Posted by RISK8888 > 2023-05-31 22:06 | Report Abuse

Ok lor, another 3 month in wait. 3 year mco pun sudah lalu. 3 month peanut only la.

Posted by Robert Waters > 2023-06-01 15:17 | Report Abuse

Let us hope that armada v is going to perform better than kraken. Can wait 3 months extra if they do not get into efficiency / perfomance non-delivery.

Posted by nikicheong > 2023-06-01 17:15 | Report Abuse

June is going to be a momentous month for Bumi Armada.

Posted by Robert Waters > 2023-06-01 17:54 | Report Abuse

It is also going to be interesting for Yinson. I see they propose a dividend. Investors ponder it.
Better than proposing 1.5 mln dollar for the CEO, Gary Ch. (resolution 8) who seems to care about himself mainly (I am alright Jack, they say, and I had a boss named Jack once).
______________________________________________________
Yinson Holdings Berhad Proposes Final Single-Tier Dividend for the Financial Year Ended January 31, 2023
Yinson Holdings Berhad at its AGM to be held on July 13, 2023, proposed the payment of a Final Single-Tier Dividend of 1 sen per ordinary share in respect of the financial year ended 31 January 2023.

Posted by jasongks > 2023-06-01 20:07 | Report Abuse

Arh.... interesting in June ? can you tell us more why interesting ? new story .. !!!

Posted by Robert Waters > 2023-06-02 15:24 | Report Abuse

I owned Yinson for 5 years. Switched to BArmada, as I see more reward potential here. Yinson is already priced to perfection. Dividend is the cherry on the cake. Once armada declares dividend, it will be time to head for the exit, leaving the counter to the widows and orphans,

Posted by shocklim > 2023-06-02 18:22 | Report Abuse

https://www.klsescreener.com/v2/news/view/1160757

Posted by shocklim > 2023-06-02 18:26 | Report Abuse

Armada Kraken shut-in
Material impact on bareboat charter revenue

Posted by value_seeker > 2023-06-02 19:09 | Report Abuse

How much impact?

Posted by Gabriel Khoo > 2023-06-02 19:26 | Report Abuse

10% of topline. But issue can be resolved. Relax

Posted by winmal > 2023-06-02 20:26 | Report Abuse

key maintenance which scheduled to execution during 3 quarter. being executed during shut in period which eventually compensate loss revenue from this shut In period. secondly Jun is final month of 2 quarter which impact from earnings should be minimal.

Posted by RISK8888 > 2023-06-02 22:53 | Report Abuse

Omg, limit down coming.

Posted by RISK8888 > 2023-06-02 23:10 | Report Abuse

Malaysia ini macam la, good news no up. Bad news limit down.

Posted by RISK8888 > 2023-06-03 07:37 | Report Abuse

Look like the issue not small. It seems not a temporary issue and will affect long term revenue.

Posted by Bon888 > 2023-06-03 08:14 |

Post removed.Why?

Posted by RISK8888 > 2023-06-03 09:39 | Report Abuse

Unbelievable

Posted by Robert Waters > 2023-06-03 12:29 | Report Abuse

Even though pump is submersible, the transformer will be likely located on the deck of FPSO. So replacing it is not a big deal. Transformer though critical is not very expensive. They should have redundant one.
Much more difficult to remove pump which would be under the sea in the wellbore at certain not too large depth.
So we are lucky. All doable. Minimum hard work. A lot of paperwork to fix. And I was also thinking about future maintenance which can be carried out. Winmal is right, it can be done, but usually pre scheduling is required, so not much may be arranged ad hoc.

Posted by RISK8888 > 2023-06-03 12:42 | Report Abuse

Who is winmal?

Posted by nikicheong > 2023-06-03 14:19 | Report Abuse

Guys, I doubt this is a minor issue. Their FPSOs have unplanned shut downs rather frequently but we've never seen them make a Bursa announcement before.

If it was a minor issue why spook the market by making an official announcement?

Looks rather bad. I of course hope it can be resolved.

Might need to cut losses and move on.

Posted by Bon888 > 2023-06-03 14:24 | Report Abuse

Oil field owner Enquest Inc. didn't make any announcement but the Armada kepoh made this announcement in Bursa and yet couldn't provide impact detail. Anyway I will buy if market willing to give discount for this short term problem.

Posted by RISK8888 > 2023-06-03 15:08 | Report Abuse

So how?

Posted by Bon888 > 2023-06-03 15:09 | Report Abuse

Get ready money buy

Posted by Gabriel Khoo > 2023-06-03 16:09 | Report Abuse

Nic. Planned or unplanned shutdown if due to periodic operation issue on wear and tear may not need to announce. Material announcement may or may not necessary due to huge losses. Sometime they are unable to quantify the lossess or timelime to resolve the matter be ir 1 week or 1 month then they have to accouncement 1st fort the interest of investors. So dont be tend to over positive or extremely negative towards the announcement. Risk to be taken for investment. To me this is one off and not recurring. If drag for 1 month revenue might drop 1 to 2 % of annual revenue.

Posted by Gabriel Khoo > 2023-06-03 16:10 | Report Abuse

This is bursa requiremenr for listed company. Good to understand from listing requirement rather than guessing

Posted by Bon888 > 2023-06-03 16:37 | Report Abuse

The client has yet to make any announcement but the operator already published information. The management made a wrong move.

Posted by nikicheong > 2023-06-03 17:24 | Report Abuse

Unless, management has an incentive to momentarily suppress share price, of course, and as such announce this.

But try not to second guess too much, in their entire lifetime, Bumi Armada never made any announcement of a shut in even though it has happened numerous times in the past at Kraken, TGT, Olombendo and other fields.

Assuming no ulterior motive, this is bad. Can't sugar coat it

Posted by Bon888 > 2023-06-03 17:34 | Report Abuse

Yes agreed.

Posted by Gabriel Khoo > 2023-06-03 18:09 | Report Abuse

Previous management team vs current management team

Posted by Gabriel Khoo > 2023-06-03 18:40 | Report Abuse

There are 15 units of Subsea – Hydraulic Submersible Pumps (HSPs) installed in fpso for wells.

Posted by Gabriel Khoo > 2023-06-03 19:14 | Report Abuse

If cant restart then go by phased like the mentioned in the announcement. split the operation rather than waiting for one

Posted by RISK8888 > 2023-06-03 19:53 | Report Abuse

So how? This armada, leave so many question mark for us to guess. At least give us a clear view what is going on.

Posted by RISK8888 > 2023-06-03 19:59 | Report Abuse

Limit down?

Posted by Bon888 > 2023-06-03 21:32 | Report Abuse

Welcome limit down. 🤗

Posted by RISK8888 > 2023-06-03 22:06 | Report Abuse

Omg, why you so steady?

Posted by Bon888 > 2023-06-03 22:27 | Report Abuse

Technical problem let the engineers settle it. The price will go up again after this problem settled.

Posted by winmal > 2023-06-03 22:51 | Report Abuse

likely next week many ppl are bearish...

Posted by RISK8888 > 2023-06-04 10:51 | Report Abuse

Die lor die lor

Posted by Robert Waters > 2023-06-05 09:43 | Report Abuse

There will be no big impact from this ESP debacle. That is my bet. I worked on a large EPC project as a vendor coordinator last year. Big hydrocarbon joint venture. I got 35 critical vendors to be on standby for the start up. 10 of them I brought in, as there were problems using their equipment. In 8 cases, or about 80%, nothing was wrong. Vendors came and just looked, pressed switches, powerd up and down, got things going. In only 2 cases they had to physically do something. Like replace an electronic board. I learnt that the fears and concerns were usually exaggerated. Sometimes just waiting a few days to 'assess' the situation resulted in solutions found through alternate ways.
Let us see tomorrow.

Posted by OrlandoOilSemiconIoT > 2023-06-05 09:47 | Report Abuse

😝 have those who attended the AGM spooked Armada management with all kinds of technical questions and complaining about directors fee till the management now sees it fit to make preemptive announcement? Better announce and CYA regardless the problem is big or small?

Posted by RISK8888 > 2023-06-05 10:32 | Report Abuse

So how, what should I do?

Posted by Gabriel Khoo > 2023-06-05 12:01 | Report Abuse

Robert. U see the points. Thing broken (now) and can be replaced or resolved vs previous issue did not meet the requirement due to geo issue. Low revenue or renevue lost from kraken is for sure but will recover eventually.

Posted by nikicheong > 2023-06-05 13:16 | Report Abuse

----------------
AKPL is working with EnQuest to assess alternative technical solutions, with the aim to return to production, on a phased basis, in the coming weeks. In the meantime, key maintenance activities, originally scheduled for execution within two periods of single train operations in the third quarter of the year, are being executed during the period of shut-in. These activities are intended to negate the requirement for any further planned outages in 2023.

The current shut-in and future reduced level of production, means that BBC revenue earned by AKPL will be reduced. Given the current uncertainties, the financial impact of this incident cannot be reliably estimated at this point, but is expected to be material for Bumi Armada.
----------------

Bumi Armada earns roughly RM225m a quarter in revenue from the Kraken FPSO. Per week, this amounts to roughly RM18m.

Each passing week without production, this is what Bumi Armada stands to lose.

This is not including the cost of repairing the problem, for which I believe Bumi Armada bears the financial responsibility.

So even if production is offline for 4 weeks, we are looking at a hit of RM72m + whatever it takes to repair the FPSO, for which I'm unable to provide an educated guess.

Enquest should be making an announcement today, I'm surprised they've been quiet as this is a loss of around 20k bopd daily (~USD1.4m per day). We should know further from their announcement on the severity of this issue.

Posted by nikicheong > 2023-06-05 13:18 | Report Abuse

Enquest AGM is today in fact, so I expect better clarity by tonight.

Posted by Robert Waters > 2023-06-05 15:30 | Report Abuse

The way problem of pump transformer is solved is as follows. Vendor is brought in and he:
1. Pressess and HOLDS 'start' button for 5 seconds
2. Upon hearing a click and 'acknowledge light' going on he depresses 'confirm' button
3. 'Operate' switch now has to be flipped to 'auto.' ESP pump is working.

After that, supervisor will laminate the instructions above and stick it on the PLC Panel. That will solve the problem as operator did not know he had to HOLD the button for a few seconds. There will be report that operating parameters were adjusted, e.g. timer set to new delay, etc., to save face for all. Cost of all with emergency service call about 5k USD.

The danger is that instead of fixing it, the management will hire engineers and support team who have NO idea about the kit. They will discuss phased solutions for a few weeks, drafting plans, mobilizing crews, getting planned activities rescheduled rather than starting up the damned pump. We will count the losses as per Nick's estimates. Gary Ch, the CEO will give himself 3 million USD instead of 1.5 mln as he got the task team going and he will be credited for getting things done.

I have seen both scenarios play out many times. Let us hope they just fix the damn pump.
PS
I made up the steps, but that is ususally how things happen and what I saw or did.

Posted by RISK8888 > 2023-06-05 17:47 | Report Abuse

Wow, that’s great, look like not a big issue. Hope it resolve soon.

Posted by nikicheong > 2023-06-05 20:35 | Report Abuse

CIMB cuts TP by 18 sen. Here comes the bloodbath!

https://docdro.id/oNvKcF2

Posted by Michael Kwok > 2023-06-05 20:44 | Report Abuse

Armada sell call 62-64 cents
Tp 40 cents range.
5/6/23 8.44pm

Posted by Gabriel Khoo > 2023-06-05 20:52 | Report Abuse

CIMB released report with assumption of worst senario

Posted by Robert Waters > 2023-06-05 21:35 | Report Abuse

I read this CIMB report, and it is nonsense in my opinion. All main accidents are actually predicted and mitigation planned in advanced before even operation starts. Some real emergencies that I personally experienced to give you example:
1. Loss of containment and hydrocarbon leak that could have resulted in explosion and total destruction of FPSO ( I was onboard when it happened).
2. Crane tipping and killing people who assemble below for safety talk (I saw it happen on asset nearby).
3. Terrorist attack and killing of 27 staff by security forces while reacting to it. Mostly by shooting at camp from helicopter by the army at terrorist and hostages. I was on a different asset with same company, so know how it progressed.

Explosions, fires, ship collisions, flooding full decks of ship by cooling water, etc, that I know from Safety Cases are other emergencies.

Nowhere I saw transformer failure as a MAE (Main Accident Event). Most pumps are in sets with1 online and 1 on standby. Surely if critical, not just 2, there may be 3 to be safe side by side. So are the transformers. And you can always get a new transformer from warehouse, fly it with helicopter and have it installed by electricians that just wire it in. No need to break containment. I cannot see the big problem, unless Gary wants to buy more shares on the cheap or it is some ridiculous lack of communication and managing the information bordering in the circus.

I remember similar thing happened about 3 years ago, there was an incident on a different asset, panic resulted and shares dropped by 10 sens or so. Seeems another event shaping up here. Act as you want to protect yourself. This is just my personal opinion.

Posted by RISK8888 > 2023-06-05 21:41 | Report Abuse

So how? 0.69 still above closing 0.635. Ok or not?