nikicheong

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

1 week ago

Felice888

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....

1 week ago

GoldenShares

first oil ya, not first blood

1 week ago

rohank71

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

1 week ago

nikicheong

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

1 week ago

rohank71

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.

1 week ago

Felice888

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.

1 week ago

rohank71

Tq #Felice888

1 week ago

nikicheong

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.

1 week ago

ITreeinvestor

Bollywood dance again

1 week ago

Robert Waters

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

1 week ago

CT888

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

1 week ago

CT888

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

1 week ago

Robert Waters

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

1 week ago

nikicheong

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

1 week ago

nikicheong

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

1 week ago

nikicheong

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

1 week ago

kwteoh

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

1 week ago

nikicheong

Around RM120m per year (equivalent to 2 sen EPS)

1 week ago

nikicheong

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

6 days ago

RayLee

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.

6 days ago

Macgyver11

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

6 days ago

Macgyver11

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...

6 days ago

Macgyver11

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

6 days ago

Macgyver11

Some they think using nickname people cannot track their address...main ler lagi.

6 days ago

Macgyver11

Felice888

Aiyoh Mac you too serious lah. Just a joke on indian movies. Nothing to do with religions ma. Take it easy bro!

Yes it is serious for some people bro. If you want to mock indian then I suggest you shouldn't be in Armada family that fully owned by Indian boss..so if you want to mock find other method, don't use ethnic...

6 days ago

Michael Kwok

The i3 admin simply shoot to delete people pages.right there delete,wrong there delete.year 2022 i3 delete 3 page in a row.duh.
23/11/23 1.20pm
Posted by Felice888 > 24 minutes ago | Report Abuse

My posts automatically someone come delete constantly. No worries

6 days ago

Michael Kwok

Bumi Armada 54.5
Resistance 57 cents
Tp 40 cents range.
Doubt of rebound if no pass 57 cents.
23/11/23 1.22pm

6 days ago

rohank71

#macfyver11..I have deleted my post if the joke had offended anyone. Sorry, everyone. Anyway thanks #niki for the update.

5 days ago

rohank71

BA is on uptrend let enjoy it.

5 days ago

Macgyver11

Thank you Rohank71. Appreciated. 👍

5 days ago

nikicheong

Delay of at least another week.

I swear, it feels like this FPSO is never coming online!

5 days ago

vespa

ONGC's/contractors just cannot seem to execute

4 days ago

HuatlaiOnglai

Pattern more than badminton! Patience of steel.

4 days ago

8dragon

25 trading days left for the year. This stock will close the year below 0.58...

4 days ago

MM78

I invest in Armada share since 2015, seen its worse performance over the years and a very short time its price went beyond 72 sens in March this year. I am wondering why the market has not given its support to Armada share price despite its debt level has been paid down from RM 13.8 B ( 239% debt to equity ratio) in 2017 down to RM 5.22 B in Sept 2023 ( 88 % Debt to equity ratio). is it the Armada management has failed to improve the market confidence in them or the major shareholder of Armada ? Armada current PE ratio of 4.5 is simply too low in view of its double digits ROE ( last 3 years) strong cash flows ( last 4 years). Is this strange phenomenon due to some big sharks manipulating its price to shake off small investors before the final pushing up of its share price or otherwise taking it private again ?

2 days ago

rohank71

#MM78... just buy and keep... buy more... low price good for us to buy more.

2 days ago

rohank71

Every quarter, the value increases by 3 sen... with firm contract of 10B and Option of another 10B... just sit and enjoy the ride. Enterprise Value (EV) today is 8B.... in next 2.5Y debt fully paid... and price will be 1.20 to match the same EV. That's 20% yield... buy and enjoy the ride

2 days ago

nikicheong

@MM78, it's down to orderbook replenishment. Simple enough!

Management has failed to secure any new contracts since 2015(!) with the exception of the Armada Sterling V FPSO project in India, and even that is only with a minority stake of 30%.

People here have made many excuses, but to me they don't fly. We have had a tight FPSO market for 3 years now and have successfully cleaned up the balance sheet, and yet, we've got nothing to show for it.

As it is, the market is valuing Bumi Armada at a discount simply because there is no major growth catalyst.

Yes, the P/E is low, the P/B is low, the ROE is at double digits...all these will continue remaining so only until 2025, cause after that once Kraken FPSO enters the option period, you will start to see profits decline, P/E increasing, P/B increasing and ROE falling.

2 days ago

nikicheong

I think they focus on selling off the Armada Installer / Constructor in Russia and work to pay off the RM1.5bil Sukuk due in September 2024 (instead of refinancing it). There will be sufficient internally generated funds to make the payment since the unsecured term loans have been refinanced to a much later date.

There is also a small but non-zero possibility that Armada TGT is sold off to the field operators. But more likely we will get an announcement of a 2 yr firm + 5 yr optional extension for the FPSO there in the coming months. This extension alone will add around 10 - 15 sen to Bumi Armada's valuation.

2 days ago

nikicheong

Don't forget, we have so many announcements with zero follow through for now. We best see things moving by Q1/Q2 2024, otherwise we can conclude that Bumi Armada is heading to its sunset.

1. Mumbai FSRU (JV with Shapoorji)
2. UK FSCIU (JV with Navigator Gas)
3. Madura FLNG (JV with Pertamina)
4. Akia PSC (JV with Pexco)
5. Akia FPSO + FLNG (JV with Pexco)
6. Unknown Indonesian CCS FEED (unknown)
7. Budi Onshore Gas Plant pre-FEED (unannounced)

2 days ago

MM78

Thanks to everyone sharing your thoughts on Armada and especially to Niki for very detailed analysis. I do agree the real threat to Armada is no apparent growth catalysts now except some hope on extensions of contract options. We keep hearing some indications/news of some new project but very little update from management on these. Hearing some distant thunders but yet to see the rains. Yes, we shall wait a little longer to see if the current management team can show their worth . Thanks

2 days ago

nikicheong

Seems like there might be an FSRU award soon. Unknown if this is related to the Mumbai FSRU project or not.

2 days ago

nikicheong

Quiet day, not even half a mil traded. Calm before the storm perhaps?

23 hours ago

nikicheong

During the ten months to end October 2023, average gross production was 19,108 Boepd (net 13,471 Boepd), which is reflective of high uptime before and after the anomalous failure of hydraulic submersible pump (‘HSP’) transformer units during the first half of the year. Since the efficient return to service of the floating production, storage and offloading vessel (‘FPSO’) restored full production in early August, the Group has overseen a return to top quartile performance, with the FPSO delivering production efficiency and water injection efficiency of 100% for the months of September and October. In addition, delivery and deployment of new HSP transformer units has provided increased resilience to production capacity.

Production in the second half of the year has benefited from the removal of two planned periods of single train operations, with the Group having executed maintenance work while production at the FPSO was shut-in. As a result, no further planned maintenance outages are anticipated during 2023.

Looking ahead, the Group has procured a mobile offshore drilling unit for the proposed drilling of two wells at Kraken during 2025.

https://www.enquest.com/media/press-releases/article/operations-update-17

----------

Positive update from Enquest. Further drilling in 2025 means that the FPSO's charter will be extended into its option period. Note that the Kraken FPSO's firm charter period ends in 2025.

21 hours ago

Justaboylearning

Oil price dropping . Armada considered stabilized . Wonder if it will break support or resistance .

15 hours ago

nikicheong

First oil delayed to around Dec 15th

3 hours ago

RISK8888

wow, delay again, this round 15Dec is it confirm? Or still got chance to delay further?

3 hours ago

nikicheong

Anything can happen. Expect the unexpected. There's also a chance the FPSO might just never produce, the way things are going. Incompetence. These things can only happen in India.

1 hour ago

i3lurker

oil production accidents explosions leading to 100% loss happens.

Many people invest in oil for the thrill of accidents leading to 100% loss. Very exciting!!!

1 hour ago