This stock, sure looks like a bargain right now. Too bad I see people that usually get it wrong here. Specially those with very high level, general comments. Not able to research a company in detail.

Yes, even small project in between. There is Turkmenistan, Russia and Azerbaijan by the Caspian Sea. They all could be in need of offshore pipeline work.

You are welcome. Take it from a guy who spent 3 years in Kazakhstan, both offshore and onshore. All the projects I saw were failing as the locals were simply too corrupt even for Italians to handle them. And it takes a lot to outdo Italians in corruption.
They had good coffee though, I admit.

FPSO Cameia is done by the Saipem with Chinese. Write it off.
Kazakhstan is not a very good prospect. I suggest you check Roach Energy, now at all time low. They operate in Kazakhstan.

Shareholders in Armada are trapped. Kena trap. There is always bad surprise, like broken pump at Kraken, 500 mln impairment on future cash flow or no new project at all, despite being selected as preferred bid for Cameia. Or delays after delays to Armada Sterling V. I think people hope Armada runs out of things to go wrong, and wait for just NOTHING. Meaning no more bad news for a while. That would be our 'break.'

I like the use of word SOON in this official release of the ministry. I also prepared 3 similar phrases for use. They all mean nothing. Good to use when being pressed by a fiancee to get married. They are:

BEFORE YOU KNOW IT
FASTER THAN YOU THINK
IN NO TIME AT ALL
😅

I remember Mike Lim (Kim). He really tried his best to put a positive spin on things, but eventually he could not do it any more. Neither could you. I also got some other shares on the side and there seem to be more upside elsewhere. The final nail in the coffin will be the leaving of Nick Cheong.
Not that the management types care. They seem to like it to take it easy.
The best solution for Armada would be to be absorbed by Yinson.
Good luck to you.

This counter will not be allowed to go completely under. And miss lee is the new wizard that will perform magic on the assets to make them disappear from the books.

Cannot blame sellers for getting out of this counter. I blame management for NOT securing a single project in years.
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some clown has unloading BIG time since late April when it broke the 58 sen. only reprive was when the Q1 resukts was announced... even then selling was still heavy. are we missing out something

Wow, I put order at 0.555 expecting it to be filled in a month, but I got the shares within two hours. VERY, VERY heavy selling as of now. Price went below my bid and instead of waiting, there is now selling at this price.
This is more than just a market flactuation.

Hi Pandu. I calculated time when this company will leave PN17. If all goes well, in early 2027. Here is my reasoning.
____________________________
Long Way to Financial Recovery (PN17 Process)

Bursa Malaysia has a special process for companies in distress called PN17 status. It stands for Practice Note 17/2005. Any PN17 company that triggered PN17 criteria must:

1. Regularize its condition within 12 months.
2. Submit a regularization plan.
3. Implement the plan.

The contents of the regularisation plan need to address the triggering conditions. Typical exercises performed to regularize the conditions are:

• Settlement of debts with creditors
• Reduction of capital to cancel accumulated losses
• Onboarding of new investors (white knights) via issuance of new shares
• Sale of assets
• Issuance of free warrants and right shares to retain old investors
• Establishment of an Employees Share Scheme (ESS)

The time required to achieve uplift from PN17 status is difficult to estimate as any part of the process may take longer than planned. The minimum length to complete the key steps on the road to normality is shown below:

• Approval of the Regularisation Plan by Bursa 3 months
• EGM Approval of the Plan by shareholders 3 months
• Implementation of the Plan 12 months
• 2 positive quarters AFTER the Plan implementation 6 months
• Application and uplift of the PN17 status 3 months

GRAND TOTAL …………… 27 MONTHS

So, if everything plays out right, investors will be reaping handsome profits in 27 months, or about 2 years from the time that the Plan is submitted. Not exactly very soon. And that is, if everything goes well.

I noticed too. Put a small order at 0.555 for 30 days. This price seems to be the rock bottom support. To be sold after the news. Unfortunately, will prevent price to go up if many think similar.

Not me. In fact I bought some more of it for a (hopefully) fast trade.

So they expect full start up next reporting period, full oil production by the end of the year.
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Gas production from the KG-98/2 asset, which will begin in 3QFY25, is expected to ramp up to 10mmscmd by FY25 end, while oil production could ramp up to 45,000bopd by 4QFY25.

That is it for the year ?
Downside from here.

Thank you, very much.

Anybody could please share CGS ratings in pdf ?
Raymond Yap is the best analyst.
It was known as CIMB before.

This ship will not fly. It is too heavy. Burdened with debts. Any damage and will take in water.

Yes Sslee. Agree. As I work in O&G I have several counters that do not well. Some on the verge of delisting.
I can assure everyone that the switch to green energy is nothing new. 40 years ago similar stories were told. I expect us to be rewarded for taking the risk.

Boy, this counter sucks. Did they appoint another perfume girl to the board ? Like the last one, with absolutely no experience of any kind. Had no time to check her out.

Good wrap up. Any new contracts worth mentioning for our favorite counter in sight ?
PS
I am an Yinson switcher. Boy it must be even more frustrating for longs there. All going well, yet the price down over a few years. Now, that is a real downer.
My guess is that reality trumps expectations.

Thank you. I missed the AGM, unfortunately. If you know of any carbon capture contracts or net zero projects that they signed later on, please post. This would be a game changer.
It is good that they focus on future, but what is the result of this focus in terms of bidding awards, please add here. In the past 8 years they had no contracts whatsover. Future related, or past, or present. Exception is ASV which is a JV only. But I like it that the 'focus' on new venture. I also like that they 'look' for opportunities. Probably means that the google things on the computer occasionally.

This is a very good point about contract discussion. Come to think about it net zero and carbon capture is the future.
Would you tell me of few new contracts that Bumi Armada secured in these growth areas ? I will do more research. Even a couple of examples would help a lot. Do they have any projects approved for bluestreak you mentioned ? I know that UK power providers were involved. What is their order value ?

I read a few analyst reports from IB's. Both Kenanga and UOB downgraded Armada and reduced targets.
I agree with this ratings.
As they pointed out, armada is unable to secure new projects. It has been 8 years since last big contract win.

The problem is not that the are unable to secure contracts for future.
The problem is that they have not been able to get contracts in the past.
So the damage is already baked in the cake.

As a result the company is dying a slow death.
Even with a new contract win there will be disruption to the earnings... for about 8 years.

All those transactions are suspicious. They should transact oil as their business.

I bought some more in the panic before the anouncement. It seems that we have a lot of investors NOT reading the forum here. Good earnings were expected.
Who were the selling people ... maybe some big funds avoiding any risk and willing to take small loss. I do not think that we have enough small investors to move price down.
Now they are repurchasing.
I expect another increase in price tomorrow, once the upgrades come in.

So there is still chance to load up, if you want fast profit.

I tried to register for this meeting but I was a few minutes late. They still had meetings for other companies for tomorrow, but not bumi armada. Perhaps it is for the better. All they can do is to repeat what is already contained in the AR anyway.

I glanced at resolutions, Greedy Gary was this time acting less greedy. No special resolutio for himself. Last year, more than 32% voted against shares for him. That was unusual. All other resolutions passed by a wide margin of 90% or so.

I worked for 10 years in Operations as a Supervisor and I still remember that we NEVER accepted contractors coming to LOOK. They would not get paid. They can carry out inspections, submit proposal, test the equipment per checklist but not just ACTIVELY LOOKING.
I have an impression that they just look at screen for a few minutes, then take it easy the rest of the day. Looking fo 8 years now. No wonder that price performance is mediocre.

Thank you for above video. It clearly shows that Armada achieved NOTHING from 2017.
ASV still in the works, scheduled for 2024.

In corporate lingo ACTIVELY LOOKING means doing nothing, just pretending.

I believe this is an option that is free money for the guy if the stock is valued above MYR 0.6.
After all, one does NOT need to pay until one collects the shares.

We will know the results before the AGM based on the price action. So far, looks neutral.

Greedy Gary got himself 5 million shares. It is outrageous, as the management got 60k. Look at the official anouncement on this site.
Someone needs to ask him about it in the annual meeting. The guy simply cannot control his greed and lost all the shame. So no shame in asking.
____________________________________________________
08-May-2024 Others 5,147,400
Registered Name
Gary Neal Christenson

Greedy Gary fails again. This guy has no business sense. He chases latest fads. He disposed of OSV part of the business, which is blooming now. For example, Icon offshore went up 150% in the past year. Yinson bought them out. See post below...
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Yinson boss {Lim} is a season businessmen with an excellent track record. Paying MYR 173 million to Ekuinas for the 50.2% stake in Icon {using Liannex as his investment arm} maybe just the beginning. Liannex, Yinson and Icon all have their niche in marine logistics and engineering. Certainly Yinson boss{Lim} have plans for Icon. You don't paid 174 million just for the sake to acquire a company. Something big must be brewing in his mind

So much excitement about annual meeting ? It is normal.
I was investing here in the past, but got a little put off by the boss that dresses like a lady. Or a frenchman ?
But it may be a minor thing. Just a new style. Straits Energy is doing OK business wise, and strong background in logistics of the boss is the main thing.

What is up here ?
I tried to find the company Richfield, could not get any related info.
Curious if anyone managed to get an official update.
This was a good company in oil and gas... could resurface.

I just returned from a regasification terminal where I spent 2 months this year. This terminal is now installing a liquefaction train. There are many such conversion projects in the USA. Bumi Armada seem to be out of sync with the times. There is much more profit to be made on the liquefaction side of things. Little point of expanding regasification which is very simple - just a tank and a vaporizer that can be done by air and sun (it is a big column with many fins that collect heat without any power needed).
LNG project would be viable on the client side of value chain as demand is high, not sure about upstream part as installation may be pricey.

If Greedy Gary is still buying, he tries to keep the price down. He could delay news, prolong negotiation, not sign the contract, etc. Only after his bonus is awarded by special resulution of AGM - he may no longer be interested to suppress the price.

I do not think that Greedy Gary would allow for any payments for shareholders. He already has 30 million of shares for free or half free, will likely ask to pass a special resolution to award more for himself. Maybe another 30 million over few years ? He gave 60 k for management. That is 0.2% or less. At premium. This guy is so greedy it is sick. There will be no money for shareholders left.

Check the news. Greedy Gary is giving himself millions of shares and here is 60k for MGMNT. Seems unbalanced.

Greedy Gary is giving himself millions of shares and here is 60k for MGMNT. Seems unbalanced.

Let us NOT kid ourselves. We, investors, are not going to make any profit, unless Armada management gets off their asses and start looking for new contract. Project division has been sitting 'half' idle for 5 years now.

Agree Niki. Those were your catalysts, with some comments by me and others put together in one post.
Many thanks for providing them and commenting.
There should not have been Kraken problem in the first place, but they still deserve credit.

Here are the catalysts from a year ago. I publish for long term investors to assess what was achieved.
____________________________________________
Potential Bumi Armada Re-rating catalysts:

0) Repair of the Kraken FPSO's HSP Charge Pump Transformers so the FPSO can return to full operational capacity (Kraken FPSO presently only running at 100% capacity). Without this pre-condition met there cannot be confidence in BA ability to deliver and operate facilities.

New wins (most significant items 1 - 5):

1) Award of Cameia FPSO project in Angola from Total Energies - This is only an EPCC contract that will sustain earnings for 2-3 years. This is NOT a long-term charter contract (BOO). However; it could be valued up to 1 bln myr.No financing / rights issue needed.

2) Major FPSO contract win (large scale FPSO, likely with a JV partner) - Unlikely to happen soon as there are no known large scale bids from Bumi Armada, but possibilities exist in West Africa / South America with market rather tight in terms of supply as many suppliers are overextended. Conoco Phillips at Salam Petawali, Kelidang in Brunai or Limbayong.

3) Minor FPSO contract win (either a small/medium scale FPSO, 100% owned) - Active bids in Tuna field (Indonesia) and Palok field (Mexico). In Malaysia, Bestari (Sabah) could be an option, building upon Limbayong negotiations.

4) Non-FPSO contract win (either 100% owned or JV) - e.g. FSRU, FSU, FSO - The Mumbai Port FSRU project has been deferred. No other publicly known bids for now. ESG funding at preferred rate may be available.

5) New contract win for the 2 SC vessels in the Caspian Sea and 1 JV-owned SC vessel in Indonesia. Potential for new wins for the Caspian Sea vessels is high as flurry of work in the region exists due to high oil price environment. Lukoil gave contract to BAB in 22, also paid OSV despice sanctions. All 3 vessels as of 31 Dec 2022 were laid up. Alternative to contract for the Caspian Sea work: sale, move assets home, contract elsewhere.

Other positive developments (items 6 - 10):

6) Green energy goals (leading to ESP score upgrades and ESG rerating up to 6% by IB):
a) "Green energy" initiatives for future FPSO/non-FPSO wins (e.g. zero flaring or fully electrified FPSO)
b) Decarbonisation for existing fleet of FPSO
c) Diversification into floating CCS and other "green" structures

7) Business as usual objecties:
a) Full acceptance of Armada Sterling V FPSO by ONGC at the 98/2 field in India
b) Confirmation of sale or scrapping of Armada Claire FPSO (Done)
c) Full divestment of the remaining offshore vessel (Done)

8) Contract extensions:
a) Positive development at the Kraken field, such as drilling of the Kraken Western flank or tieback to the nearby Bressay and Bentley fields - This would signal long-term contract extension for Armada Kraken FPSO which is due to expire in Q3 2025. For now, EnQuest has indefinitely deferred drilling due to commence in 2023 because of the newly introduced windfall tax in the UK. Also, excessive drilling may lead to adopting new solution by EnQuest. Existing setup satisfactory with 0.5 mln USD bare boat charter.
b) Confirmation of contract extension for Armada TGT FPSO in Vietnam - Might only be announced in Q4 2024, but it's all but certain the contract will be extended as new wells are still being pursued in the aged TGT field. (jPending).
c) Contract extension of Armada Sterling II (due in Q4 2024). Achieved for only 1 year at lower rate than original contract.

9) Positive Financials:
a) QR of 3+ sens
b) IB re-rating to RM 0.90
c) Gearing down to around 0.5
d) Counter price increase to > RM 1 (no more penny stock discount) causing institutional, foreign and private equity / family trust buying.

10) Improved distribution of the stock:
a) Involving more large / public investors, institutional buying by means of formal inclusion in KLSE index, sector index, ESG rating, pension fund committment, etc (other than just by not being a penny stock).
b) Company presentations to the investors overseas, e.g. USA, resulting in purchases by 'deep pocket' significant shareholders at > 5%.
c) Significant insider's buying as a sign of confidence. So far, only the president has been making steady investment.

Bonus general catalysts that can be included in the score as well, independent of BAB:

11) Positive oil and gas industry fundamentals
a) Oil price at > 100 USD per barrel
b) Commodities supercycle with basic commodity prices firming up overall, even if oil < 100 USD
c) China recovery
d) Strategic Petroleum Reserve buying in the US
e) Interest rates going down substantially, 2% for 10 year US Treasure Bond

Buenos dias. I do not believe it will help BA financially by means of earnings. But it will create some good publicity. Possibly allow for rerating. Low interest loans. Subsidies.

I think this web update is simply a mistake. They hired a nephew of one of the managers, and the guy is not too bright. That is speculation on my part.
What is more important is the oil price. That moves our target price to RM 0.85 in the next 12 weeks.
Target as reliable as most analyst estimates, excluding of course CIMB Raymond Yapp. That is not a speculation. Real target.
:-)

Maybe just starting to seriously look for work would do the uptick ? A project ... anything.
It has been 9 years and they just coast.

The FCSIU projects are of no value to Bumi Armada. Only heavily subsidized by government corporation that can secure additional grants and freebies can carry them out. For that one has to be based in a politically motivated rich country that can waste taxpayers funds on new green initiatives.

This company NEVER fails to disappoint.
Sometimes I think they cannot do more of this failing as it has been already overplayed. They should have learned.
Like Kraken operational problems returning back to life after few years of operation.
Or impairments.
But here it comes, another delay with new FPSO Story.
Seems any problem I think of comes to life.
It is like a movie where the hero turn out to be a villan, causing all havoc.
Maybe Greedy Gary is that villan ... ?
And what is the new dejavu ?
My bet is legal case against a client again ...

This devaluation of vessel applies to every bond. When interest rate changes, bond can lose half of its value.
That is why they declare them 'held to maturity' and do not mess with the bond market value at the moment of given interest rate.

That is what BAB should be doing. Avoid scaring investors. Stick to project linear data model.
You would only change it if you want to sell the vessel (or bond), or get financing for it.

My thanks to marlboro man. Let us make things simple. Those depreciation models give investors headache. Me inclucing.
To RM0.80 target price based on our internal, i3 forum projection.