Posted by Macgyver11 > 2023-06-15 11:25 | Report Abuse

Who ever hold below 0.30c and still dreaming for TP above 0.80c...just watch out. Now Armada is like "telur di hujung tanduk". Hahaha!

Posted by Robert Waters > 2023-06-15 12:05 | Report Abuse

Egg at the tip of the horn ? I love this pearl of wisdom.
I need to learn it.

But that was the case all the time, we just did not know about it.
And nothing was done to fix it.
Every day there is work going on to solve this problem now, while BA still gets paid.
Not the worse case scenario.

Posted by MM78 > 2023-06-15 12:33 | Report Abuse

Peter Lynch once wrote the ultimate success or failure of investment is not purely dependent on one's intelligence but the also the stomach to withstand the worries of the world long enough for the investment to succeed. The skittish investors no matter how intelligent always got flushed out the market by the brush beater of the doom. To me it is quite difficult to overcome the worries at times but very true and useful so far in Armada stock . I am not impressed by the ways Armada management handling the information flow to the investors on the latest Kraken hiccup so far. Either they willfully hold back the updates or they do not know how to handle it confidently. This is harmful to investors' confidence in Bumi Armada. Is this the agenda of the insider large shareholders for holding back updates so far and SEC should investigate ?

Posted by Robert Waters > 2023-06-15 12:57 | Report Abuse

Everybody at Bumi Armada pretends to be surprised by the transformer failure. But those things do not happen without warning signs. I think that ...
1. Transformers were running hot so people kept door open, and some posters peeled off the wall due to being warped by heat
2. There was an annoying buzzing sound and clicking, much louder than in the other electrical rooms
3. You could sense the sour 'transformer' smell closer to the units. By the vents of the transformer enclosure, you could nearly taste it, not just smell.
4. During pump switching smoke was observed
5. One transformer failed but nothing was done about it. 'One off event,' they said.
6. Eventually an operator expressed his concern about critical equipment health. Unit started to give trouble and malfunction warning light. Manager asked him what he was planning to do about it. And he said meeting was for productive discussion, not for complaining. The guy learnt to keep quiet.

Then one day, May 20, another transformer failed. They new that Manager would not like it, so they tried with the third one without much investigating ...

Posted by limitup4u > 2023-06-15 14:52 | Report Abuse

with 2 more hours to go. Will the trading volume close below 20mil?

Posted by OrlandoOilSemiconIoT > 2023-06-15 14:58 | Report Abuse

Per IR Transformer is on the way!!

Posted by OrlandoOilSemiconIoT > 2023-06-15 15:02 | Report Abuse

No less than Optimus Prime himself is on the way

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

40 sen coming,,,

Posted by stainlyho37 > 2023-06-15 15:09 | Report Abuse

no further announcements and keep quiet ..very irresponsibility...!!!....

Posted by Kakume > 2023-06-15 15:45 | Report Abuse

What can IR explain? Everything already announced, there is no further progress better keep quiet then to tell they are still struggling, it is understood anyway.

Posted by Kakume > 2023-06-15 15:47 | Report Abuse

Kraken was a failure since day 1, Bumi has to pay $80m for penalty due to late delivery. On location also unable to commission due to many components failures. After few years today more components are failing, this is the quality of Bumi Kraken FPSO project, very sad. Pls google and search all these stories.

Posted by sense maker > 2023-06-15 16:01 | Report Abuse

43.5. The supporters here are not supporting the price. Aiya

Posted by nikicheong > 2023-06-15 16:06 | Report Abuse

Load up while the price permits.

Posted by NewTrader92 > 2023-06-15 16:07 | Report Abuse

until a good prospect comes from the management, this train is not safe to ride. good luck traders

Posted by Macgyver11 > 2023-06-15 16:57 | Report Abuse

Why you all study transformer chronology. Adoi!!. Biar betui you org ni...any benefit on that, things already happened you can't reverse back the clock. Look at what our next investment strategy.

Posted by Macgyver11 > 2023-06-15 17:01 | Report Abuse

I can ensure you all the price will drop below 0.40c haha!... Management incentives plan kikik!
Buy later when down.

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

Many funny ppl here as if they are the fortune teller, tonite rain or not he also dont know, now can tell you he can ensure drop below 40C, i refer this to Macgyver11, if tommorrow turn the other way, then he will go missing for next few trading day

Posted by David Gunter > 2023-06-15 17:57 | Report Abuse

Lol

Posted by vespa > 2023-06-15 18:00 | Report Abuse

back up the truck!

Posted by $$ BUYSELL $$ > 2023-06-15 18:13 | Report Abuse

keep on pushing down...

Posted by klee > 2023-06-15 18:58 | Report Abuse

Bursa is fcuked,armada unfortunately is fcuked too,that makes doubly fcuked,even good cos got dumped,what to say problematic ones.

Posted by Kakume > 2023-06-15 19:37 | Report Abuse

Rest assured Enquest and Bumi both are fire fighting now like tbere is no tomorrow. You thinn both will take this easy and sleep well? The problem is too big to solve in shoet time, this is not changing a scree, but massive equipments, no news is bad news, until then we wait and hope, it can be 3 days, or 3 months, but this is already 3 weeks, it must be difficult one, means it could be many weeks or months away.

Posted by sense maker > 2023-06-15 19:37 | Report Abuse

Armada is RM1.7b off its peak of RM0.73 achieved less than 2 months ago. Its long-time shareholders realised belatedly that a transformer issue can cost so much. Pain.

Posted by David Gunter > 2023-06-15 20:04 | Report Abuse

Lol

Posted by Hotstuff > 2023-06-15 20:12 |

Post removed.Why?

Posted by Macgyver11 > 2023-06-15 20:20 | Report Abuse

Why angry..you get stuck ha in high price..I been here messaging since 2019, where are you then...LOL this is funny.



luckyfrankie

Many funny ppl here as if they are the fortune teller, tonite rain or not he also dont know, now can tell you he can ensure drop below 40C, i refer this to Macgyver11, if tommorrow turn the other way, then he will go missing for next few trading day

Posted by Robert Waters > 2023-06-15 20:33 | Report Abuse

No news is bad news during shut in.
No news is good news when there is already production going on.

I think public worries now that the last transformer will break. Quiet is good.

Posted by Robert Waters > 2023-06-15 20:35 | Report Abuse

I do not know future performance of Armada.
I do not know if Kraken will achieve 95% efficiency next quarters.

But I am confident transformer issue will be solved. It is now very visible to investors and management.

Prepare ourselves for something else.

Posted by Macgyver11 > 2023-06-15 21:42 | Report Abuse

Captain Armada tarak bagus. Must call captain Jack sparrow.

Posted by Felix888 > 2023-06-15 21:45 | Report Abuse

In dia Captain Jack Sparrow. Tomorrow flying!!

https://youtu.be/vdBEuLG21UE

Posted by Moneymore > 2023-06-15 22:05 | Report Abuse

Everything will be fixed just a matter of time and cost. It is material that is why BA made announcement. Until next announcement you can besure that ther are fire fighting 24x7, after 3 weeks no news means very very bad.

Posted by David Gunter > 2023-06-15 22:14 | Report Abuse

Rishi Sunak has ordered a spare rig to help

Posted by Just88 > 2023-06-15 22:26 | Report Abuse

BA will wait until the end of maintenance period to make announcement. Only 50% production during the 2 x 10 days maintenance periods.

Posted by David Gunter > 2023-06-16 06:35 | Report Abuse

Lol good morning Crystal ball experts

Posted by Macgyver11 > 2023-06-16 08:08 | Report Abuse

Yeah! Captain Jack sparrow sdh mari...yes!
Armada terbang ke bulan hari ini

Posted by Kakume > 2023-06-16 08:27 | Report Abuse

No news is = no progress, still fire fighting to figure out how to repair this giant massive equipment that takes 6-12 months to order, long lead time. Soon, EnQuest will announce material impact. Price to re-test support 0.40. Sit tight. Only 10% down from 0.44, not too far. Unless the repair is really going to take 6 months, then 0.35.

Posted by MM78 > 2023-06-16 09:16 | Report Abuse

@ Robert Walter posting "

1. Transformers were running hot so people kept door open, and some posters peeled off the wall due to being warped by heat
2. There was an annoying buzzing sound and clicking, much louder than in the other electrical rooms
3. You could sense the sour 'transformer' smell closer to the units. By the vents of the transformer enclosure, you could nearly taste it, not just smell.
4. During pump switching smoke was observed
5. One transformer failed but nothing was done about it. 'One off event,' they said.
6. Eventually an operator expressed his concern about critical equipment health. Unit started to give trouble and malfunction warning light. Manager asked him what he was planning to do about it. And he said meeting was for productive discussion, not for complaining. The guy learnt to keep quiet.
Based on the above , we need big tummies to contain the worries of Bumi Armada's lack of update of Kraken hiccup .
Robert, can you please clarify where do you get the information of transformers situations ?
Thanks

Posted by Kakume > 2023-06-16 09:57 | Report Abuse

We hope BA leanred from Kraken Projecy since 2016, how not to avoid the same mistake, poor project management, cost them too much, this failure still haunting them yoday after 6 years, with more equipment failures unexpectedly, good that they slow down new FPSO project, to avoid same mistake, that is how Yinson took over most of new FPSO in last 4 years.

Posted by Kakume > 2023-06-16 09:59 | Report Abuse

Winning project is easy, get the commercial competitive, but to deliver project successfully is completely different game. You need good people, do they have strong project delivery team like the China man company mindset? Until then we hope more news coming soon.

Posted by CyrusQ > 2023-06-16 12:13 | Report Abuse

What's the status here ? Armada going bankrupt or what why like many ppl here huraa huuraa

Posted by CyrusQ > 2023-06-16 12:15 | Report Abuse

going toward 10 cent ?

Posted by BILLC > 2023-06-16 12:16 | Report Abuse

10 sen impossible,,,30 sen maybe,,,

Posted by MM78 > 2023-06-16 12:22 | Report Abuse

It is more assuring to stare at your own crystal balls even if someone can bang their hairy chests telling you potential Armada share price by next week. Kraken is not sinking yet but an FPSO with a transformer issue.

Posted by Robert Waters > 2023-06-16 12:47 | Report Abuse

@MM78,
My post is fully made up. It is what I THINK that happened. However, it is based on my observation of Oil and Gas industry and on a prevailing safety theory. For every one substantial (material) incident, there are 10+ minor ones that had been ignored. So in a way I am glad that the 'cat is out of the bag' and company now has to step up and fix problem. Good for us, long term.

______________________________________
But those things do not happen without warning signs. I think that ...
1. Transformers were running hot ....

Posted by nikicheong > 2023-06-16 12:47 | Report Abuse

umi Armada Berhad (“Bumi Armada” or the “Company”) wishes to announce that its jointly controlled entity, SP Armada Oil Exploration Private Limited (“SPAOEPL”) recently received notification from Oil and Natural Gas Corporation Limited ("ONGC") of India, about its intention to extend the charter hire of a Floating Production, Storage and Offloading Vessel ("Armada Sterling II FPSO") for one year from the expiry of the present firm time-charter. The value of the contract extension is approximately US$43m.



Under the original contract signed between ONGC and SPAOEPL on 13 March 2013, Armada Sterling II FPSO was chartered by ONGC to operate in the ONGC Cluster-7 field located about 210km off the west coast of Mumbai, India under a nine-year firm time-charter, with seven annual extension options. The original nine-year firm time-charter will expire on 7 March 2024.



SPAOEPL is a 49% less 1 share: 51% plus 1 share joint venture between Bumi Armada and Shapoorji Pallonji Energy Private Limited (formerly known as Shapoorji Pallonji Oil and Gas Private Limited) of India. ONGC is India's state-owned oil company listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Ltd (NSE).



Financial Effects



The contract extension is expected to contribute positively to the future earnings of Bumi Armada Group.



Risks Associated with the Contract



The risks associated with the contract extension are normal operational risks which can be mitigated through Bumi Armada's system of asset management and business controls.



Directors' and Major Shareholders' Interest



None of the Directors and/or major shareholders of the Company or persons connected with them have any interest, direct or indirect in the said contract extension.



This announcement is dated 16 June 2023.

Posted by Felix888 > 2023-06-16 12:52 | Report Abuse

Hahaha really got FPSO contract extension on yearly basis. 🤣

Posted by Felix888 > 2023-06-16 12:52 | Report Abuse

I3lurker must be happy with this example.

Posted by Felix888 > 2023-06-16 12:54 | Report Abuse

Not US$43m meih Niki?

Posted by nikicheong > 2023-06-16 12:56 | Report Abuse

This is a mildly positive development. Question remains why just one year, why not 7 years. Perhaps it is risk management from ONGC to protect itself from low oil prices.

Regardless, anything above the firm charter period is usually a bonus. But at $43mil per annum, the effective apportionment to Bumi Armada will be around $21mil (49% stake in the JV) but there will be no impact to topline as JV revenue is not consolidated at the Group level.

Extensions usually have a profit margin >30% as the vessel would be almost fully depreciated and the financing fully paid off, so conservatively this would contribute around 1/3 * $21mil = $7mil to Bumi Armada's bottomline for that one year extension period (roughly RM32mil at today's exchange rate).

Also, Bumi Armada will get a better rate for yearly extensions. There is usually a discount provided for a multi-year extension. The latter however is "safer" as it provides a longer-term earnings visibility.

Posted by nikicheong > 2023-06-16 12:57 | Report Abuse

"The contract is for a fixed period of nine years with an extension option of an additional seven years on yearly basis. The contract is valued at approximately USD 740 million with an additional USD 340 million for the optional extension period."

https://www.offshore-energy.biz/ongc-bumi-armada-in-740-mln-fpso-charter-deal/#:~:text=The%20contract%20is%20valued%20at,western%20coast%20of%20Mumbai%2C%20India.

The $43mil for one year extension is slightly lower than the original extension option of $340mil for 7 years (i.e. $48mil per year). Might be due to the exchange rate fluctuations since 2013, as the contract award by ONGC s usually based on Indian Rupees.