limited). The sale transaction was completed on 2 March 2023.

As a result, the Group and the Company’s investment in SPBAOPL has been reclassified to non-current asset held-for-sale as at 31 December 2022 as disclosed in Note 27.

----------

The book value of the above disposal is RM6.6m.

Posted by zen_2k > 2023-04-27 02:27 | Report Abuse

The current PE is around 5, while Yinson is 15x, or FPE 10x... with O&G recovering and speedy improvement of debt profile, Armada should be valued higher

Posted by RISK8888 > 2023-04-27 08:36 | Report Abuse

Back to 0.60?

Posted by Robert Waters > 2023-04-27 11:04 | Report Abuse

It is buying time for me.
I put a bid online for 0.66 sens this morning and just got an email stating that I purchased some for 0.65.
I do not even know how this is possible. I thought they matched offer and bid.
Anyway, a small trade position for a short term profit knowing that BA appreciates a few days after good news.
Assuming oil bounces back.

Posted by RISK8888 > 2023-04-27 12:34 | Report Abuse

Good buy

Posted by nikicheong > 2023-04-27 13:11 | Report Abuse

@Robert since the opening price was RM0.65, all opening bids above RM0.65 were filled at RM0.65. You can use this method to "jump the queue", as the higher bids will get higher priority to be filled at the opening price.

It will work the other way round too...you could place a sell order at RM0.64 but it would've been filled at RM0.65 (with a higher priority).

Posted by nikicheong > 2023-04-27 13:20 | Report Abuse

Now that the Armada Claire chapter has been closed, we need further catalysts to drive the growth in the company and consequently, an appreciation in the share price.

First oil at the Armada Sterling V FPSO should be imminent, but there are lots of question marks here and a further delay cannot be discounted.

The award of the Cameia FPSO seemed like a done deal 6 months ago, now here too there are lots of question marks and the project might not even be sanctioned.

The Mumbai Port FSRU project seems to have fallen by the wayside, my research shows that the project has been put on the back burner by Mumbai Port as it no longer made economic sense.

So this now begs the question...the company is in remarkable financial health. We're ready to take on one large scale and one small/medium scale project on our own. But where are the contracts? The FPSO market is incredibly tight, so it is indeed worrisome that Bumi Armada has not been able to make much headway.

Lots of talk about gas solutions and carbon capture/storage in the annual report, but all that's just talk.

This year is going to be an incredibly crucial year - Bumi Armada has got to beef up the orderbook, else this is going to be a company slowly bleeding to death. The company is currently sustaining itself on two major FPSO - Kraken in the UK and Olombendo in Angola. The firm period for the former ends in 2025, for the latter in 2030. Time is ticking.

Posted by nikicheong > 2023-04-27 13:29 | Report Abuse

Does anyone know what's going on with the Armada Sterling II FPSO (i.e. Armada C7)?

The following are the figures from the annual reports:

Revenue:

2022 - RM36,567m
2021 - RM87,853m
2020 - RM95,209m
2019 - RM105,397m

Why has the revenue decreased so drastically in 2022? I've tried to research what the issue is, seems like there was no charter revenue for more than half a year.

It makes sense that there is a decreasing trend in revenue due to how revenue is recognised during the contract period, but the sharp drop in 2022 (coupled with more favourable FX rate) seems amiss.

Posted by Gabriel Khoo > 2023-04-27 14:04 | Report Abuse

Niki. Why armada want to rush for contact especially fpso. Slow is good for this transition period. May secured many projects like yinson and back by billions of debts. All these projects required strong cash flow from their charters. Oil is not gold capitalixe the trend good for long term. Fpso is long term contract. Its better to prudent now than later. Yinson majority fpso orders. Good or bad if up to investor but to me is rather risky. Looking at their interest p.a. this is the 1st time armada officially shared their green stratergy

Posted by nikicheong > 2023-04-27 16:11 | Report Abuse

For a FPSO company to have only secured one new FPSO project since 2014 and that too only via a 30% stake in an associate, is rather disappointing, no matter which way you slice and dice it.

Operationally, they've straightened all the issues with problems at Kraken. Financially, they've gotten the debt situation in order.

So now, we really need new contract awards to sustain the company.

Yes Yinson may be biting more than they can chew, they've 4 to 5 FPSOs they're working on simultaneously. No one's asking to go crazy like them.

Posted by nikicheong > 2023-04-27 16:13 | Report Abuse

Now that all loss making parts of the company have been stripped out, we cannot increase profits any further. This year might be the best, at around rm220m/quarter...but going forward it'd only dwindle without any orderbook replenishment. Big drop in 2025 then another big drop in 2030.

Posted by Gabriel Khoo > 2023-04-27 16:45 | Report Abuse

I believe the new fspo must be electric support and carbon capture so it will take more time to finalize the deal to meet the requirement. Be selective is good just be patient

Posted by Gabriel Khoo > 2023-04-27 16:48 | Report Abuse

MIB esg rating for armada is good at 20.4 improved from 33
Yinson 17.4 improved from 21.7
Dialog 26.4 improved 31.6

Armada is the 2nd best only after yinson

Thats why FF buying

Posted by Gabriel Khoo > 2023-04-27 16:49 | Report Abuse

Many dislike armada but their esg rating is good

Posted by Robert Waters > 2023-04-27 17:49 | Report Abuse

Thanks Niki for the explanation about queue jumping and getting better deal than asked due to the opening price. I have not experienced it in the past, as the broker was doing the orders for me (at RHB), but now with a discount broker I have that bonus available.

Since I have now some time between contracts having finished an FPSO in Korea, I will put extra diligence into this counter and similar ones. Seems like there are a few opportunities for us. I had Yinson for 10 years, so longer experience in this investment area than most. From all I know, it is NOT the time to sell Armada yet.

Posted by Robert Waters > 2023-04-27 17:51 | Report Abuse

Gabriel, I started to read BA annual report. First 40 pages are about ESG. I was a bit worried that they may not priotized performance, but I realize that ESG is good for rating as investor's bank feature it prominently, so be it. Not going to complain about it at annual meeting.
:-)

Posted by Bon888 > 2023-04-27 23:10 | Report Abuse

My opinion Armada should stop the conventional business model build and lease the FPSO. This business model is too risky for the company. Lesson learnt from Armada Claire, no one want the FPSO with contract termination history.
One terminated contract could send the company into bankruptcy.

Armada should focus on JV model or EPCC with lower risk but of course with lower return.

Posted by Robert Waters > 2023-04-28 10:40 | Report Abuse

Whatever model they use: lease, JV, EPCC, etc., they better have somethings as it has been long since last project. I am NOT for having a big order book as the inflation, scarcity of supply will likely bring prices up. But there should be some deals or better prospects.
One important item for us, investors, is that it takes many years to sign the deals, deliver, operate and have contract renewed or terminated. We will likely move on to new opportunities and let others take the risk. I will be out for sure when P/E is 10+.

Posted by Bon888 > 2023-04-28 13:43 |

Post removed.Why?

Posted by nikicheong > 2023-04-28 13:53 | Report Abuse

Likely no issue with Enquest, beginning May 2025 they will only pay 1/3rd rate so on a cost basis to Bumi Armada as the firm charter ends. As such, it will be even more attractive to keep leasing the FPSO (as long as they're producing a decent amount of oil, which does seem to be the case).

Posted by RISK8888 > 2023-04-28 14:57 | Report Abuse

As of dec22. Armada order book stand at 11bil. Where can I find the break down of the 11bil?

Posted by Mabel > 2023-04-29 21:38 | Report Abuse

Full year 2022 earnings: EPS misses analyst expectations
Full year 2022 results:

EPS: RM0.12 (up from RM0.11 in FY 2021).
Revenue: RM2.41b (up 11% from FY 2021).
Net income: RM732.4m (up 11% from FY 2021).
Profit margin: 30% (in line with FY 2021).

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.9%.

Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Malaysia are expected to grow by 1.2%.

Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth.

Posted by Gabriel Khoo > 2023-04-30 19:29 | Report Abuse

AR2022. Foreign shareholdings now at 22%+ (31/3/23) up from 12% (31/3/22)

Posted by OrlandoOilSemiconIoT > 2023-05-01 16:38 | Report Abuse

Now u know the importance of F4GBM

Do not stick ur head into the sand (and feel so good about urself)... pay attention to the big picture



Posted by OrlandoOilSemiconIoT > 2 months ago | Report Abuse

F4GBM

Armada ain't the same anymore

Institutional funds investable


Posted by OrlandoOilSemiconIoT > 2 months ago | Report Abuse

And begining of year institutional funds rebalancing their portfolios.....


Posted by OrlandoOilSemiconIoT > 2 months ago | Report Abuse

F4BGM

For the uninitiated...

Posted by Bon888 > 2023-05-01 16:57 | Report Abuse

We should target Armada get a place in KLCI components. Price must be least RM 2.00 to replace Dialog in KLCI.

Nothing is impossible, Armada is an international company. One of the top FPSO company in the world.

Posted by Bon888 > 2023-05-01 17:15 | Report Abuse

In term of revenue and profit, Armada has exceeded Dialog. I believe the top financial performancer in Malaysia Oil and Gas industry beside Petronas subsidiaries.

Posted by RISK8888 > 2023-05-02 08:39 | Report Abuse

But the risk involve in order book must be taken in. Revenue will start slow down after 2025 if no new order come in. Share price is forward looking. It won’t go any high as 2025 is approaching. Unless dividend start to declare.

Posted by Bon888 > 2023-05-02 09:01 | Report Abuse

Don't worry new FPSO coming. Yinson already taken too many projects. Good chance for Armada to grab at least one new FPSO project.

Armada Cameia is her buetiful name.

Posted by Bon888 > 2023-05-02 21:15 | Report Abuse

The end of the most painful chapter for Armada. Armada took the bullet for a depleting oil field and oil price crash.

https://www.klsescreener.com/v2/news/view/1147179

Posted by RISK8888 > 2023-05-03 08:23 | Report Abuse

Rm1 in 2 years time?

Posted by Bon888 > 2023-05-03 09:10 | Report Abuse

RISK8888 2 years too conservative. Within 1 year just need a new FPSO project.

Posted by Robert Waters > 2023-05-03 09:41 | Report Abuse

AI content for Armada (I think, as it is so plain)
A bit overconfident as estimate is usually not precise. Maybe +/- 20%
So, how you miss it by 1.9% ?
But this AI catches one thing. Revenues will decrease.
My point is that new project is really needed.
I noticed that workforce decreased from 2k to 900. Not a good sign long term.
Cannot downsize perpetually.
---
Full year 2022 BAB earnings: EPS misses analyst expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.9%.
Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Malaysia are expected to grow by 1.2%.

Posted by RISK8888 > 2023-05-03 11:28 | Report Abuse

Wow great if in 1 year can reach rm1

Posted by Bon888 > 2023-05-03 12:48 | Report Abuse

https://www.upstreamonline.com/exclusive/fpso-opportunity-opens-up-as-major-australian-project-shows-signs-of-returning/2-1-1443502


Cuming soon...Very soon!!

Posted by Robert Waters > 2023-05-03 15:02 | Report Abuse

Great news about this Dorado FPSO project in West Australia. Remember that there is also Tuna opportunity in Asia (Indonesia). So it is not only Total Cameia, but a few other options as well.

Posted by Gabriel Khoo > 2023-05-03 21:42 | Report Abuse

https://www.offshore-energy.biz/totalenergies-cheers-important-milestone-towards-sanctioning-oil-project-off-angola/

Posted by Gabriel Khoo > 2023-05-03 21:42 | Report Abuse

Got chance?

Posted by Bon888 > 2023-05-03 22:10 | Report Abuse

TotalEnergy Camiea is almost in Armada`s pocket. Just waiting for blueink signatures.

Posted by RISK8888 > 2023-05-04 09:17 | Report Abuse

Sure or not?

Posted by nikicheong > 2023-05-04 11:58 | Report Abuse

Cameia is not a done deal man....quit spreading misinformation. TotalEnergies has been considering other possibilities for a few months now. Bumi Armada still has a chance, but no longer guaranteed to land the contract.

Posted by Bon888 > 2023-05-04 12:31 | Report Abuse

Nick, I said almost just pending the agreement.

This is the last news on Cameia FPSO. Armada is on pole position to win this contract.

https://www.upstreamonline.com/exclusive/malaysian-floater-player-pins-down-strategy-for-african-fpso/2-1-1407761

Posted by nikicheong > 2023-05-04 12:34 | Report Abuse

From that same article:

"Multiple sources told Upstream the negotiations to finalise the FPSO contract are far from settled due to issues around capital costs and access to financing."

Posted by Bon888 > 2023-05-04 12:40 | Report Abuse

I believe Armada has the financial ability and available capacity to win this contract.

Posted by RISK8888 > 2023-05-05 11:25 | Report Abuse

But the price seems on the way to longkang