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

Abidjan

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

# haha you have safety boat

Posted by CyrusQ > 2023-06-20 15:09 | Report Abuse

BILLC

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

# 3 cent perhaps

Posted by Sslee > 2023-06-20 15:54 | Report Abuse

Finally receive this reply just now:

Good morning,

I can confirm that Kraken was restarted on the evening of Sunday 11 June, as planned, with oil production resumed on Monday 12th. Since then, oil has been produced on a single train, again as planned, and we will look to ramp up to full production in the coming weeks.

There are a number of ramp up options which we are working with the dutyholder, Bumi Armada.

Best regards,


Craig

Craig Baxter
Head of Investor Relations

Posted by Sslee > 2023-06-20 15:58 | Report Abuse

Dear, Mr. Craig Baxter
Head of Investor Relations

As investor I read with interest news on Kraken Back on line from the below Enquest Share Chat link::

May I confirm with you the writer below implied, “HSP was restarted on Sunday evening, with single train production resuming yesterday.
We will look to ramp up towards full production in the coming weeks”

And Kraken installed with 4 HSP transformers and one HSP already restart and the other faulty HSP transformers will be either replaced or repaired

Your quick response to my enquiry will be highly appreciated

Thank you

Best Regards
Lee Soon Sheng

Enquest Share Chat
https://www.lse.co.uk/profiles/himmatsj/
himmatsj

Kraken back online13 Jun 2023 09:24

Good morning James,

I can confirm that the HSP was restarted on Sunday evening, with single train production resuming yesterday.

We will look to ramp up towards full production in the coming weeks.

Best regards,
Craig


RE: Kraken back online13 Jun 2023 12:12
@MitoeCPS,

Interesting you mention that, because I forwarded the email from Enquest IR to him, and this was his reply:

"My understanding is they only have one functional HSP, the other three are not in good health, so I am unsure how they can get back to full production."

My question would then be (which I've asked him with no response), can those 3 HSPs not be repaired/replaced? If no, why not? Are you (and him) suggesting there might be reason to believe that the Kraken FPSO may never reach its terminal capacity of 100% ever again? If so, why?

This morning send below email:
Dear, Mr. Craig Baxter

Head of Investor Relations
Tel: +44 (0)1224 975000 / +44 (0)1224 975000

Sorry for interrupting you again, May I know will you be able to respond to my above enquiry?

Once again your response will be highly appreciated

Thank you

Have a good day

Best Regards
Lee Soon Sheng

Posted by Sslee > 2023-06-20 16:11 | Report Abuse

Dear IR,
ir@bumiarmada.com
enquiry@bumiarmada.com

I would like to draw your urgent attention to your bursa announcement and the CGS CIMB and Hong Leong Investment Bank (HLIB) arbitrary estimate of a six-month downtime. Please rebut or confirm the IB wild/irresponsible reporting.

Dear SC and Bursa,

Please investigate are CGS CIMB and Hong Leong Investment Bank (HLIB) arbitrary estimates of a six-month downtime bordering on wild/irresponsible reporting and violated SC rule and regulation on market manipulation?

I quote the below CGS CIMB and Hong Leong Investment Bank (HLIB):

https://klse1.i3investor.com/servlets/ptres/67710.jsp

CGS CIMB noted that FPSOs are typically required to achieve a minimum annual operational uptime of circa 95%, failing which the FPSO charterer does not pay the full bareboat charter contract (BBC).

“While FPSO Kraken received final acceptance from EnQuest in June 2017, Bumi Armada was paid just 70%-80% of the full BBC rate for failing to meet its uptime threshold until 1Q(20)20, when that threshold was achieved. For the past three years, the FPSO Kraken had been performing well, until the recent incident with the HSP (hydraulic submersible pump) transformer.”

Without guidance from either Bumi Armada or EnQuest, CGS CIMB has included a loss of six months of BBC cash receipts in 2H2023F, a loss of six months of finance lease income in the FY2023 profit and loss statement (P&L), and US$50 million of repair and maintenance costs borne solely by Bumi Armada and charged into its FY2023F P&L.

As such, the research firm lowered its FY2023 core net profit by 47%, implying the reduction in SOP valuation of Bumi Armada from 87 sen to 79 sen from the three adjustments above, and a lower TP of 69 sen.

Meanwhile, Hong Leong Investment Bank (HLIB) Research estimates that the Kraken FPSO has a daily charter rate of approximately USD480k/day (or USD175m/year), which accounts for some 35% of the group’s revenue contribution in FY2022.

“We are negative on this development. While we acknowledge that we do not have clarity of Kraken’s shut-in timeline yet, we decide to make an arbitrary estimate of a six-month downtime for the said FPSO,” it added.

That said, the research house trimmed its FY2023 net profit forecast by 38%, while leaving FY2024-FY2025 earnings estimates unchanged

Thank you

Best Regards
Lee Soon Sheng

Posted by hulwan > 2023-06-20 16:14 | Report Abuse

Thanks for sharing Mr Lee. It's quite perplexing that this info is known to regular forumers here and at Enquest, yet there is significant sideways trading happening. I would assume people will just stay still until the restart is officially announced 🤔

Posted by Sslee > 2023-06-20 16:15 | Report Abuse

My previous complaint to SC and Bursa only receive case and ref number from SC and Bursa.

And no response at all from Armada IR.

See how Bursa listed company shortcharge the retail investors.

Will write in a hard hitting follow up email to SC and Bursa this weekend.

Posted by hulwan > 2023-06-20 16:25 | Report Abuse

These kinds of shenanigans, and then they wonder why our Bursa is in the doldrums

Posted by Kakume > 2023-06-20 16:32 | Report Abuse

Pls don't ask Bumi IR to reply, they will announce when they have more news than before, otherwise telling nothing has change since announcement, still unable to know what went wrong and how long will take just put more pressure to the stock so keep the mouth shut is better when nothing good to tell.

Posted by Mariomaster84 > 2023-06-20 16:38 | Report Abuse

https://www.upstreamonline.com/rigs-and-vessels/bumi-armada-venture-secures-extension-for-key-fpso-contract-worth-over-40-million/2-1-1469877?zephr_sso_ott=ADaRdd

Posted by hulwan > 2023-06-20 16:45 | Report Abuse

Enquest already said that the pump has restarted. By keeping this news to themselves, BA is withholding information that has a material impact on the performance of the company. This kind of information asymmetry is easily manipulated. Our Bursa then becomes a corrupt organization where 'who you know' will give you an edge

Posted by sense maker > 2023-06-20 16:50 | Report Abuse

Average down a bit today, bringing my overall average purchase cost to RM0.4773.

Posted by Hotstuff > 2023-06-20 16:50 | Report Abuse

damage is done. the worst is over. share price down is due to upcoming election foreign fund selling. buy now not later. after election foreign fund will buying in

Posted by zonefinder > 2023-06-20 16:54 | Report Abuse

Thanks Mr Lee for your update. This is pertinent even for long term investors. As long as these are short term hiccups, price fluctuations are non issues. Can't speak for non term traders though...

Posted by sense maker > 2023-06-20 16:56 | Report Abuse

Nothing is happening differently from what’s announced by BAB. The ability and efforts to ramp up production in weeks are work in progress. Material financial impact is continuing each day till production volume has been fully restored to its previous excellent levels, which may or may not happen this year.

Posted by sense maker > 2023-06-20 16:58 | Report Abuse

The uncertainty is here to stay, we just have to ascribe our own fair value to BAB.

Posted by sense maker > 2023-06-20 16:58 | Report Abuse

No additional announcements can remove that uncertainty.

Posted by nikicheong > 2023-06-20 17:04 | Report Abuse

@sense maker you talk absolute nonsense. From a shut-in state to 50% production with a single train IS a material development that until now, Bumi Armada has failed to disclose to the market.

I will write a report to Bursa Malaysia later today, and urge all minority shareholders to do the same.

Posted by hulwan > 2023-06-20 17:11 | Report Abuse

Sense maker, how can you ascribe a fair value on your investment when information is hidden from you?

Posted by sense maker > 2023-06-20 18:09 | Report Abuse

BAB’s non-executive directors are the most knowledgeable, senior, respected corporate personnel you can find in Malaysia about compliance and announcement requirements in Malaysia. It’s laughable many here keep complaining and demanding what’s unorthodox, unnecessary, impractical and impossible to be disclosed.

Posted by Moneymore > 2023-06-20 23:57 | Report Abuse

Tomorrow another round of bloodshed..run first, buy later, until Kraken losses is assessed.

Posted by linheng > 2023-06-21 05:08 | Report Abuse

Here all guessing while both Bumi Armada and EnQuest keep quiet.

Posted by David Gunter > 2023-06-21 05:52 | Report Abuse

So many experts lol

Posted by MM78 > 2023-06-21 06:01 | Report Abuse

Fear mongering and panic reinforce each other in market spiraling down leading to under valuation.

Posted by sense maker > 2023-06-21 08:55 | Report Abuse

Suspended

Posted by Felix888 > 2023-06-21 09:00 | Report Abuse

OTHERS | https://www.klsescreener.com/v2/announcements/view/5196567

Posted by Felix888 > 2023-06-21 09:01 | Report Abuse

CO2 capturing project MoU

Posted by Felix888 > 2023-06-21 09:02 | Report Abuse

Announcement not at the right timing. Settle Kraken first lah.

Posted by CyrusQ > 2023-06-21 09:03 | Report Abuse

Why suspended ?

Posted by Kakume > 2023-06-21 09:05 | Report Abuse

Haha.. give you good news first then the bad news.. LOL

Posted by CyrusQ > 2023-06-21 09:06 | Report Abuse

Suspend will be entire day ?

Posted by Felix888 > 2023-06-21 09:18 | Report Abuse

Co2 capturing system. New business.

Posted by Penarak > 2023-06-21 09:18 | Report Abuse

https://www.gasworld.com/story/navigator-and-bumi-armada-unveil-co2-joint-venture-plans/

Posted by Penarak > 2023-06-21 09:20 | Report Abuse

1 hour suspension

Posted by nikicheong > 2023-06-21 09:33 | Report Abuse

Nothing concrete yet, just a MOU for now. But a step in the right direction, could be very lucrative once a concrete FID is taken.

Posted by nikicheong > 2023-06-21 09:37 | Report Abuse

The Bluestreak CO2 Joint Venture, to be owned 50% by Bumi Armada and 50% by Navigator, aims to provide an end-to-end solution for carbon emitters to capture, transport, sequester and store their carbon dioxide emissions in line with the United Kingdom’s Industrial Decarbonisation Strategy.


By leveraging the expertise and experience of its principal shareholders, it is anticipated that the Bluestreak CO2 Joint Venture will design and implement a value chain of shuttle tankers delivering to a floating carbon storage & injection unit. The complete value chain is expected to safely and reliably transport and provide buffer storage of liquid carbon dioxide. The CO2 is intended to be subsequently injected into offshore storage aquifers and/or depleted oil and gas reservoirs in a controlled manner with full surveillance and management of the permanent storage location. This approach is anticipated to allow the Bluestreak CO2 Joint Venture to serve emitters with no access to pipeline infrastructure, to effectively manage their CO2 emissions.


It is estimated that the potential market in the United Kingdom alone is over 30 million tonnes of CO2 per annum from emitters who are not proximate to existing awarded carbon capture, usage and storage clusters. Bumi Armada and Navigator are in initial discussions with a number of emitters and if successful, the first shipment of CO2 is anticipated by the parties to take place three years after taking final investment decision.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3363281

Posted by nikicheong > 2023-06-21 09:39 | Report Abuse

The transaction is subject to the execution of a definitive joint venture agreement, approval by the boards of directors of both Bumi Armada and Navigator, regulatory approvals where applicable and other customary closing conditions. The parties anticipate entering into a definitive joint venture agreement by the end of the fourth quarter of 2023. The commercialisation of the Bluestreak CO2 Joint Venture is subject to sufficient long-term customer commitments.

Posted by flatso > 2023-06-21 09:42 | Report Abuse

We all know local stock bears always win. Corrupy corrupy corrupy

Posted by nikicheong > 2023-06-21 09:42 | Report Abuse

"By leveraging the expertise and experience of its principal shareholders, it is anticipated that the Bluestreak CO2 Joint Venture will design and implement a value chain of shuttle tankers delivering to a floating carbon storage & injection unit."

My understanding of this (i.e. "leveraging the expertise and experience of its principal shareholders") is that Navigator will be responsible for the shuttle tankers and Bumi Armada will be responsible for the floating carbon storage and injection unit ("FCSIU").

Posted by nikicheong > 2023-06-21 09:48 | Report Abuse

Woah, there is also this hidden nugget:

"The Company is also engineering a carbon capture injection system for a gas field incorporating its experience."

Posted by Kakume > 2023-06-21 09:51 | Report Abuse

time to inject as many good news as possible to minimise the Kraken damages. LOL

Posted by nikicheong > 2023-06-21 09:56 | Report Abuse

So this announcement actually has two positive news:

1) 50:50 JV to develop carbon capture, storage, transport and injection solution for clients.
2) Separately, Bumi Armada is engineering a carbon capture injection system for a gas field.

Posted by CyrusQ > 2023-06-21 10:09 | Report Abuse

Will going Bankrupt / Delisted ?

Posted by xuxu > 2023-06-21 10:12 | Report Abuse

some ppl really naive , how can they invest stock ? I m doubted

Posted by chopstick > 2023-06-21 10:25 | Report Abuse

Posted by CyrusQ > 11 minutes ago | Report Abuse

Will going Bankrupt / Delisted ?

pls invest in Bank FD no worries be happy

Posted by chopstick > 2023-06-21 10:28 | Report Abuse

Posted by xuxu > 14 minutes ago | Report Abuse

some ppl really naive , how can they invest stock ? I m doubted

This kind of investor been worries day an nite, sleepless nite , negative though

Posted by Apple2353 > 2023-06-21 10:29 | Report Abuse

hahaha.. good one..chopstick. like your comment.

Posted by Hotstuff > 2023-06-21 10:35 |

Post removed.Why?

Posted by CyrusQ > 2023-06-21 10:39 | Report Abuse

Make sense thou , which all of you happen to be here marketing haha , whenever on the other side selling heavily.

Posted by CyrusQ > 2023-06-21 10:46 | Report Abuse

Carry on selling ....