Posted by Gamuda22 > 2018-02-21 10:19 | Report Abuse

still losing money and probably big asset impairment...but put it in positive way, 2018 could be a turnaround year to UMWOG because the worst has past...

Posted by JoshuaMS7 > 2018-02-21 10:29 | Report Abuse

@Gamuda22 if compare with last year and last qtr should be better right?

Posted by Gamuda22 > 2018-02-21 10:31 | Report Abuse

have to ask @Rowie @offshore....I think they are experts in this counter

Posted by JoshuaMS7 > 2018-02-21 10:43 | Report Abuse

Ok. As an investor we look at future :)

Posted by Gamuda22 > 2018-02-21 10:51 | Report Abuse

@JoshuaMS7 Definitely the near future is better but u have to wait a period of time. Don`t put too high expectation on it

Posted by Pyh96 > 2018-02-21 13:24 | Report Abuse

Last year Q4 UMWOG made 900million loss ... with the rally of crude oil price ... i believe that UMWOG will be much better this Q4

Posted by JoshuaMS7 > 2018-02-21 17:13 | Report Abuse

i noticed today umwog quite strong, thinking coming qtr should be no bad if compare with last year or quarter!!

Posted by Christopher Toh > 2018-02-21 21:04 | Report Abuse

今年比去年好~~

Posted by Effendy Tay > 2018-02-21 23:15 | Report Abuse

No more impairment with additional shares and warrant issue hopefully increase cash in accounts, wonder is it correct, blind folded

Posted by offshore > 2018-02-22 01:06 | Report Abuse

JJchan, a jack up rig is not cheap. Do go through their announcement and find out how much they paid for one jack up. When the oil price collapsed, oil companies terminated contracts or reduced the day rates, coupled with many new rigs entering the market, a brand new jack up has dropped its value. All this info is in the internet. Naturally, the value of these assets need to be impaired in umwog's books.

A reversal of impairment will signify an increase in rig value in the market and thus, an imminent turnaround of the industry as how much one would pay for a rig will represent how much return he expects from leasing the rig in future.

Impairment no doubt is a paper loss but the lower the value of the rig, the less you can borrow from bank. That's why the RI is needed to cover the shortfall. Bank will not lend the same amount of money to rollover the debts if the rig no longer command the value that umwog has previously paid for.

Posted by offshore > 2018-02-22 10:07 | Report Abuse

I believe the day rate has to increase and all rigs to have a contract for the impairment to be reduced. Unfortunately, contract value is no longer disclosed.

Posted by IronShirt > 2018-02-22 10:34 | Report Abuse

JJ, I read in Hibiscus furom drilling cost in Sabah is around $30++

Posted by IronShirt > 2018-02-22 10:40 | Report Abuse

If the rewrite on impairment loss is $100m (paper gain). The YoY profit is??? from 900m loss to 100m gain___How many %?

Posted by JoshuaMS7 > 2018-02-22 11:07 | Report Abuse

today qtr out?

Posted by Max2838 > 2018-02-22 11:24 | Report Abuse

In Feb17, before 4Q16 results release, impairments were made in case of need to sell more rigs.
In Apr17, Naga1 was sold at scrap value of RM 1M.
Naga1 is a 40 yr old subsea rig acquired in 2005 on a 50% JV with Japanese firm.
Question is whether it has been fully depreciated and, if not, the 2016 Impairments could cover it.
If no rigs were sold in 2H2017 or going to be sold in 2018, why impair?
Where is the loss when there are no rentals of rigs... only financial costs ?

Posted by Max2838 > 2018-02-22 11:33 | Report Abuse

Looking forward to :
(1)the reversal of impairment chrgs,
(2)the tax rebates from 2017 Q1-Q2 losses,
(3) the improving profits each qtr as oil price firms up !

I hope TF will add more Airbuses for AirAsia & AAX as each can burn 4000 tonnes of fuel a year.

22/02/2018 11:26

Posted by ankahill > 2018-02-22 14:57 | Report Abuse

Qtr report koyak!!???

Posted by wudmec > 2018-02-22 15:29 | Report Abuse

dah kluar ke? koyak sgt ke

Posted by NateM > 2018-02-22 16:58 | Report Abuse

hasn't released yet, mana ada koyak...

Posted by offshore > 2018-02-22 17:34 | Report Abuse

Some correction here. The impairment is an accounting requirement. It is to ensure the company's asset in the balance sheet reflects the current market value. It is not because of any intended rig sale. You can find almost all oil and gas companies are hit with this impairment recent years.

Umwog also uses the Labuan structure extensively such that it is not paying a lot of tax during good times but don't expect any tax rebates from the losses during bad times.

Posted by ampabella > 2018-02-22 21:53 | Report Abuse

Report out mau koyak Kasi dia koyak, after all oreli very koyak fro 3.30 to 0.33cts, how much lagi dia mau Koyak

Posted by Gamuda22 > 2018-02-22 23:42 | Report Abuse

I also think that let the QR koyak gao gao !

Posted by JoshuaMS7 > 2018-02-23 05:54 | Report Abuse

Today should out the qtr..

Posted by Effendy Tay > 2018-02-23 06:52 | Report Abuse

Anyone know how much loss or profit and another impairment though crude oil stabilize above 60usd per barrel

Posted by Gamuda22 > 2018-02-23 07:48 | Report Abuse

Better not to have any expectation on the QR, let it koyak gao gao....test the bottom again

Posted by JoshuaMS7 > 2018-02-23 08:51 | Report Abuse

@Gamuda22 why so pessimistic?? With current oil price and share price is still no worth to hold or top up??

Posted by ankahill > 2018-02-23 09:30 | Report Abuse

Koyak!!! ??? :C

Posted by superman2017 > 2018-02-23 09:40 | Report Abuse

think positively when you have confident!

Posted by Gamuda22 > 2018-02-23 10:01 | Report Abuse

@JoshuaMS7...bro, I am not pessimistic but just being more realistic...I think this company will recover slowly but not drastically...With big boss PNB especially Abdul Wahid Omar there, I have confidence it will hv better result but it can not be reached within days...have to hold and wait...dun put too high expectation on the coming QR

Posted by slayerno8 > 2018-02-23 11:04 | Report Abuse

QR up 10cent! Hehehe

Posted by JoshuaMS7 > 2018-02-23 11:25 | Report Abuse

@slayerno8 hopefully !! @Gamuda22 i feel downside is limited with current 0.330, but upside is unlimited since oil price is above 60 usd since year 2018 and expectedly break 80 usd within this year!!

Posted by Gamuda22 > 2018-02-23 13:05 | Report Abuse

@JoshuaMS7...agree with you. It will improve gradually. I am confident with Wahid Omar. Just wonder anyone knows the top management of UMWOG ? Are they competent ? Thank you !

Posted by offshore > 2018-02-23 15:52 | Report Abuse

I wouldn't regard them as competent but things should be better with Abdul Rahman being the Chairman. Just look at the management team profile and see if you could find anyone with offshore drilling industry experience.

Posted by Gamuda22 > 2018-02-23 16:08 | Report Abuse

@Rowie.....do u have any news regarding off-market-transaction of 40 millions share at RM0.48 ? is it true ?

Posted by Gamuda22 > 2018-02-23 16:18 | Report Abuse

@JJchan...so it doesn't affect at all, correct ? is it a positive or negative sign ? thanks !

Posted by ammarnasir90 > 2018-02-23 16:31 | Report Abuse

u can check in direct business transaction history in your platform i guess

Posted by Gamuda22 > 2018-02-23 16:47 | Report Abuse

Another 30m off-mkt done at 48 sen? why didnt they buy it through open market which is much cheaper ?

Posted by handsomeboi > 2018-02-23 16:54 | Report Abuse

that's not true

Posted by Gamuda22 > 2018-02-23 17:01 | Report Abuse

quite a number of transactions minutes before market closed.

Posted by Iloveshare > 2018-02-24 07:10 | Report Abuse

oil up greatly, nxt week umwog upupup

Posted by 687423 > 2018-02-24 16:49 | Report Abuse

As expected, oil won’t be cheap anymore. The big question will be whether umwog can become a legendary recovery story like BP?

Posted by 687423 > 2018-02-24 16:52 | Report Abuse

HAPPY NEW YEAR

Posted by 687423 > 2018-02-24 21:07 | Report Abuse

The falcon who lurks around has flown away.

Posted by Gamuda22 > 2018-02-25 09:40 | Report Abuse

Wow....Brent oil jumps again !

Posted by moneypedia > 2018-02-25 10:49 | Report Abuse

under wahid should be ok....just a matter of time...t8me and its time

Posted by Effendy Tay > 2018-02-25 11:17 | Report Abuse

Watch out umwog as crude oil is catching up, keep for medium to long term, umwog is no more under the wing of umw

Posted by Gamuda22 > 2018-02-25 12:20 | Report Abuse

We have to wait patiently in this counter, at least 1~2 years, crude oil price is the key factor.

Posted by PanjiAlam55 > 2018-02-25 12:20 | Report Abuse

crude oil up but UMWOG still down,,, that's for sure bcoz most of people's contra players...hahaha

Posted by Christopher Toh > 2018-02-25 12:40 | Report Abuse

Monday UP

Posted by ankahill > 2018-02-25 13:40 | Report Abuse

Monday KOYAK!!!!!!???? Again??!!!