Posted by Moneymore > 2023-06-16 22:48 | Report Abuse

Kraken FPSO update: UK safety regulator checking events that led to shutdown

All quiet from field operator EnQuest on the plans for restoring production

How to annouce if they can’t even figure out what went wrong, and there is no solutions yet to be possible.

Posted by Felix888 > 2023-06-16 23:18 | Report Abuse

Uncle I3licker just tell me how much you lost in Armada during 2013 oil crash?

You non stop posting negative comments since 2019 till now. From below 20 cent to 70 cent.

Posted by Sslee > 2023-06-17 07:23 | Report Abuse

Cordially invite i3lurker the most blunt and controversial i3commentator who often insults, wisecracks and trash talk other people stock to Sslee 6 months, 12 months, 18 months ROI contest just for the fun of it.

https://klse.i3investor.com/servlets/forum/608595869.jsp

Posted by David Gunter > 2023-06-17 07:26 | Report Abuse

Some people really never worked in a company before. Does BA or Enquest need to tell the root cause? Really?/ wakakakka lol

Posted by Felix888 > 2023-06-17 08:17 | Report Abuse

I3licker your kaching! Is just your imagination.

When Armada up 10 cents...My account will be Kaching! Kaching! Kaching!

Hahahah Real one Uncle I3licker.

Posted by Felix888 > 2023-06-17 08:18 | Report Abuse

At least give some bullshxt.

Posted by David Gunter > 51 minutes ago | Report Abuse

Some people really never worked in a company before. Does BA or Enquest need to tell the root cause? Really?/ wakakakka lol

Posted by David Gunter > 2023-06-17 09:46 | Report Abuse

So many BSA here

Posted by OrlandoOilSemiconIoT > 2023-06-17 10:12 | Report Abuse

RIDDOR report

There is no need to report incidents where people are taken to hospital purely as a precaution when no injury is apparent.


EnQuest not reporting so not likely the transformers 💥💥 explored

Posted by Robert Waters > 2023-06-17 10:54 | Report Abuse

Thank you for giving us the full story, Gabriel.

It is good news. As I already wrote here 4 days ago (and before that), several pumps on the topside module 40 could be used to charge the HSP. There are 3 water injections pumps with similar specs, that are available. Now I see it confirmed in writing in the article. So technically, problem has solution. No need to wait for delivery of the transformer without production. Temporary arrangement is possible to maintain income.

The goverment is of course a nuisance, but can be handled with some lawyers and engineers. There will be no impact of 1 billion myr as market expects.
_____________________________________________________________________________-
Stock: [ARMADA]: BUMI ARMADA BERHAD

3 days ago | Report Abuse

I would like to remind everyone that HSP does NOT have a transformer because it is HYDRAULIC (not electric as ESP).
HSP downhole pump is driven by a water turbine, also located downhole, coupled to it.
There is a pump with a transfromer called HSP POWER PUMP that pumps water to this turbine.
This pump is located on module M40 on the topside. That module has many injection pumps that can inject 225 kbpd.
So there are probably many similar pumps with transformers that could be 'creatively' used to start up.

Posted by David Gunter > 2023-06-17 11:48 | Report Abuse

Unless one is in the company and in direct contact with the issue seems a lot of BSA with lead times. Do these BSA even know if it is a Siemens or ABB or any other brand of equipment ? Lol

Posted by Kakume > 2023-06-17 12:25 | Report Abuse

Do you know BA paid RM350m to EnQuest for Late delivery?

Do you know Kraken FPSO struggle to commission after in location for many months with more equipment failures in 2018?

Are you surprised that more equipment failures in 2023?

Renunh-Renung kan....

Posted by nikicheong > 2023-06-17 12:46 | Report Abuse

Kudos Robert, you did correctly indicate in your writings that there are other pumps with transformers that can be used as a makeshift replacement / stand-in for the HSP transformers.

Are you an engineer? Have you worked on FPSOs? Any contacts within the industry that can reach someone in the Kraken crew?

Posted by Robert Waters > 2023-06-17 13:00 | Report Abuse

Niki, I have been working in oil and gas for 20 years, in engineering and operations area. A lot of experience, including offshore on FPSO's.

I have no contact with anyone at Armada. I had job interview with them once (via skype, with 2 or 3 people), and they appeared professional, organized and technical. Not a mickey mouse institution for sure. I am confident they will deliver on the objective. The counter is so cheap in valuation, it is mindbogling to me. I must try to connect to someone with linkedin. Peace of mind to know what is happening.

Posted by sense maker > 2023-06-17 13:11 | Report Abuse

The valuation can go lower if this issue goes unresolved for longer. Just grab more on the way down. When you think it has reached rock bottom, load much more. I have been buying from 0.515 to 0.45. So far, I have been wrong as my average cost is 0.485. Waiting for panic shareholders to throw down to 40-42sen. The good thing is I plan to average down all the way and happy to buy much more.

Posted by alenac > 2023-06-17 13:14 | Report Abuse

It looks like lots in the forum here are merely speculating. No one onboard knew of the exact situation. In the meantime, the price moves sideways.

Posted by MM78 > 2023-06-17 19:26 | Report Abuse

Price moves sideways for sometimes can also mean there is some support at this level, provides us the time to collect slowly instead of all in 1 shot.

Posted by David Gunter > 2023-06-17 20:10 | Report Abuse

BSA aka Bull Sheet Artist

Posted by David Gunter > 2023-06-17 20:17 | Report Abuse

I don't think next QR there will be losses only less revenue

Posted by Mabel > 2023-06-18 20:06 | Report Abuse

nikicheong Potential Bumi Armada Re-rating catalysts (updated 16 June 2023):

New wins:

1) Award of Cameia FPSO project in Angola from TotalEnergies - This is only an EPC contract and will only sustain earnings for 2-3 years. This is NOT a long-term charter contract
2) 1 Minor FPSO contract win (either a small/medium scale FPSO 100% owned) - Active bids in Tuna field (Indonesia), Palok field (Mexico), Salam-Patawali (Malaysia)
3) 1 Major FPSO contract win (large scale FPSO, likely with a JV partner) - Unlikely to be soon as there are no known large scale bids from Bumi Armada, but possibilities exist in West Africa / South America
4) Finalization of the Mumbai Port FSRU project
5) New contract win for the 2 SC vessels in the Caspian Sea and 1 JV-owned SC vessel in Indonesia. Potential for new wins for the Caspian Sea vessels as flurry of work in the region due to high oil price environment. All 3 vessels as at 31 Dec 2022 are laid up
6) New contract award relating to a floating carbon storage and injection vessel

Green energy:
1) "Green energy" initiatives for future FPSO/non-FPSO wins (e.g. zero flaring or fully electrified FPSO)
2) Decarbonisation for existing fleet of FPSO
3) Diversification into floating CCS and other "green" structures materialise

Business as usual:
1) First oil achievement and then full acceptance of Armada Sterling V FPSO by ONGC at the 98/2 field in India
2) To repair the issues with the Kraken FPSO's HSP transformers so the FPSO can return to full operational capacity (Kraken FPSO presently only running at 50% capacity)

Contract extensions:
1) Confirmation of contract extension for Armada TGT FPSO in Vietnam - Might only be announced in Q4 2024, but it's all but certain the contract will be extended as new wells are still being drilled in the aged TGT field

-----------------

Note: All the above comes from my own research. Let me know if I've missed out on anything. I maintain that the Q4 2022 results, while extremely solid, were wholly "unexciting". We need positive developments that would enhance the long-term wellbeing of the company, only this will ultimately push the share price to higher levels.
16/06/2023 2:18 PM

Thanks for this update Niki..

Very useful indeed..

Meow

Posted by KML889 > 2023-06-19 09:24 | Report Abuse

If you look back All the IB analyst reports under their coverage, you will find ease and piece of mind. Kraken's technical glitch is just some inevitable blips of any running production process will face irrespective of business

Posted by KML889 > 2023-06-19 09:26 | Report Abuse

Unless some alien species are talking about Blow up la, sinking la, capsize la then different lo

Posted by nikicheong > 2023-06-19 10:43 | Report Abuse

Any recent updated research reports? From CIMB, RHB, UOB etc?

Posted by RayLee > 2023-06-19 11:51 | Report Abuse

Targeted price of 70 cents set by PBB.. going up again?

Posted by chopstick > 2023-06-19 11:54 | Report Abuse

Maybe public bank big lender to Armada

Posted by Felix888 > 2023-06-19 11:59 | Report Abuse

Kudos to Armada Sterling II team, remarkable 100% uptime !! Excellent team!

Posted by success2628 > 2023-06-19 12:21 |

Post removed.Why?

Posted by success2628 > 2023-06-19 12:23 |

Post removed.Why?

Posted by Russel > 2023-06-19 12:24 | Report Abuse

Volume!!! Pls Come!!

Posted by Hotstuff > 2023-06-19 12:28 | Report Abuse

patience is the key. come back 1 month later 0.65.

Posted by Remnant17 > 2023-06-19 12:29 | Report Abuse

Truth well told.. all u need is..PATIENCE!

Posted by ValueInvestor888 > 2023-06-19 14:16 | Report Abuse

Bumi Armada (BAB) secured a one-year contract extension for Armada Sterling II
Floating Production Storage Offloading (FPSO), worth USD43m via its 49.99%-
owned JV company SP Armada Oil Exploration Pte Ltd. To recap, Armada Sterling
II FPSO was originally signed on 13 March 2013 with a nine-year contract valued at
USD740m with a seven-year extension option on yearly basis, with aggregate value
of USD340m. The original nine-year time-charter will expire on 7 March 2024. The
contract extension is expected given the excellent operational performance with
100% uptime and, the Cluster-7 field remaining an active production field. We make
no changes to our earnings estimates on account of this, having assumed this as
part of our replenishment assumption. On another note, although there is no further
update on the FPSO Armada Kraken shut-in, we reckon the recent sell down of its
share price is overdone. While financial impact may be seen short-term, it is
nonetheless limited, as long-term prospects remain solid.

Posted by ValueInvestor888 > 2023-06-19 14:19 | Report Abuse

Since the announcement of the FPSO Armada Kraken
shut-in, BAB has lost RM1.1bn in market capitalisation. This is approximately 2
years’ worth of revenue contribution estimates from the FPSO. Although further
updates are still pending from the management, we believe its financial impact
is contained. BAB has fully repaid Kraken’s project finance debt and is able to
absorb the financial impact given its strong cash reserve of RM678m with net
gearing ratio of 0.82x.

Sell down overdone. Maintain TP 0.70. Public Investment

Posted by Ravi Kumar > 2023-06-19 14:48 | Report Abuse

Well said unlike the BSA's so far

Posted by xuxu > 2023-06-19 15:55 | Report Abuse

wowoowow good move ~

Posted by Felix888 > 2023-06-19 15:58 | Report Abuse

@i3lurker kaching! Kaching! Kaching! Kambing 🤣

Posted by Nasrul Fahmi > 2023-06-19 16:07 | Report Abuse

steadyyyy

Posted by Felix888 > 2023-06-19 16:10 | Report Abuse

I3lurker I believe you like this song, fly me to the moon by Frank Sinatra. Pair it with Jack Daniel, 2 to 3 ice cubes.

https://youtu.be/ZEcqHA7dbwM

Posted by Mabel > 2023-06-19 16:41 | Report Abuse

Meow Meow Meow

Armada is cuming back...

Posted by Mabel > 2023-06-19 18:18 | Report Abuse

Meow Meow Meow

Posted by Vincent8864 > 2023-06-19 18:42 | Report Abuse

Higher PETRONAS capital expenditure to spur sector | https://www.klsescreener.com/v2/news/view/1162845

Posted by Vincent8864 > 2023-06-19 18:42 | Report Abuse

Higher PETRONAS capital expenditure to spur sector | https://www.klsescreener.com/v2/news/view/1162845

Posted by Kakume > 2023-06-20 10:07 | Report Abuse

NO News = Bad New
No News for 1 month = Very Bad News

Posted by MM78 > 2023-06-20 11:29 | Report Abuse

Bumi Armada is 1 stock that is quite complicated for general investors to comprehend its nature of long investment cycles, long term contract and its inherent risks in its operational complexity. This latest hiccup after the nearly perfect track records of FPSO Kraken's uptime in the last 3 years still bring back some guessing worse than actual situations. Many investors are sitting on the edge the last 2 weeks or so.

Posted by alenac > 2023-06-20 14:12 | Report Abuse

Looks more like management is unable to determine what is wrong with Kraken breaking down, the reason why the price has yet to rebound. If the problem is resolved, the owner would be pushing the price up immediately if it is under valued.

Posted by KimSua > 2023-06-20 14:23 | Report Abuse

It will trade side ways if no news in the coming weeks prepare for downside risks. I don't see the dust settling, to push to .>0.5 with current information will be reckless

Posted by limitup4u > 2023-06-20 14:33 | Report Abuse

Heavy sell down again, ding dong at 0.43-0.46

Posted by CyrusQ > 2023-06-20 14:35 | Report Abuse

Omg Heading to 10 cent

Posted by BILLC > 2023-06-20 14:37 | Report Abuse

10 Sen impossible,,,,30 Sen more likely,,,,

Posted by Vicky > 2023-06-20 14:41 | Report Abuse

Chun chun... time to surrender Armada collapsed very soon...bad management

Posted by Abidjan > 2023-06-20 14:45 | Report Abuse

Anything that is broken can always be fixed.
It is not like the Titanic or Sapnrg, once it's sunk, it is sunk....