Posted by Felix888 > 2023-08-26 18:48 | Report Abuse

I was talking about India company ONCG, contracted Armada Sterling V. Nothing to do AK. Stop manipulating my post.

Posted by Felix888 > 2023-08-26 18:49 | Report Abuse

My knowledge in this counter definitely better than you, I3licker. You just a tin kosong talking nonsenses.

You got money to buy Armada? No money please fxck off.

Posted by i3lurker > 2023-08-26 18:54 | Report Abuse

hmm caught being racist and telling lies ... again ... again?

Posted by Felix888 > 2023-08-26 18:57 | Report Abuse

I said India company very difficult to deal with, pusing-pusing. I keep this post.. Please challenge.

Posted by Felix888 > 2023-08-26 18:58 | Report Abuse

Bumi Armada is Malaysia company not India company. Please make it clear.

I'm Malaysia Chinese, I'm different from China Chinese. Do you understand?

Posted by KML889 > 2023-08-26 19:16 | Report Abuse

The JV with SPOGPL has been awarded with Third FPSO contract with ONGC. So, so far it's deemed good partnership. Not sure why this time multiple twist and turns with ASV

Posted by KML889 > 2023-08-26 19:18 | Report Abuse

All 4 FPSO projects clinched within India with Indian Oil and Gas company

Posted by Max2838 > 2023-08-28 08:05 | Report Abuse

Come September...Hurricane season starts in Florida

Posted by nikicheong > 2023-08-28 09:58 | Report Abuse

Anyone have the report from RHB, UOB or CIMB, pls share

Posted by RISK8888 > 2023-08-28 14:23 | Report Abuse

slowly coming back just wait for the Sterling V to first oil. then carbon capture to start. carbon capture is a future thing just like renewable energy, it is a up coming trend thingy.

Posted by RISK8888 > 2023-08-28 14:26 | Report Abuse

all clear to move on. dont be sad that armada dont get any FSPO.it is a sunset industry. carbon capture is a new direction and BA should focus on it.

Posted by Felix888 > 2023-08-28 14:35 | Report Abuse

I don't know is this carbon capture business a lucrative business? Any reference ?

Posted by UncleFollower > 2023-08-28 15:17 | Report Abuse

https://research.uobkayhian.com/content_view.jsp?id=74872&ety=com&h=ec1e2e95c02ec416a000d4800ead205e&back=%2Fcontent.jsp%3Fety%3Dcom%26com%3DBAB%2520MK%26comname%3DBumi%2520Armada%2520Bhd

nikicheong

Anyone have the report from RHB, UOB or CIMB, pls share

Posted by SuperTrump69 > 2023-08-28 15:40 | Report Abuse

Support ARMADA

Posted by nikicheong > 2023-08-28 15:53 | Report Abuse

Thanks uncle!

Posted by RISK8888 > 2023-08-28 16:27 | Report Abuse

is a good bet for longterm. now price had stable. if u aim for fast return, better go for property and contruction.

Posted by Felix888 > 2023-08-28 16:28 | Report Abuse

HLB said worst is over.😘😘😘

https://theedgemalaysia.com/node/680330

Posted by mikeann > 2023-08-28 17:44 | Report Abuse

https://klse.i3investor.com/web/pricetarget/research/68460

Posted by nikicheong > 2023-08-28 20:05 | Report Abuse

https://rfs.cgs-cimb.com/api/download?file=6b75fbd3-73ef-428a-93ce-39ae73086398

Posted by Felix888 > 2023-08-28 20:15 |

Post removed.Why?

Posted by KML889 > 2023-08-28 20:41 | Report Abuse

All are bullish except UOB. SOP derived Target Price. However, price action says otherwise for now. With ASN and The Norges Bank who manages Norwegian Pension funds on board also not able to add limelight to BA. Sigh

Posted by KML889 > 2023-08-28 20:44 | Report Abuse

Curious though what brought BA to 70 plus cents few months back considering AK issues are already behind us

Posted by mikeann > 2023-08-28 21:02 | Report Abuse

https://www.klsescreener.com/v2/announcements/view/5510327

Posted by KML889 > 2023-08-28 22:16 | Report Abuse

Another way of implying ASV will not achieve 1st oil anytime soon

Posted by Felix888 > 2023-08-28 22:27 | Report Abuse

Akia offshore block JV in Indonesia could be a game changer for Bumi Armada.

Posted by OrlandoOilSemiconIoT > 2023-08-29 08:43 | Report Abuse

According to UN human rights experts, Saudi Aramco is threatening human rights by expanding its oil production due to “the adverse impacts on human rights caused by activities such as the exploitation of fossil fuels which contribute to climate change.”

The concern was expressed in a letter authored by a group of unnamed UN human rights experts and sent to the Saudi state energy giant.

Posted by OrlandoOilSemiconIoT > 2023-08-29 10:22 | Report Abuse

US is swift

The minute Saudi MBS joined BRICS

UN under US control

No letter to shale?

Posted by lloydlim > 2023-08-29 11:55 | Report Abuse

Time to accumulate.

Posted by nikicheong > 2023-08-29 12:04 | Report Abuse

In Q3 2023, we should still see a hit of around RM40mil due to the production deficit in July and early August, before the FPSO was back to 100% production.

1) With Kraken back online, we're looking at around RM150-160mil net profit per quarter in Q4 2023 (roughly 2.50 sen to 2.65 sen per share).

2) This is excluding the income expected from the Armada Sterling V, which has been touted to be around RM100mil - RM130mil per annum. Conservatively, lets take RM100mil per annum net profit, or RM25mil per quarter (equivalent to 0.40 sen per share), and discount it by a further 40% to account for production issues or other challenges. That's still RM60mil per annum, or RM15mil per quarter (which would translate to 0.25 sen per share).

Long story short, if everything goes according to BAU, Armada Sterling V should contribute at least 0.40 sen per share per quarter, but if we anticipate production challenges, we can pencil in a lower 0.25 sen per share to account for those challenges.

3) At the same time, the two subsea construction (SC) vessels in the Caspian Sea are idle. By my estimates, every quarter of work for each vessel will contribute roughly 0.25 sen per share respectively per quarter. This is because the vessels incur significantly fixed costs just staying idle (namely depreciation expenses), and then of course taking into account the profit margin when a contract is awarded.

4) Finally, JV income was lower this quarter by about RM10mil from the expected. So when this normalizes it should also boost profits higher.

---------

Long story short, after accounting for items 1 - 4 above, assuming all are operational in Q1 2024, we could see up to a quarterly net profit of around RM210mil to RM220mil. Even if the SC vessels remain idle, we should still see quarterly net profits upwards of RM180mil.

Of course, all these are not taking into account any potential new contract wins etc. I for one am no longer holding my breath for that!

Posted by hng33 > 2023-08-29 16:23 | Report Abuse

bought back at 50sen

Posted by MM78 > 2023-08-29 17:13 | Report Abuse

Can anybody who has knowledge of FPSO comment on the concerns indicated by UOB on the Kraken's Infrastructure Code of Practice shows all processing equipment were expected to reach ullage from 2023 . The BA management has no clear plan to perform diagnosis on the entire top side equipment to reduce surprise breakdowns once again.

Posted by TeamRocket > 2023-08-29 17:21 | Report Abuse

Shitty armada, I left the counter longggggg ago, seee also know it can’t go up

Posted by Robert Waters > 2023-08-29 17:28 | Report Abuse

MM, I noticed this part and it made no sense to me. Ullage is just extra space in tank, not used by liquid.
He probably meant to say that there is not enough redundancy meaning extra equipment on stand by.

All those studies they propose (root cause) will not make FPSO work better. Just a bunch of inexperienced graduates fresh out of school filling out reports and powerpoints with stuff they copy from manuals. They should focus on checking machinery and fixing faults by experienced technicians.

Posted by nikicheong > 2023-08-29 17:59 | Report Abuse

The UOB guy is referring to this: https://www.enquest.com/fileadmin/content/operations/ICOP_PDFs/EnQ_ICOP_Kraken_2021_07_F.pdf

-----------

From the UOB Report:

Kraken’s Infrastructure Code Of Practice (ICOP) document, a key document behind our SELL downgrade in June, shows that all of the FPSO’s processing equipment (not just the HSP transformers) were expected to reach critical ullage constraint from 2023. In our view, for BAB to avoid another unplanned FPSO breakdown, the more prudent action must involve “diagnosing” the entire FPSO’s processing topsides, and we understand that this is not necessarily in its current plans."

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

I think it's a whole bunch of nonsense. This document has been published sometime last year. It's simply talking about capacity constraints as a part of the normal BAU and nothing out of the ordinary. If anything, it's in the FPSO operators best interest to stretch capacity to the maximum possible before replacing/refurbishing, to eke out every last dollar. Of course, it's a balancing act, take it too far, and you're faced with shut-ins. As far as I see this, seasoned FPSO operators such as Bumi Armada would already have a plan for tackling capacity constraints as they arise. Ultimately, they want to hit >95% production efficiency for those sweet, sweet bonus payout.

Posted by nikicheong > 2023-08-29 18:30 | Report Abuse

Bumi Armada's future looks lackluster at the moment. No major FPSO project in the pipeline, which is the biggest worry. Of course , there might be some FPSO bids/tenders ongoing that's not being spoken about in the market and a sudden announcement of a contract win cannot be discounted, though it also cannot be hoped for.

Posted by MM78 > 2023-08-29 18:43 | Report Abuse

Robert and Nikie, thanks for your interpretations of the UOB's comments on the ICOP which I find it perplexing as if BA management is so laxed, for such matter of great concerns. The lack of update during Kraken's shut in has reduced my confidence of BA current management, to say the least. These few days the BA share price was on the retreat, it can be a good opportunity for some further accumulation if it goes down further , though I am concerned for BA's lack of new projects while some existing contracts are up for contract extension.

Posted by KML889 > 2023-08-29 20:53 | Report Abuse

Haha, this dude from UOB IB couldn't even tell the difference between soft and hard constraints, critical spares and non critical spares let alone Process Safeguarding IPF system. Simply thrown out the so call ICOP jargon to show domimance. Any Laws and Regulations governing this so call ICOP. All diciplines COP must be governed and regulated and bound by law and regulations just like FMA and OSHA act. The so call ICOP study numbers more like a BDEP numbers for FEED or even for capacity debottleneck numbers. So so Gullible and Naive

Posted by nikicheong > 2023-08-29 21:20 | Report Abuse

https://www.petrowatch.com/synopsis.php?artId=21067

Indian O&G site mentions: "ONGC is supremely confident it can meet its latest October 2023 deadline to begin first oil production from the deepwater Cluster-2 fields"

https://www.xm.com/research/markets/allNews/reuters/indias-ongc-sees-oil-output-from-east-coast-deep-waters-in-octnov-53627159

"INDIA ONGC EXEC: INTEND TO COMMENCE OIL PRODUCTION FROM DEEP WATER FIELD IN THE EAST COAST BLOCK IN OCT-NOV"

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

I'll see it when I believe it, but the difference this time seems to be that even Bumi Armada specifically mentioned October 2023 as the likely first oil date. In the past, they never mentioned a particular month.

Posted by KML889 > 2023-08-29 21:36 | Report Abuse

Wow, repeat for 3x. Supremely confident I shall be. Haha. Thanks a lot nikicheong for another great update

Posted by hng33 > 2023-08-30 00:54 | Report Abuse

Bumi armanda NTA keep increasing via increasing assets and decreasing liabilities, with net assets increase RM 480m in Q2, far higher than profit record in RM 120m alone. Next Q, armanda NTA will hit RM 1.00

Posted by i3lurker > 2023-08-30 01:00 | Report Abuse

the answer can be found above at the Financial Summary, have a look

companies without growth are fully valued at 30% to 50% of NTA

Posted by armadatuah2017 > 2023-08-30 08:18 | Report Abuse

i3lurker is having great fear now that BA will go up. Grow up la dope. You don't have shares in this counter, why so concerned.. Move on with your losses and invest in Tech companies as you wished (if you have left a penny in your pocket)

Posted by Felix888 > 2023-08-30 09:06 | Report Abuse

I3licker said this BA is undervalued. So ALL in guys!

Posted by KML889 > 2023-08-30 10:20 | Report Abuse

Mind boggling to see BA is in ultra deep discount of 0.5 P/B ratio where her peer Yinson is enjoying 1.6 times P/B. Nothing fancy on his P/L statement and BS, in fact Yinson is more debt laden now due to few FPSO under construction. Guess the execution and public eye perception of BA has tainted her image and reputation over the years. Gary has lots more to mend those gap

Posted by Jerichomy > 2023-08-30 11:01 |

Post removed.Why?

Posted by Jerichomy > 2023-08-30 11:02 |

Post removed.Why?

Posted by Jerichomy > 2023-08-30 11:05 |

Post removed.Why?

Posted by nikicheong > 2023-08-30 12:55 | Report Abuse

State-run Oil and Natural Gas Corporation (ONGC) on Tuesday said that crude oil production from its KG-DWN-98/2 block in the Krishna-Godavari basin is expected to hit 10,000 barrels per day (b/d) by November 2023.

Besides, the output from the block will double to 20,000 b/d by the end of the current financial year. It is also targeting to reach an output of 45,000 b/d by FY25, the oil and gas exploration and production (E&P) major said.

https://www.reuters.com/world/india/indias-ongc-invest-242-bln-meet-net-zero-emissions-goal-2023-08-29/

Posted by KML889 > 2023-08-30 13:56 | Report Abuse

20% by November and 40% by end year. Target to hit design envelope by year 24/25. At least the first baby steps

Posted by Felix888 > 2023-08-30 14:05 | Report Abuse

This KG-DWN-98/2 block just kacang putih earning. I'm dreaming big on Indonesia`s Akai block.