Posted by rohank71 > 2023-11-19 03:17 | Report Abuse

It's our on their website.

Posted by rohank71 > 2023-11-19 03:18 | Report Abuse

Out*

Posted by nikicheong > 2023-11-20 10:20 | Report Abuse

First oil coming tomorrow

Posted by Felice888 > 2023-11-20 10:23 | Report Abuse

Nice! Most important is that final acceptance. Probably next week will know.

Posted by nikicheong > 2023-11-20 10:46 | Report Abuse

Final/full acceptance will still be around 6 months away. Provisional acceptance will be within 48 - 72 hours.

Posted by Felice888 > 2023-11-20 11:52 | Report Abuse

Ya there is a acceptance test within 3 days after the first oil.

"Armada Sterling V is expected to see first oil by 21st November, which will be followed by the vessel acceptance test which may take up to 3 days."

Posted by Sslee > 2023-11-20 12:01 | Report Abuse

Construction of a FPSO for the ONGC NELP Block KG – DWN 98/2 Development Project Cluster-II field (“Field”) located on the east coast of Kakinada, offshore India (“98/2 Project”) for Oil and Natural Gas Corporation of India (“ONGC”)

The Group holds a 30% interest in associates involved in the 98/2 Project. Since December 2022, the FPSO has been hooked-up at the Field, is ready to commence acceptance tests and is waiting for the provision of hydrocarbons by ONGC (“First Oil”). The provision of First Oil is crucial to enable the FPSO to conduct the necessary acceptance tests to achieve final acceptance.

The construction of the FPSO for the 98/2 Project was mainly funded by a USD930.0 million bridge loan facility (“Bridge Facility”) made available by a syndication of lenders (“Bridge Lenders”). The Bridge Facility was intended to be refinanced by long term project finance. The Bridge Facility had a maturity date of 9 June 2023 with a five-business day grace period for payment i.e. 16 June 2023 (“Bridge Repayment Date”).

Despite having successfully executed a Facility Agreement dated 13 April 2023 for a project financing facility of USD948.0 million (“Project Facility”) from a syndicate of project finance lenders (“Project Lenders”) and fulfilling a majority of the disbursement conditions, the associate was not able to provide a final acceptance certificate for the FPSO (being one of the Project Facility disbursement conditions), by the Bridge Repayment Date, due to the delay in being able to conduct FPSO acceptance tests which is due to delay in provision of hydrocarbons by ONGC.

On 6 September 2023, the associate successfully achieved financial close under the Project Facility. The disbursement proceeds from the Project Facility have been utilised to fully repay the Bridge Facility.

Posted by Felice888 > 2023-11-20 12:08 | Report Abuse

Sslee already redeemed your bintang beers?

Posted by Sslee > 2023-11-20 12:14 | Report Abuse

Sold some still hold some and buyback some.

Posted by Felice888 > 2023-11-20 12:18 | Report Abuse

Hahaha same here, sold and add more. I took some tiger beers from the market.

Posted by pang72 > 2023-11-20 13:14 | Report Abuse

Wah!! I get some tiger beer in the market too....

Posted by RayLee > 2023-11-20 16:01 | Report Abuse

profit-taking when it released q3 result last week 😗

Posted by myongcc5 > 2023-11-20 16:19 | Report Abuse

The biggest share holding in my portfolio. Have not sell a single share since Kraken issue but added a lot

Posted by myongcc5 > 2023-11-20 16:24 | Report Abuse

The only non financial stock among my long term holding.

Posted by armadatuah2017 > 2023-11-20 16:38 | Report Abuse

Good Good. Will be rewarded before Christmas.

Posted by vespa > 2023-11-20 16:41 | Report Abuse

market wants to "see" first oil before its eyes ...says much of ONGC's promises

Posted by rohank71 > 2023-11-20 16:47 | Report Abuse

Will happen by end November.

Posted by rohank71 > 2023-11-20 16:48 | Report Abuse

Can look see 62 to 63 sen.. the major resistance once breaks 58.

Posted by CT888 > 2023-11-20 17:13 | Report Abuse

top up full today.
Armada will soon close the gap down fr 62cts (om 2June)

Posted by CT888 > 2023-11-20 17:17 | Report Abuse

1st oil is on track.
I can only say this much, believe it or not upto u

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

If my source(s) are to be trusted, first oil is all ready for tomorrow. So lets keep our fingers crossed.

Posted by nikicheong > 2023-11-20 17:25 | Report Abuse

CT888

top up full today.
Armada will soon close the gap down fr 62cts (om 2June)

CT888

1st oil is on track.
I can only say this much, believe it or not upto u

@CT888 I wouldn't be so boastful of my trades at the close if I were privy to insider information. Be careful. Bursa Malaysia monitors all transactions.

Posted by CT888 > 2023-11-20 23:57 | Report Abuse

1st oil date is not insider information.

Is published in AmInvest and Upstream. My inside fren confirm the published info is true and correct, which is tmr 21st

Posted by nikicheong > 2023-11-21 09:26 | Report Abuse

Still waiting for first oil

Posted by armadatuah2017 > 2023-11-21 10:10 | Report Abuse

santai, before Christmas, it will flow.

Posted by 8dragon > 2023-11-21 10:25 | Report Abuse

Banyak hutang, susah mau goreng....

Posted by nikicheong > 2023-11-21 11:27 | Report Abuse

Some additional information on the CO2 JV with Navigator Gas: https://i.ibb.co/DDPfnSv/image.png

Posted by Felice888 > 2023-11-21 14:38 | Report Abuse

Ini statement tak betul, debts ratio has reduced remarkable from 2.95 in 2020 to just 0.66 in 2023 latest QR. Very healthy debts level. You check Yinson`s debt ratio how much?


Posted by 8dragon > 4 hours ago | Report Abuse

Banyak hutang, susah mau goreng....

Posted by GoldenShares > 2023-11-21 16:53 | Report Abuse

first oil ya, not first blood

Posted by rohank71 > 2023-11-21 17:11 | Report Abuse

Even if first oil is out today, India is 2.5 hrs behind. Also is there a requirement for BA to make an announcement? Is it significant, especially when ASV is an associate company. Does anyone know the daily charter rate for ASV

Posted by nikicheong > 2023-11-21 17:22 | Report Abuse

Still not yet, hang in there and keep your fingers crossed!

Posted by rohank71 > 2023-11-21 17:27 | Report Abuse

Tq niki, pls update us if there is any development. I don't think BA may make any announcement, and if they do, it will be after a few days like they always end up doing.

Posted by Felice888 > 2023-11-21 17:43 | Report Abuse

SPBAG, also a 30:70 venture between Bumi Armada and Shapoorji Pallonji, had won a US$2.1 billion tender from India’s Oil and Natural Gas Corp Ltd (ONGC) for the charter hire and operations of the FPSO at the KG-DWN-98/2 block in Bay of Bengal for nine years.

Contract USD 2.1b over 9 years period. Or USD 233m per year. Assumption one year operate 350 days minus the mandatory maintenance. My rough calculation Daily charter rate = USD 233M/ 350 days = USD 666k

Armada has only 30% JV sharing.

Kraken 80,000 BODP ship USD 500k per day VS Armada Steering V total 90,000 BODP ship. Expected higher daily rate.

Posted by rohank71 > 2023-11-21 18:27 | Report Abuse

Tq #Felice888

Posted by nikicheong > 2023-11-22 08:27 | Report Abuse

Latest I have on the Armada Sterling V FPSO is that first oil is delayed due to equipment malfunction. Could be as short as a few days to resolve it or longer than that, as the issue is of an unknown severity - it needs to be checked by the supplier.

Posted by ITreeinvestor > 2023-11-22 08:39 | Report Abuse

Bollywood dance again

Posted by Robert Waters > 2023-11-22 08:51 | Report Abuse

Minor issue. But we had a dozen of them. Aggravation builds up. In the end we want result, not a new story.

Posted by CT888 > 2023-11-22 10:21 | Report Abuse

1st Oil well achieved!
waiting for final acceptance to take off!
show time akan datang! Good Luck to all

Posted by CT888 > 2023-11-22 10:44 | Report Abuse

official news only will come after final acceptance, akan datang!

Posted by Robert Waters > 2023-11-22 10:48 | Report Abuse

Based on the suudden spike it the stock price at 9:40 am....
If insiders can be trusted.

Posted by nikicheong > 2023-11-22 11:02 | Report Abuse

If what CT888 says is true, this means I received conflicting information.

Posted by nikicheong > 2023-11-22 11:05 | Report Abuse

In any case, Bumi Armada is notorious for late announcement to Bursa Malaysia.

Case in point - Armada Olombendo achieved first oil on 8 Feb 2017 (and was also reported on Upstreamonline), but Bumi Armada only published the announcement to Bursa Malaysia on 17 Feb 2017. So much time for insiders to buy in and reeks of poor corporate governance. Lets see if they improve this time around.

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

Malaysia, 17 February 2017 - Bumi Armada Berhad, Malaysia-based international offshore
energy facilities and services provider is pleased to announce that its floating production storage
and offloading (FPSO) unit, Armada Olombendo, has achieved first oil production in Block 15-06
in Angola, for Eni Angola S.p.A.(“Eni Angola”), on 8 February 2017.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=2735893

Posted by nikicheong > 2023-11-22 11:06 | Report Abuse

Final acceptance usually around 3 days from first oil. Full acceptance will be around 3 to 6 months from the final acceptance date.

Posted by kwteoh > 2023-11-22 11:13 | Report Abuse

Ppls so excited for the 1st oil, how significant contribution to BA's bottom line with only 30% JV in this project? Appreciated for reply

Posted by nikicheong > 2023-11-22 11:18 | Report Abuse

Around RM120m per year (equivalent to 2 sen EPS)

Posted by nikicheong > 2023-11-23 09:07 | Report Abuse

From what I understand, first oil is yet to be achieved. Will try for today or tomorrow.

Posted by RayLee > 2023-11-23 10:17 | Report Abuse

HLIB Research said it is mainly due to the failure of HSP transformers on FPSO Kraken and lower revenue from the subsea construction contract work in the Caspian Sea as the project was near completion in 2023.

It has maintained a “buy” call on the group with a target price of 71 sen per share. As for CGS-CIMB Research, it reiterated an “add” call on Bumi Armada with a slightly lower target price of 73 sen per share, on the back of a 2% to 4% core EPS forecast reduction for the financial year 23 (FY23) until FY25.

Posted by Macgyver11 > 2023-11-23 11:02 | Report Abuse

Apa you ingat China tarak buat kah tu mcm..cekeka. Sini pun racist kah lu org. Apa ckp indian..mahu saya kasi you telanjang kah

Posted by Macgyver11 > 2023-11-23 12:48 | Report Abuse

Tahu tak pa you felix888. rohank71 i suggest to better delete your message. Friendly reminder talk only stock market related don't try to be smart mentioned ethnic name here. Give respect to all ethnic regardless...

Posted by Macgyver11 > 2023-11-23 12:54 | Report Abuse

I'm not worry. Maybe ghost deleted it. You'll better give respect to all religions. That only I'm requesting.