Author Topic: Bumi Armada  (Read 5155 times)

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Bumi Armada
« on: August 14, 2015, 02:35:58 AM »
Bumi Armada to pay RM14m to settle Caspian dispute
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Re: Bumi Armada
« Reply #1 on: August 14, 2015, 02:39:33 AM »
Bumi Armada’s unit has agreed to pay 3.2mil euros (RM14mil) to settle a dispute with SEA Srl over the Filanovsky field development project in the Russian sector of the Caspian Sea.

Its unit Bumi Armada Caspian LLC had on Thursday signed a settlement agreement following a 28.5mil euros (RM127mil) claim by SEA Srl over a service contract for post trenching and backfilling services.

“As part of the settlement, the arbitration proceedings will be discontinued. The settlement is not expected to have a material financial effect on the Bumi Armada,” it said.

Bumi Armada Caspian had received the notice of arbitration for the Sept 28, 2012 contract for providing the services for the Filanosky field development project.

The service contract value was 16.2mil euros.

In the notice of arbitration, SEA Srl had claimed about 28.5mil euros against Bumi Armada Caspian under the service contract.
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Re: Bumi Armada
« Reply #2 on: April 22, 2016, 07:19:29 AM »



Bumi Armada to claim at least US$283.5m from Woodside
Posted on 22 April 2016 - 05:40am
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PETALING JAYA: Bumi Armada Bhd is claiming at least US$283.5 million (RM1.1 billion) in damages from Woodside Energy Julimar Pty Ltd for terminating the RM1.46 billion contract charter for Armada Claire Floating Production Storage and Offloading (FPSO) unit.

In a filing with Bursa Malaysia Bhd yesterday, the oil and gas shipping group said subsidiary Armada Balnaves Pte Ltd (ABPL) had on April 20, 2016 filed and served a statement of claim in the Supreme Court of Western Australia against Woodside in relation to its charter contract.

ABPL has claimed US$275.8 million as termination payment, an additional US$7.7 million for work done and materials supplied, as well as any additional damages for loss of bargain caused to ABPL due to Woodside’s repudiation of the contract.

“Bumi Armada is of the view that there are reasonable grounds to expect a favourable outcome in respect of ABPL’s primary claim against Woodside on the repudiation of the contract. Notwithstanding the foregoing, the award of damages in the event of a favourable outcome is subject to final determination by the court,” the group said.

Analysts reportedly put outstanding debts related to Armada Claire at between US$100 and US$200 million.

Bumi Armada closed 2 sen, or 2%, higher at 79.5 sen yesterday with some 94.3 million shares traded

- See more at: http://www.thesundaily.my/news/1775436#sthash.B48Ycsk8.dpuf

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Re: Bumi Armada
« Reply #3 on: April 22, 2016, 09:42:18 AM »



HLIB Research keeps Buy on Bumi Armada, ups target to RM1
By theedgemarkets.com / theedgemarkets.com   | April 22, 2016 : 8:44 AM MYT   
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KUALA LUMPUR (April 22): Hong Leong IB Research has maintained its “Buy” rating on Bumi Armada Bhd (Armada) with a higher target price of RM1 (from 85 sen) and said that under the Statement of Claim, Armada has made a claim for damages in general for such repudiation, and the amount of such damages has now been quantified by Armada to include the sum of US$275.8 million plus any additional damages for loss of bargain caused to Armada.

In a note today, the research house said developments have turned more positive with the potential claim being quantified, signaling that Armada had not breached any terms of the FPSO contract when they were delivering the project.

“In our opinion, we do not rule out a potential out-of-court settlement for an amount lower than stipulated in the contract to reach to an agreement earlier instead of the usual lawsuit.

“Maintain Buy with higher SOP-derived target price of RM1.00 (from RM0.85) after factoring in potential discounted value of potential claim on Claire,” it said

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Re: Bumi Armada
« Reply #4 on: April 25, 2016, 08:18:45 AM »



Too early for optimism on Bumi Armada claims against Woodside: Analysts
Posted on 25 April 2016 - 05:37am
sunbiz@thesundaily.com
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PETALING JAYA: While the US$283.5 million (RM1.1 billion) claim by Bumi Armada Bhd in relation to the termination of a charter contract looks positive, analysts remain concerned over the dispute that may arise.

Last Thursday, Bumi Armada announced that it was claiming damages from Woodside Energy Julimar Pty Ltd for the termination the RM1.46 billion floating production storage and offloading (FPSO) chartering.

AmResearch said though the announcement indicated that there are reasonable grounds to expect a favourable outcome, it is noted that Woodside may contend that the FPSO has not met technical specifications.

Besides the loss of revenue from the FPSO, Armada Claire, the research house remains concerned that this may not be the final FPSO termination as the EnQuest-operated Kraken Field project in the North Sea may face financial viability concerns if low crude oil prices persist till the end of the year.

Nevertheless, Bumi Armada is still looking for two new FPSO projects in Vietnam and Brazil, for which the contract award could materialise this year.

Hong Leong Investment Bank (HLIB) Research opined that developments have turned more positive with the potential claim being quantified, signalling that the company had not breached any terms of the FPSO contract when they were delivering the project.

"While it appears to be likely that the company would be able to receive their claims, the final amount of claims to be realised remains unclear for the time being as that the suit could go on for one year or longer," it said.

HLIB Research does not rule out a potential out-of-court settlement for an amount lower than stipulated in the contract to reach an agreement earlier than going the way of the usual lawsuit.

The research firm also said concern over Bumi Armada's FPSO Kraken project appears to be overplayed and it believes that the group is going to proceed with the Kraken project, which is expected to start contributing to the group in late 2017. It has reiterated a "buy" call on Bumi Armada with a higher target price of RM1.00.

"While the share price has rallied recently, we believe the stock is still undervalued as the market has yet to fully factor in the potential claim value of the Claire termination. That aside, we believe the share price has also priced in a potential second termination of an FPSO project, which in our opinion is overdone at this juncture," it added.

AmResearch, however, is maintaining a "sell" call on Bumi Armada with an unchanged fair value of 69 sen.

Bumi Armada's share price fell sen to 78.5 sen last Friday on some 17.24 million shares done

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Re: Bumi Armada
« Reply #5 on: May 31, 2016, 10:28:45 AM »



Tuesday, 31 May 2016 | MYT 9:02 AM
Bumi Armada Q1 earnings lower at RM23m but order book RM36b
BY JOSEPH CHIN







 Bumi Armada's otal order book as at end-March 2016 was RM36.4bil
Bumi Armada's otal order book as at end-March 2016 was RM36.4bil
 
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KUALA LUMPUR: Bumi Armada Bhd’s earnings fell sharply to RM23.43mil in the first quarter ended March 31, 2016 from the RM72.05mil a year ago due to non-cash impairment charge.

The oil and gas services-related company announced on Tuesday the non-cash impairment charge was RM17.9mil. Excluding this charge, the group would have reported net profit of RM41.3 million in the quarter.

Its revenue fell to RM430.77mil from RM572.15mil a year ago. Earnings per share were 0.4 sen compared with 1.23 sen a year ago.

The earnings before interest, tax, depreciation and amortization (EBITDA) margin for Q1 2016 improved to 58.4% from 50.2% in the first quarter 2015. EBITDA for Q1 2016 was RM251.5mil compared to RM287.0mil.



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“The group generated net cash flows from operating activities for Q1, 2016 of RM544.4mil, against RM148.7mil in the same period in 2015, mainly due to collection of receivables and FPSO milestone payments. First quarter 2016 FPSO and FGS revenue of RM216.6mil accounted for 50.3% of total revenue.

“The group’s total order book as at end-March 2016 stood at RM36.4bil (RM24.2bil of firm contracts and RM12.2bil of optional extensions),” it said.

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Re: Bumi Armada
« Reply #6 on: May 31, 2016, 04:31:30 PM »



Tuesday, 31 May 2016 | MYT 2:23 PM
AmInvestment ups call on Bumi Armada, sees turnaround in 2017






 
 
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KUALA LUMPUR: AmInvestment Bank Research has upgraded its recommendation for Bumi Armada to Hold from Sell as the share price has fallen to its unchanged fair value of 69 sen a share while it sees a turnaround for the oil and gas services company in 2017.

It said on Tuesday the turnaround for the group’s earnings will start in FY17F when the group’s four major projects start commercial operations.

“In the absence of new contracts together with the termination of the Armada Claire FPSO charter, the group’s firm order book has decreased by 12% to RM24bil from RM27.5bil in 4QFY15 from absence of new contracts while optional extension values have fallen by 20% to RM12.2bil from RM15.3bil,” it said.

AmInvestment said the share price was trading at a low FY17F price-to-earnings (PE) of nine times versus the sector’s 16 times due to concerns over counter party risks for the huge Kraken project amid high net gearing level of one times.

The research house said while its lowered our sum-of-parts (SOP) valuation by 10% to RM1.38 a share, its discount to SOP has also been reduced to 50% from 55% as the group’s major projects are nearing completion.

“We have cut FY16F-FY18F earnings by 8%-49% due to reduced revenue recognition from the four major conversions projects in Keppel yard, Singapore – the floating production and storage and offloading vessels Armada Kraken, Armada Olombendo and Karapan Armada Sterling III together with the floating storage unit Armada LNG Mediterranna,” it said.

The research also lowered its charter rate assumptions by 20% for offshore support vessels (OSV) while utilisation rates have been halved for the transport and installation (T&I) segment, as the Armada Hawk and Armada Condor have been cold stacked since 4Q15 and 1Q16 respectively.

Excluding one-off impairments of RM18mil for the impairment of Armada Condor vessel, the group’s FY15 core net profit of RM41mil was way below expectations, accounting for 12% of its earlier FY16F earnings and 14% of consensus’s RM299mil.

Bumi Armada’s 1QFY16 core net profit fell 71% on-quarter and 48% on-year due to a 50% drop in Armada Claire contributions.

There was also reduced contributions from EnQuest’s Kraken FPSO Eni’s Armada Olembendo 1506 FPSO and Malta-based Armada LNG Mediterrana floating storage unit conversion projects and the Madura FPSO as these projects are nearing completion with deliveries expected in 3Q-4QFY16.

“This was exacerbated by non-contribution from the DP2 multi-purpose vessels Armada Hawk and Armada Condor, which was impacted by the absence of offshore construction work together with the continuation of a low OSV utilisation of 46%, unchanged from 4QFY15.

“For the rest of FY16F, we do not expect any significant recovery in earnings as the major conversion projects are already at the tail end while any improvements in OSV utilisation will be gradual against the backdrop of prevailing low charter rate environment,” it said.

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Re: Bumi Armada
« Reply #7 on: May 31, 2016, 05:18:55 PM »
40 cts?

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Re: Bumi Armada
« Reply #8 on: June 08, 2016, 10:25:08 AM »



HLIB Research sees values reemerge in Bumi Armada
By theedgemarkets.com / theedgemarkets.com   | June 8, 2016 : 9:16 AM MYT   
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KUALA LUMPUR (June 8): Hong Leong IB Research said it sees values reemerge in Bumi Armada Bhd after its recent 45% plunge in share prices from 52-week high of RM1.28 amid recovering oil prices, expectations of a positive outcome from the court dispute over FPSO Claire claims and strong EPS CAGR of 54% from 2016-2018.

In a trading idea note today, the research house said Armada’s share prices jumped 4.4% to 71 sen (above downtrend line resistance of 68.5 sen), supported by huge volume of 51 million shares (142% higher against 3-month average) and bottoming up indicators.

“Near term upside targets are 75 sen – 80 sen with long term objective situated around 90 sen.

“Supports are 66 sen- 68.5 sen. Cut loss at 65 sen,” it said

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Re: Bumi Armada
« Reply #9 on: July 23, 2016, 02:03:10 PM »



财经  2016年07月22日
油气领域冲喜 4公司报佳音

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(吉隆坡22日讯)继国家石油(Petronas)昨天宣布2014年以来的首项生產共享合约(PSC)颁发,今天再传出3项关于油气领域的正面消息,即华商控股(WASEONG,5142,主板工业股)获得新合约;布米阿玛达(ARMADA,5210,主板贸服股)在印度成立联营公司探討浮式生產储油卸油船(FSPO)的合约机会;及必达能源(PENERGY,5133,主板贸服股)和MMC机构(MMCCORP,2194,主板贸服股)联手探討国內油田工程潜在发展机会。

华商控股今天宣布,再次获得挪威石油公司(Statoil ASA)颁发1823万美元(约7387万令吉)的约翰斯维德鲁普(Johan Sverdrup)出口管项目合约,主要为后者提供导管运输及相关服务。

文告指出,华商控股须运输卸载导管至挪威西海岸港口,这项目预计在2017年次季启动,料在2018年首季竣工。

该合约將在执行期间,对华商控股的盈利带来正面贡献。


华商控股在去年12月4日获得由挪威石油公司颁发相同的出口管项目涂装工作,总值3950万美元(约1亿6724万令吉),预计在2017年中旬完成。

此外,布米阿玛达也在今天发文告指出,该公司协同Shapoorji Pallonji油气私人有限公司(简称SPOG),在印度成立联营公司,以共同竞標和执行浮式生產储油卸油船(FSPO)合约。

阿玛达印度联营

据文告,由于联营公司已经获得一项FSPO合约,双方才决定落实联营公司协议,並命名这家联营公司为Shapoorji Pallonji Bumi Armada Godavari私人有限公司(简称SPBAG)。

这家联营公司主要负责竞標及执行FSPO的设计、製造、安装、部署、营运和维修工程,缴足资本为50万卢比。布迷阿玛达和SPOG將各別持有联营公司的49%及51%股权。

SPOG是一家主要提供营运及管理服务给岸外油气领域的印度公司,持有人是萨布勒吉和其兄弟赛勒斯。

值得一提的是,萨布勒吉亦是布迷阿玛达非独立非执行董事兼。

另一方面,MMC机构和必达能源也宣布,双方在今天签署谅解备忘录,通过集合两方的人才及资源,共同在大马探討如油田工程及设计等潜在发展机会。

根据文告,MMC机构旗下的MMC油气工程私人有限公司,与必达能源子公司必达资源私人有限公司,均同意以「承包商-分包商」的合作关係,进行潜在的工程及设计项目。

上述谅解备忘录期限长达1年,即从7月20日至明年7月19日。双方可以选择性延长或暂停合作关係。

必达能源管理层相信,该公司透过以上联营取得合约,將有利于其未来盈利表现。

今天闭市时,华商控股以74.5仙平盘收市;布米阿玛达报76仙,全天跌1仙或1.30%,成交量为1373万8900股,是全场第14大热门股。

此外,MMC机构报2.12令吉,起2仙或0.95%,必达能源则以1.25令吉平盘掛收,成交易量为117万6200股

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Re: Bumi Armada
« Reply #10 on: July 25, 2016, 07:04:42 AM »




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Bumi Armada, Indian firm team up for FPSO job bids
Posted on 25 July 2016 - 05:39am
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PETALING JAYA: Bumi Armada Bhd and India’s Shapoorji Pallonji and Co Pte Ltd are teaming up to bid for contracts in the floating production, storage and offloading (FPSO) vessel business.

Bumi Armada told the stock exchange last Friday, that it and Shapoorji Pallonji and Co’s unit, Shapoorji Pallonji Oil and Gas Pte Ltd (SPOG), will set up a joint venture to be known as Shapoorji Pallonji Bumi Armada Godavari Pte Ltd (SPBAG) in India.

The joint venture (JV) is to combine the capabilities and expertise of Bumi Armada and SPOG in bidding for the design, fabrication, installation, charter, deployment, and operations and maintenance of FPSO facilities. The joint-venture company will be the entity used by the parties to bid for FPSO projects.

The setting up of the JV involves the interests of a director of Bumi Armada, Shapoorji Pallonji Mistry.

The JV arrangement will enable the Bumi Armada group to expand and carry out its FPSO business , Bumi Armada said.

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Re: Bumi Armada
« Reply #11 on: August 27, 2016, 02:30:15 PM »



财经  2016年08月26日
减值亏损拖累 阿玛达次季亏5亿

(吉隆坡26日讯)布米阿玛达(ARMADA,5210,主板贸服股)2016財政年次季(截至6月30日止)净亏损按年扩大77.8%,至5亿1832万令吉;营业额亦萎缩12.2%,至4亿零287万令吉。

首6个月,该公司的净亏损按年扩大1.3倍,至4亿9489万令吉;营业额则减少19.2%,至8亿3364万令吉。布米阿玛达在財报中指出,首6个月,该公司的岸外支撑船(OSV)使用率从去年同期的62%,降低至50%。次季,该公司的营业额减少,主要因为浮式生產储卸油船(FPSO)的贡献减少,因为失去了Armada Claire號的贡献,而其船只改造业务也减少。

至於OSV业务,虽然首6个月的使用率减少,但布米阿玛达成功在次季稍微提高其使用率。无论如何,OSV市场的租金仍然低迷不振,该公司认为,短期內不会有明显改善,而將尽力提高成本效率,维持正数的流动资金。

虽然布米阿玛达在次季取得1亿9870万令吉的营运盈利,但因为Armada Claire號蒙受5亿7550万令吉的减值亏损,导致最终蒙受5亿1832万令吉的净亏损。若排除Armada Claire號的减值亏损,该公司在次季实为净赚5710万令吉。


首6个月,该公司的营运盈利则达4亿5016万令吉,而若排除上半年共达5亿9240万令吉的减值亏损,其实际净利为9840万令吉。目前,布米阿玛达的手头订单达371亿令吉

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Re: Bumi Armada
« Reply #12 on: August 30, 2016, 07:37:22 AM »



Analysts expect earnings recovery for Bumi Armada only in 2017
Posted on 30 August 2016 - 05:40am
sunbiz@thesundaily.com
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PETALING JAYA: Analysts see financial year 2017 (FY17) as the turnaround year for Bumi Armada Bhd, premised on anticipation of earnings boost from the group's four major floating production, storage and offloading (FPSO) and floating gas solutions (FGS) contributions.

In a report yesterday, PublicInvest Research analyst Mabel Tan said the earnings growth catalyst from the four major FPSO and FGS operations are expected in 2017 as all the projects' first oil/gas estimated delivery are by end of this year.

Therefore, Tan said PublicInvest upgraded the group's shares to "outperform" with an unchanged target price of 90 sen.

"2016 expects to present weaker results year-on-year as the group's main earnings driver projects are at the tail-end stages of their conversion phase following the S-Curve progress billings would see a fall in contributions 2HFY16," she added.

Bumi Armada's Q2FY16 earnings before interest, taxes, depreciation, and amortization (Ebitda) fell 32% quarter-over-quarter (q-o-q) to RM146 million in tandem with revenue decreasing 6% quarter-on-quarter to RM402 million, due to loss of contributions from Armada Clairea nd bare-boat charters of the two Nigeria-based FPSOs Armada Perkasa and Perdana.

Bumi Armada's order book stands at RM24.5 billion firm and RM12.6 billion optional extensions, predominantly in the FPSO and FGS projects.

In a separate note, AmInvestment Bank analyst Alex Goh said from FY17 onwards, the research firm expects earnings recovery from EnQuest's Kraken FPSO, Eni's Armada Olembendo 1506 FPSO and Malta-based Armada LNG Mediterrana floating storage unit conversion projects and the Madura FPSO JV, which are nearing completion, with deliveries expected in the third-fourth quarter of this year.

"For the rest of FY16, we do not expect any significant recovery in earnings given the loss of two bareboat FPSO charters in Nigeria, while major conversion projects are already at their tail end."

"Any improvements in OSV (offshore support vessel) utilisation will be gradual against the backdrop of prevailing oil price environment," Goh added.

He expects Bumi Armada's performance in the second half of the year to be weaker as the revenue from the Nigerian FPSO bareboat charters, affected by the clients' financial issues, will no longer be accounted to the group.

AmInvestment maintained its "hold" recommendation on the group, with an unchanged fair value of 69 sen per share, based on a 50% discount to its sum-of-parts (SOP) valuation of RM1.38 per share.

Meanwhile, HLIB Research analyst Lim Sin Kiat said Bumi Armada's FPSO Kraken and Olembendo, which are at their final stage of conversion with completion rate close to 100%, is expected to provide minimal contribution to the group, as first oil on the separate fields would only be achieved in late 2016, slightly later than the research firm earlier anticipated.

"Its T&I (transport and installation) assets have been consolidated with its marine assets due to strategic reasons. For its OSV assets, 14 out of 49 vessels are still cold stacked despite slight improvement in activities in the quarter."

"The division is still cash flow positive in the quarter but we do not expect significant pick up in business in the upcoming quarters," Lim added.

HLIB Research kept its "buy" call on the stock unchanged, with SOP-driven target price maintained at 85 sen

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Re: Bumi Armada
« Reply #13 on: September 10, 2016, 03:15:01 PM »



2016-09-10 14:39
阿玛达首席财务员辞职
阿玛达首席财务员肯尼思以个人去向为由宣布辞职。
广告

 
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(吉隆坡10日讯)阿玛达(ARMADA,5210,主板贸服组)首席财务员肯尼思以个人去向为由宣布辞职。

阿玛达发文告表示,肯尼思将会担任该职位直至今年11月17日。此外,该公司也宣布,委任皮埃尔沙维出任代首席财务员一职。

文章来源:
星洲网‧2016.09.10

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Re: Bumi Armada
« Reply #14 on: October 20, 2016, 07:07:39 AM »


2016-10-19 17:24
明年首季才好转.阿玛达恐需再拨备
阿玛达努力减低2艘浮式生产储油卸油船(FPSO)改造过程延宕所构成损失,另一被终止租用合约的ArmadaClaire正进行索偿,大马投行认为该公司疲软业务表现会持续至2017年首季才渐入佳境,维持财测不变。
(吉隆坡19日讯)阿玛达(ARMADA,5210,主板贸服组)努力减低2艘浮式生产储油卸油船(FPSO)改造过程延宕所构成损失,另一被终止租用合约的ArmadaClaire正进行索偿,大马投行认为该公司疲软业务表现会持续至2017年首季才渐入佳境,维持财测不变。

广告

 
不过,基于担心进一步的资产拨备、现有计划的交易对手风险,加上1.2倍的高负债水平,导致该公司2017年本益比为10倍,比较业界平均为20倍。

阿玛达周三股价受激励,起1.5仙或2.2%,至70.5仙最高收市。

大马投行最近会晤阿玛达管理层,获证实10亿美元(42亿令吉)Kraken浮式生产储油卸油船(FPSO)正在新加坡吉宝船坞进行改造,预计本月20日便进行锚定测试。

FPSO改造延宕
遭索偿3.49亿

碍于管理问题,该FPSO改造延宕达7个月,造成客户EnQuest索偿约8500万美元(3亿4900万令吉)的误期损失(LAD)。

不过,管理层认为可从客户的追加订单与供应延宕中抵销一半的误期损失,其余的也可藉由该客户8年达14亿美元租船营收打平。

广告

 
Kraken浮式生产储油卸油船的营运与维修保养出租,出勤率达97%,或抵销每年500万美元(约2100万令吉)营收损失。

大马投行认为这胥视阿玛达长期的执行,保守维持现有的每日出租费率预估。

上述延宕交船并未构成Kraken改造费高于最初预算,且附加的船坞开支由工期转变抵销。

铸造成本达15亿美元(约63亿令吉)的Olembendo,这艘FPSO上周刚接受锚定测试,预料月杪启航。基于与客户Eni协调得宜,未有延宕问题。另一艘为印尼Madura打造的FPSO,即Karapan Armada Sterling III已算完工,基于客户赫斯基中海油马都拉有限公司(Husky CNOOC Madura Ltd)在印尼油气田未做好准备,将延宕交货。

广告

基于此,阿玛达获支付达空船费率70%的每日租费,直至探得首桶油气为止,大约会在2017年首季。

至于旗下Armada Claire的2亿8400万美元(约12亿令吉)索偿还在进行中,主要是Woodside石油终止租约;虽然有机会派往执行其他任务,但其账面值达2亿美元(8亿4000万令吉),可能还需要进一步的资产拨备。

反之,在尼日利亚进行营运与维保的Armada Perkasa和Armada Perdana,其拨备可能低些,因合计剩余账面值低于5000万美元(2亿1000万令吉)。

大马投行因此而预计阿玛达盈利仍会令人失望,直至2017年首季。根据阿玛达每股1令吉38仙资产值拆价50%,维持目标价69仙不变,同时维持“持有”评级。

文章来源:
星洲日报‧财经‧报道:张启华‧2016.10.19

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Re: Bumi Armada
« Reply #15 on: October 23, 2016, 02:31:13 PM »



英国客户重整财务
布米阿马达面临失租船合约风险
121点看 2016年10月23日
(吉隆坡22日讯)布米阿马达(ARMADA,5210,主板贸服股)的英国客户Enquest公司正重整财务,若重整失败,这或导致前者失去总值14亿美元(约58.59亿令吉)的租船合约。

根据Enquest在伦敦交易所的文告,该公司宣布展开财务重整计划,并建议展延偿债期限,且通过发售新股来筹资8200万英镑(约4亿9222万令吉)。


《The Edge》报道,鉴于Enquest的财务困境,市场相信,布米阿马达旗下的阿马达Kraken油船合约,或面临悬置未决的窘境。

假设重组失败,布米阿马达将面临失去该租船合约的风险。值得注意的是,该合约预计可为布米阿马达每日捎来45万美元(约188万令吉)的现金。

这些现金对布米阿马达而言是关键的,特别是现阶段,浮式生产储油及卸油船(FPSO)的需求疲弱,导致取得新租船合约成为一件难事。

简单而言,若Enquest面临困境,将对布米阿马达带来负面影响。

不过,一些分析员认为,Enquest不会面临破产,因为该公司已采取行动重组债务。同时,也不认为合约会被终止。

惟主要的风险将会是重新谈判租船合约的条件,这或促使布米阿马达被迫接受较低的租船率。


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Re: Bumi Armada
« Reply #16 on: October 31, 2016, 06:33:23 AM »



财经  2016年10月30日 | 记者:赖尧章、胡雪樺
油气领域2大焦点 FPSO市场明年料迎荣景

油气领域2大焦点 FPSO市场明年料迎荣景

在过去一、两年,急速下滑的国际原油价格使得全球油气领域大幅削减资本支出和放慢执行工程的脚步,即使油价在今年趋向稳定,以及石油输出国组织(OPEC)有意减產,也未能明显提振油气领域的士气。

除了即將在11月末召开的OPEC峰会外,大马油气领域有2事项值得关注,即中小型浮式生產储油船(FPSO)合约颁发的时间,和证券监督委员会(SC,简称证监会)即將出炉的伊斯兰教义股的检討名单。

由于能源海事协会(EMA)《2016年末季浮式生產系统报告》指出,中小型浮式生產储油船(FPSO)项目可能在今年末季才陆续颁出,所以分析员预计FPSO公司须待直2017年才会迎来好景。

至于证监会即將在11月重新检討伊斯兰教义股,分析员认为,云升控股(YINSON,7293,主板贸服股)可能会被踢出伊斯兰教义名单。


云升或踢出伊股名单

根据能源海事协会,FPSO项目的大部份投资决定(FID)已被推迟至2017年。

由于明年会有更多FSPO项目交付,这类项目的订单可能跌至2008至2009年的低水平。

大华继显分析员对此表示,虽然如此,迈入2017年,非洲、巴西和印尼可能会在FSPO合约颁发方面看到更多商机,当中部份合约招標涉及的资本开销高达10亿至20亿美元(约41.8亿至83.6亿令吉)。

同时,该分析员补充,就今年末季来说,能源海事协会预计会有3个FPSO合约颁出,分佈在刚果、大马和越南。

这些都是中小型FPSO,个別项目涉及的资本开销是1亿至5亿美元(4.18亿至20.9亿令吉)。

他认为,MISC公司(MISC,3816,主板贸服股)有很好的机会获得一项来自巴西的合约,因为该公司和SB岸外公司是合作伙伴。

「布米阿玛达(ARMADA,5210,主板贸服股)和云升控股同样有机会在越南和非洲爭取合约,因为它们目前在当地皆有操作FPSO。」

另一方面,分析员提到,云升控股可能面对被证监会踢出伊斯兰教义名单的风险。

他估计,该公司2016財政年的非伊斯兰教义债务或资產,稍微高过当局订下的33%底线。

「无论如何,我们相信云升控股有意在未来成为一家符合伊斯兰教义的公司。」



油价走势不明朗

至于油价,自OPEC成员国在9月底就减產达成初步协议,国际原油价格大部份时间便企稳在每桶50美元以上交易,但大华继显分析员担忧,诸如巴西和俄罗斯的非OPEC產油国,近期生產大量原油,导致油价走势不明朗。

目前,市场静待OPEC于11月30日会议上对各国產量配额的安排。

无论如何,他称,「我们认为,2017年每桶55美元的布伦特原油价预测,还是务实的,毕竟沙地阿拉伯国油公司(Saudi Aramco)认为若油价在每桶50至60美元之间徘徊,便足以支撑未来3至4年的油市。」

与此同时,MIDF研究分析员也认为,在中国提高基建项目开支和主要產油国有意减產,以提振油价的情况下,布伦特原油预计于今年年杪攀高至约每桶50美元,拉高今年平均价格至每桶45美元。

年初至今,布伦特原油平均价格为每桶44美元。

「迈入2017年,布伦特原油平均价格估计达每桶50美元,並预计全年在每桶45美元至55美元区间徘徊。」

截至上周五(28日),布伦特原油价格报每桶50.34美元。

整体而言,MIDF研究分析员维持整体油气领域及下游业务「正面」投资评级,但看空油气上游领域,而大华继显分析员则保留该领域「与大市同步」评级。

MIDF研究分析员解释,他之所以看空油气上游领域前景,且预计该领域明年料延续颓势,主要是因为市场对大型岸外资產需求量偏低及数量过剩,导致该领域的装备租金维持在低水平,將衝击其盈利表现。

截至2016年8月份,东南亚使用中的自升式钻机为17台,比今年1月的23台来得少。

钻机使用率收窄

同时,东南亚钻机使用率也从今年1月的68%,滑跌至53%。而IC300型號钻机每日租金也企低在8万4000美元,远低于1月份的10万4000美元。

「为此,我们认为,上游岸外服务企业营运料不会有突破性的改善,尤其是那些涉及掌控重型资產如自升式钻井平台及岸外支援船的公司。」

下游领域前景正面

MIDF研究分析员却看好提供利基服务的轻工业公司,以及涉及钢丝服务和燃气轮机维修等拥有固定收益业务的企业,比如迪联集团(DELEUM,5132,主板贸服股)。

因此,他给予迪联集团「买进」投资评级和目標价1.36令吉。

与此同时,该分析员也正面看待油气下游领域的企业前景,尤其是国油贸易(PETDAG,5681,主板贸服股)、国油气体(PETGAS,6033,主板工业股)、国油化学(PCHEM,5183,主板工业股)和大马气体(GASMSIA,5209,主板贸服股)。

他分別给予国油贸易、国油气体和国油化学「中和」投资评级,目標价分別为23.57令吉、19.63令吉和6.46令吉,而给予大马气体「买进」投资评级和目標价2.92令吉,並建议投资者长期投资在以上股项。

净利仍疲弱

此外,他亦强推沙布拉肯查纳石油(SKPETRO,5218,主板贸服股),目標价为1.71令吉。

他解释,这主要是因为该公司股价紧贴油价走势,意味著投资者可趁油价走高时套利。

另一方面,大华继显分析员也提醒道,虽然主要產油国將持续採取紧缩措施,確保不会超支,同时也会选择性地颁发合约,但油气业的盈利能见度仍疲弱,重新洽谈合约或终止合约的风险犹存,因此,投资者必须选择性选股。

同时,由于柏力赛石油(PERISAI,0047,主板贸服股)面临破產危机,该分析员已经停止追踪柏力赛石油。他的首选股是布米阿玛达,目標价是92仙。

他解释,和直接竞爭对手云升控股相比,布米阿玛达依然是被低估的FPSO公司。

「布米阿玛达承诺在10月16日交付4个FSPO项目,不太可能喊停。我们相信,该公司的盈利和现金流会在2017年翻倍。」

至于其他油气公司,云升控股料按时在2017年8月交付FPSO Yinson Genesis;MISC公司可能会在2018年第2季建造Benchamas2浮式储油船(FSO);以及马海事重工程(MHB,5186,主板贸服股)可能將一艘储油船改装成Benchamas 2浮式储油船

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Re: Bumi Armada
« Reply #17 on: November 25, 2016, 03:02:18 PM »



LATEST NEWS, CORPORATE
FROM THE EDGE
Bumi Armada posts first-time losses at core level
By Affin Hwang Capital Research / The Edge Financial Daily   | November 25, 2016 : 10:05 AM MYT   
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This article first appeared in The Edge Financial Daily, on November 25, 2016.
 

Bumi Armada Bhd
(Nov 24, 55.5 sen)
Maintain hold call with a target price (TP) of 60 sen: Bumi Armada Bhd (BAB) reported its weakest ever quarterly results with core net losses at RM6 million, dragging down the nine-month period of financial year 2016 (9MFY16) core net profit to RM92.5 million. The 9MFY16 revenue and core net profit achieved 63% and 49% of our full-year estimates. Deviations against our forecasts were mainly due to lower conversion activities from Armada Olombendo and Kraken as well as reduced contributions from both Armada Perdana and Perkasa (APP). We cut our FY16-18E (estimated) earnings per share (EPS) by 12.1%-39.3%. We maintain “hold” with a lower TP of 60 sen following the lower EPS forecast and our roll forward of the valuation year.

BAB reported its first core net losses of RM6 million in the third quarter ended Sept 30, 2016 (3QFY16) after adjusting for various one-off items, namely the RM4.2 million impairment provision for available for sales financial assets, RM79.6 million allowance for doubtful debt, RM4.5 million foreign exchange losses, RM1.4 million retrenchment expenses and RM900,000 TP losses on derivatives.

The 9MFY16 revenue contracted 23.9% mainly due to the loss of Armada Claire contributions, lower contributions from APP, Armada Olombendo and Kraken nearing the tail end of their conversion stage and weaker offshore support vessel (OSV) utilisation. However, the negative impact was cushioned by higher activities from the Lukoil project in the Caspian Sea which saw offshore marine services (OMS) segment revenue grow by 9% year-on-year.

The 3QFY16 plunged into core net losses when BAB posted core net losses of RM6 million in 3QFY16 versus the core net profit of RM61.4 million in 2QFY16. Breaking down by segment, floating production storage and offloading (FPSO) registered a 25.5% lower revenue quarter-on-quarter as a result of the completion of conversion activities for Armada Olombendo.

This was partially offset by higher OMS revenue which grew 5.8% due to higher contribution from the Lukoil project and Armada Installer. Joint-venture contribution was also 60.7% lower due to lower conversion contribution from Armada Madura and weaker operations of Armada Sterling II.

We cut our FY16E EPS by 39.3% to reflect the slowdown in conversion activities, removal of APP revenue contribution as only the operating cost is being covered at present and lowering of our FPSO and OMS margin estimates. For FY17-18E, we made rather similar adjustments by removing the APP contribution and reducing our margin estimates, leading us to cut our EPS forecasts by 16.9% and 12.1% respectively.

During the 3QFY16 analyst briefing, management was rather cautious, guiding that maiden earnings contributions from three FPSOs (Olombendo, Kraken and Madura) should commence by 1QFY17. There is no update on the Armada Claire litigation case, while for both its Nigerian assets, APP continues to operate at a cash flow break-even level (meaning that clients are merely covering the operating cost of both FPSOs).

While management did not shed more light on the allowance for doubtful debt of RM79.6 million recognised this quarter, we reckon that this could be related to APP. Recall that in 4QFY15, management recognised an RM183 million allowance for doubtful debt. This continues to raise a red flag in terms of cash flow recoverability given BAB’s higher 3QFY16 net gearing of 1.38 times (versus 0.9 times in 4QFY15).

Meanwhile, Armada LNG Malta, Olombendo and Kraken are in the midst of being mobilised for their respective destinations. Management guided that hook-up commissioning generally takes an average of two months, hence it is targeting earnings and cash flow to start by late 1QFY17. Besides that, management is currently pursuing a few FPSO tenders in India, Vietnam, Nigeria, Ghana and Brazil, and sounded confident that these will be awarded in 2017.

We can expect earnings to be muted for the next two quarters as the FPSOs are being mobilised for their respective destinations. We cut our FY16-18E EPS by 12.1%-39.3% and derive our new sum-of-the-parts-based 12-month TP of 60 sen (from 64 sen previously) following our roll forward of the valuation year.

Key upside risks include stronger-than-expected OSV fleet utilisation, new FPSO contract wins, APP starting to recognising revenue as well as an increase in the transportation and installation activity level. Downside risks include any unforeseen operational hiccup with the new FPSOs. — Affin Hwang Capital Research, Nov 24

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Re: Bumi Armada
« Reply #18 on: January 12, 2017, 06:37:15 AM »



Bumi Armada sets up US subsidiary
Posted on 12 January 2017 - 05:36am
sunbiz@thesundaily.com
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PETALING JAYA: Bumi Armada Bhd has formed a wholly-owned subsidiary known as Bumi Armada Americas Corp (BAAC).

In a filing with the stock exchange, Bumi Armada said BAAC, which was formed in the US on Jan 9, will be principally involved in the offshore oil and gas marine services.

It is part of the group’s business strategy to develop closer relationship with some of its key clients based in Houston

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Re: Bumi Armada
« Reply #19 on: February 13, 2017, 03:47:21 PM »



Monday, 13 February 2017 | MYT 3:14 PM
Bumi Armada's Olombendo FPSO vessel to generate new cash flow by mid-February
BY DALJIT DHESI

image: http://www.thestar.com.my/~/media/online/2017/01/22/12/33/bumi-armada2.ashx/?w=620&h=413&crop=1&hash=2A0AF86F5D98459C4CA0CBDEF22580C89540C846

 
PETALING JAYA: The first oil production through Bumi Armada Bhd’s Olombendo floating production storage and offloading (FPSO) vessel at its East Hub Development Project, in Block 15/06 of the Angolan deep offshore is expected to generate new cash flow contribution to the company from mid-February onwards.

The FPSO vessel can generate up to 80,000 barrels of oil per day and compress up to 3.4m cu m of gas per day.

UOB Kay Hian Research said FPSO Olombendo, operating on a firm 12-year contract (with eight optional extensions), is Bumi Armada’s largest contract with a capital expenditure of more than  US$1bil and worth at least RM0.18/share to the brokerage sum-of-the-parts (SOTP).

“We view this positively as the first oil target is within Bumi Armada’s guidance for the first quarter of this year. It is also second of the company’s four new projects that have started charter ahead of 2017 and that payments should be rewarded according to original contract terms, as Italy’s Eni is a strong counterparty (one of the world’s supermajors) with good financial standing, and the East Hub is one of their most important new projects,’’ it noted.

Bumi Armada, in a contract signed earlier, had leased its Olombendo FPSO to Eni to be deployed at its Block 15/06 East Hub field development, located offshore Angola.

Given this newsflow, the research house added it now expect incoming cashflow from Olombendo to begin from mid-February onwards.
Nevertheless, the brokerage was maintaining its 2017 and 2018 forecast earnings of RM305mil/RM466mil (nine months: RM99mil), which already assume new contribution from all four projects.

With a target price of RM0.92 and maintaining a buy call on the counter, UOB Kay Hian noted that long term investors should look beyond a weak 2016 as the start-up of the four floating projects would provide long-term cashflow visibility.

The research house expect substantial improvements in cashflow and doubling of the group’s profit base in 2017, from both new project start-up and stabilisation of offshore marine services (OMS) utilisation in view of better oil prices.

With two out of four projects having already started charters, there is also potential for earnings upgrades relative to consensus forecasts which may have conservatively assumed further startup delays, it said.

The remaining projects are: Karapan Armada Sterling III which is now undergoing installation in Madura Field (first oil guidance: first quarter of 2017), and FPSO Kraken which is undergoing final inspection in KeppeVerolme in Rotterdam (first oil guidance: second quarter of 2017).

Read more at http://www.thestar.com.my/business/business-news/2017/02/13/generation-of-new-cash-flow-by-middle-of-february-2017/#D2mt2LvsI6aKmhRZ.99

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Re: Bumi Armada
« Reply #20 on: February 17, 2017, 02:29:23 PM »



Friday, 17 February 2017 | MYT 1:20 PM
Bumi Armada completes Armada Kraken FPSO hook-up
image: http://www.thestar.com.my/~/media/online/2017/02/17/05/22/armada-kraken-fpso.ashx/?w=620&h=413&crop=1&hash=98D4B62B250B222C5D461FDD478032C9B8F13BEA

 
KUALA LUMPUR: Bumi Armada Bhd’s Armada Kraken  floating production, storage and offloading (FPSO) has arrived at the Kraken field in the UK North Sea on Feb 13.

In a statement Friday, Bumi Armada said the hook up of the Submerged Turret Production (STP) buoy mooring system, to the FPSO was completed on Feb 15 and a full rotation test performed so that the vessel was now on station and securely moored.

It added that commissioning work would continue on the topsides. Reconstruction of the turret area pipework and connection of the risers and umbilicals to the swivel stack is being undertaken followed by commissioning of the subsea infrastructure. The client, EnQuest PLC, expects delivery of first oil is on track for Q2 2017.
 
“We are very pleased to have hooked-up our Armada Kraken FPSO onsite in the UK North Sea. The operation was executed safely and responsibly, thanks to a sharp focus on a ‘plan-the-work, work-the-plan’ process and the united efforts of all parties involved,” executive director and CEO Leon Harland said in a statement.

“While the Kraken FPSO is now securely moored, we are keeping our attention on safely completing the various preparations leading to first oil. So we still have some crucial work to complete.

“Nevertheless, we celebrate this milestone, particularly as it has been achieved at this time of year when North Sea conditions can be rough, and while our teams continue to work on finalising our two other FPSO projects in Angola and Indonesia,” Harland said.

Read more at http://www.thestar.com.my/business/business-news/2017/02/17/bumi-armada-completes-armada-kraken-fpso-hook-up/#y7qcBWJLK1XsFVhz.99

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Re: Bumi Armada
« Reply #21 on: February 23, 2017, 06:48:56 AM »



Wednesday, 22 February 2017
Potential earnings upgrade seen for Bumi Armada
BY TOH KAR INN

image: http://www.thestar.com.my/~/media/online/2017/02/17/05/22/armada-kraken-fpso.ashx/?w=620&h=413&crop=1&hash=98D4B62B250B222C5D461FDD478032C9B8F13BEA
In a research report, UOB Kay Hian opined that the progress is in line with its expectation and that the FPSO Armada Kraken’s arrival in the Kraken field in North Sea removes investor concern of risk of further delay and the associated financial penalty charges.
In a research report, UOB Kay Hian opined that the progress is in line with its expectation and that the FPSO Armada Kraken’s arrival in the Kraken field in North Sea removes investor concern of risk of further delay and the associated financial penalty charges.
 
PETALING JAYA: Analysts are expecting potential earnings upgrade for Bumi Armada Bhd, as a result of its floating, production, storage and offloading (FPSO) Armada Olembendo’s first oil success on Feb 8 and subsequently, FPSO Armada Kraken, which is on station and securely moored at the North Sea.

In a research report, UOB Kay Hian opined that the progress is in line with its expectation and that the FPSO Armada Kraken’s arrival in the Kraken field in North Sea removes investor concern of risk of further delay and the associated financial penalty charges.

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“Although Bumi Armada’s fourth quarter of the financial year ended Dec 31, 2016 (Q4FY16) results (to be released end of this week) could be weak with potential impairments, the consistent positive newsflow in the progress for the new projects supports its long-term re-rating, which is now the focal point.

“We expect substantial improvement in cash flow and a doubling of the group’s profit base in 2017,” said UOB Kay Hian.

When contacted yesterday, Bumi Armada was unable to elaborate further on the group’s earnings visibility, as its financial results have not been reported.

The group also declined to comment on any merger and acquisition (M&A) or privatisation plans.

FPSO Armada Olembendo began production at Cabaca South East field ahead of schedule, while FPSO Armada Kraken is undergoing commissioning works on topside and subsea infrastructure while completing some reconstruction work.

Meanwhile, FPSO Armada Kraken is targeted to achieve first oil in the secodnd quarter of the year.

To recap, Bumi Armada signed FPSO bareboat charter and operation and maintenance (O&M) contracts with EnQuest back in December 2013, which was valued at US$2.2bil for eight years with 17 annual extension options.

FPSO Kraken can generate up to 80,000 barrels of oil per day with 600,000 barrels storage capacity.

However, AmInvestment Bank expects the group’s Q4FY16 and Q1FY17 both to be weak, as contributions from the two FPSOs would not have commenced yet.

“As reconstruction of FPSO Kraken’s turret area pipework and connection of the risers and umbilicals to the swivel stack is being undertaken, Enquest’s revised first oil delivery on Q2FY17 appears to be on track, following delays of over a year.

“Nevertheless, we highlight that there may yet be technical hurdles to mount as this is the first time that Bumi Armada is operating in harsh North Sea conditions,” said AmInvestment Bank in a recent research report.

Trading activity in Bumi Armada’s shares has been on the uptrend since the group announced updates on FPSO Armada Olembendo and FPSO Armada Kraken last Friday, closing 8.2% higher at RM0.725.

Yesterday, the stock closed 0.7% higher at RM0.755, traded on a volume of 48.52 million shares.


Read more at http://www.thestar.com.my/business/business-news/2017/02/22/potential-earnings-upgrade-seen-for-bumi-armada/#UlObk6oj7MPuLYrY.99

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Re: Bumi Armada
« Reply #22 on: February 23, 2017, 12:14:45 PM »



Thursday, 23 February 2017 | MYT 11:32 AM
Bumi Armada's rally hits speed bump
image: http://www.thestar.com.my/~/media/online/2015/11/20/01/52/bumiarmada.ashx/?w=620&h=413&crop=1&hash=08E96DEEFBBB61139AE484C9C28A1140E684A1DC
 Since Feb 17, the share price had risen from 67 sen to a high of 79 sen.
Since Feb 17, the share price had risen from 67 sen to a high of 79 sen.
 
KUALA LUMPUR: Bumi Armada Bhd's share price, which risen in active trade in recent days, saw it hitting a speed bump after Indian tycoon Shapoorji Pallonji Mistry has resigned from the board.

At 11.20am, it was down two sen to 77 sen. There were 21.91 million shares done.
Since Feb 17, the share price had risen from 67 sen to a high of 79 sen on Wednesday.

The FBM KLCI rose 1.17 points to 1,709.25. Turnover was 1.04 billion shares valued at RM700mil. The broader market was weaker with 410 decliners to 253 advancers and 344 counters unchanged.

The oil and gas-related company announced on Wednesday that Mistry, who was a non-executive and non-independent director, had resigned from the board.

The news also gave traders an excuse to take profit.

Mistry is the chairman of the Shapoorji Pallonji group, a conglomerate involved in construction, real estate, infrastructure and renewable energy.
Bumi Armada's share price has risen in recent day following fresh corporate news and the rebound in crude oil prices.

StarBiz reported analysts are expecting potential earnings upgrade for Bumi Armada, as a result of its floating, production, storage and offloading (FPSO) Armada Olembendo’s first oil success on Feb 8 and subsequently, FPSO Armada Kraken, which is on station and securely moored at the North Sea.

UOB Kay Hian Malaysia Research said the progress is in line with its expectation and that the FPSO Armada Kraken’s arrival in the Kraken field in North Sea removes investor concern of risk of further delay and the associated financial penalty charges.

“Although Bumi Armada’s fourth quarter of the financial year ended Dec 31, 2016 (Q4FY16) results (to be released end of this week) could be weak with potential impairments, the consistent positive newsflow in the progress for the new projects supports its long-term re-rating, which is now the focal point.

“We expect substantial improvement in cash flow and a doubling of the group’s profit base in 2017,” said UOB Kay Hian

Read more at http://www.thestar.com.my/business/business-news/2017/02/23/bumi-armada-rally-hits-speed-bump/#h4PlSa044hx5S8E0.99

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Re: Bumi Armada
« Reply #23 on: March 01, 2017, 07:01:24 AM »



Bumi Armada loss widens in Q4 on non-cash impairment
Posted on 1 March 2017 - 05:40am
sunbiz@thesundaily.com
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PETALING JAYA: Offshore energy and facilities provider Bumi Armada Bhd registered a wider loss of RM1.29 billion in the fourth quarter ended Dec 31, 2016 (Q4FY16) after taking a non-cash impairment of RM1.1 billion on several assets. The group recorded a net loss of RM85 million in Q4FY15.

Revenue for the quarter was RM205.453 million, 65% lower than the RM589.042 million in the same quarter of the preceding year.

“The lower revenue stems from the fact that our four new projects, each complex and innovative in their own right, have left the conversion yard and are progressing to be put into production,” Bumi Armada executive director and CEO Leon Harland said in a statement yesterday.

“Additionally, compared to last year we have reduced incomes from Armada Claire and our Nigerian FPSOs (floating production storage and offloading vessels) as well and the OMS (offshore marine services) business continues to struggle with low demand due to continued weak activity and seasonal slowdowns, which also added to the substantial reduction of revenues inQ4 2016,” he added.

Nonetheless, the group is expecting a strong increase in cash flow and positive core earnings for 2017, as well as growing number of new project opportunities.

According to Harland, the group has generated RM1 billion in net cash flows for the whole year despite the circumstances.

Bumi Armada made a net loss of RM1.88 billion for FY16, slumping further from the loss of RM234.5 million it in 2015. Revenue fell 35% to RM1.41 billion from RM2.17 billion

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Re: Bumi Armada
« Reply #24 on: March 01, 2017, 08:47:02 AM »



财经  2017年02月28日
阿玛达末季净亏13亿

(吉隆坡28日讯)认列一笔巨额非现金减值拨备,致使布米阿玛达(ARMADA,5210,主板贸服股)2016財政年末季(截至12月31日止)净亏损从前期的8508万令吉,扩大14.23倍,至12亿9558万令吉。

排除这笔11亿令吉的减值拨备数额,该公司末季息税前盈利仍从前期的1亿2590万令吉,锐减至2850万令吉。

全年净亏扩大7倍

此外,浮式生產储卸油油船(FSPO)及浮式天然气解决方案业务贡献比例减少,也拖累该公司末季营业额按年剧减65.12%,至2亿零545万令吉。


全年而言,布米阿玛达净亏损从前期的2亿3457万令吉,扩大7倍,至18亿8718万令吉;营业额为14亿1660万令吉,按年跌35.01%。

展望未来,布米阿玛达首席执行员哈尔兰在文告中指出,隨著4艘船只于今年启用,有助於提高该公司2017財政年现金流和推动核心盈利成长。

布米阿玛达今天下跌1仙或1.36%,以72.5仙掛收,成交量为1569万6600股。

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Re: Bumi Armada
« Reply #25 on: March 01, 2017, 08:21:46 PM »



Tuesday, 28 February 2017 | MYT 7:26 PM
Not all doom and gloom despite Bumi Armada net losses
BY JOSEPH CHIN

image: http://www.thestar.com.my/~/media/online/2016/11/24/00/33/bumi-armada2.ashx/?w=620&h=413&crop=1&hash=EB9F902456F9616B8062661B7B2B6EE7A6F328D8

 
KUALA LUMPUR: Bumi Armada Bhd's net losses widened in the fourth quarter ended Dec 31, 2016 after a RM1.1bil non-cash impairment on several of its assets, predominantly in the offshore vessels (OSV) business segment.

The International offshore energy facilities and services provider announced on Tuesday its net losses in Q4 were RM1.29bil compared with net losses of RM85.08mil a year ago.

Its revenue fell by 65.1% to RM205.45mil from RM589.04mil a year ago mainly due to a 97.4% fall in FPSO and FGS revenue as conversion activities on all the major projects had been completed in Q4 2016, whilst in Q4 2015 these projects were at their peak construction rate.

Bumi Armada also said furthermore, compared with Q4 2015, there were reduced contributions from Armada Claire, Armada Perdana and Armada Perkasa.

Loss per share in Q4 FY16 was 22.09 sen compared with a LPS of 1.45 sen a year ago.

“EBITDA (earnings before interest, tax, depreciation and amortisation) for the fourth quarter 2016 was RM28.5mil, with an EBITDA margin of 13.9%.

Bumi Armada said after accounting for the total non-cash impairments of RM1.7bil taken during 2016, the group registered a net loss of RM1.88bil – a surge from the net losses of RM234.56mil in FY15. Its revenue fell 35% to RM1.41bil from RM2.18bil.

“The group generated net cash flows from operating activities for full year 2016 of RM1.1bil,” it said.

However, it was also not all doom and gloom as the group’s total order book as at end-December 2016 stood at RM39.5bil (RM25.6bil of firm contracts and RM13.9bil of optional extensions).

Bumi Armada executive director and CEO Leon Harland, commenting on the Q4 2016 financial results, said:

“These results reflect the dynamic situation that Bumi Armada is in today. The lower revenues stem from the fact that our four new projects, each complex and innovative in their own right, have left the conversion yard and are progressing to be put into production.

“Additionally, compared to last year we have reduced incomes from Armada Claire and our Nigerian FPSOs as well.

“The OMS business continues to struggle with low demand due to continued weak activity and seasonal slowdowns, which also added to the substantial reduction of revenues in the Q4 2016.

“Despite all this, the group has generated over RM1.0 billion in net cash flows from operating activities over the full year,” it said.

Bumi Armada said all of its four new projects left the ship yard in Q4 2016 and have now reached their respective operational locations.

“Armada LNG Mediterrana delivered its first gas to ElectroGas Malta on Jan 16, 2017 and Armada Olombendo achieved first oil on the 8 February in Angola for Eni Angola, well within budget and schedule.

“In addition, Karapan Armada Sterling III and Armada Kraken have been moored in their respective site locations in Indonesia and the UK, and are undergoing testing prior to start-up,” it said.
 
Harland said with the four projects due to start operations this year, Bumi Armada should see a strong increase in cashflow generation and positive core earnings for 2017.

“At the same time, we see a growing number of new project opportunities, particularly, in the large size FPSO market where we can leverage our experience gained in this market segment.

“Whilst eager to grow and motivated by our vision to become the preferred offshore production and support service provider, we are selective in the projects that we pursue such that we can deliver success to our clients and our shareholders.”

Read more at http://www.thestar.com.my/business/business-news/2017/02/28/not-all-doom-and-gloom-despite-bumi-armada-net-losses/#AR9JFWtKEo6YV7hL.99

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Re: Bumi Armada
« Reply #26 on: March 01, 2017, 08:33:37 PM »



2017-03-01 18:01
获新合约.4探油计划近完成.阿玛达盈利转好
阿玛达2016年第四季及全年业绩表现远逊于市场预测,分析员预料今年盈利表现将转好,特别是旗下一些油气装置取得新合约,以及4项探油计划已经或接近完成,料推动盈利表现,因此普遍保持其评级。
 

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(吉隆坡1日讯)阿玛达(ARMADA,5210,主板贸服组)2016年第四季及全年业绩表现远逊于市场预测,分析员预料今年盈利表现将转好,特别是旗下一些油气装置取得新合约,以及4项探油计划已经或接近完成,料推动盈利表现,因此普遍保持其评级。

丰隆研究认为,阿玛达2017财政年盈利表现料较佳,主要是旗下一些新浮式生产储油卸油装置(FPSO)取得新合约,以及4大计划如马尔他设施今年2017年首季获租、Olombendo在今年2月探到石油、Sterling-III及Kraken装置的维修与装配和营运(HUC)已完成,开始准备生产石油,料将刺激公司今年盈利贡献。

马银行研究对阿玛达2017及2018净利预测保持不变,旗下浮式生产储油卸油装置于2017年获取新合约,实为潜在催化因素,其中关键包括成功执行手中的工程合约、管理成本及交出盈利。

丰隆研究指出,阿玛达2016财政年第四季核心净亏(不包括11亿令吉的疑账及资产减值拨备)2亿2220万令吉,全年净亏则为1亿5180万令吉,落后该行全年预测5300万令吉净利、及市场预测1亿零740万令吉净利。

肯纳格研究指出,阿玛达2017年盈利将受到新盈利来源推动。惟应注意Kraken计划进展,因该公司与客户重新洽商新的采油日期,预料从原本的今年4月1日展延至今年第二季。

肯纳格研究将阿玛达2017财政年净利预测下调9%至2亿7850万令吉,2018年则为3亿5790万令吉,主要反映Olombendo、阿玛达Sterling-III及Kraken计划将作出全年盈利贡献、以及假设旗下岸外支援船只的平均使用率达55%水平。



陈志远7-11积极开店 净利下滑

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文章来源:
星洲日报‧财经‧报道:李文龙‧2017.03.01

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Re: Bumi Armada
« Reply #27 on: March 20, 2017, 02:19:40 PM »



Monday, 20 March 2017
Bumi Armada in transition, aims to be lean and efficient
image: http://www.thestar.com.my/~/media/online/2017/03/20/00/32/bmi-armada-copy.ashx/?w=620&h=413&crop=1&hash=E8493B2B1A4F5E7F2D4684EF2105FDF2FDF933C5
Chief executive officer Leon A. Harland(insetpic rop right), via email replies, said: “We are focused on efficiency and building a robust organisation as we build a lean unified and responsible team. “This year will be something of a transition as we complete the major projects and look to fine-tune the organisation in preparation for the next stage of growth,” he added
Chief executive officer Leon A. Harland(insetpic rop right), via email replies, said: “We are focused on efficiency and building a robust organisation as we build a lean unified and responsible team. “This year will be something of a transition as we complete the major projects and look to fine-tune the organisation in preparation for the next stage of growth,” he added
 
PETALING JAYA: Bumi Armada Bhd, which suffered a massive RM1.9bil in losses in financial year 2016 (FY16), says the worst is over and puts down 2017 as its “transitional year” which will see it become a more efficient and lean organisation.

Chief executive officer Leon A. Harland, via email replies, said: “We are focused on efficiency and building a robust organisation as we build a lean unified and responsible team.

“This year will be something of a transition as we complete the major projects and look to fine-tune the organisation in preparation for the next stage of growth,” he added.

But will that be enough to drag the floating, production, storage and offloading (FPSO) operator out of its doldrums?


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Harland is optimistic. He said that the company has completed four new projects – Malta, Angola, North Sea and Indonesia – at the end of 2016.

“Two of these projects are already in operation and the other two are due to come onstream this year. It is anticipated that with these projects there should be a significant increase in the charter income for the group in 2017.”

He anticipated more large-FPSO prospects coming up for bidding and expected the company to be able to secure new projects in the future.

To recap, Bumi Armada had set aside some RM1.74bil in 2016 as impairment as a result of severe under-utilisation of several assets and an indication of how the company had not been prepared for the oil price slide.

It reported a net loss of RM1.29bil for the fourth quarter of FY2016, which increased its full-year losses to RM1.9bil.

Revenue, meanwhile, declined 35% year-on-year to RM1.42bil for FY16.

Excluding the impairments and net allowance for doubtful debts of RM91.4mil, normalised net losses came in at RM52.6mil for the year. Despite this, the group recorded strong cash flow for the full year, with net cash flows of RM1.1bil from its operating activities.

On its kitchen sinking exercise, Harland reiterated that the company had taken a pragmatic approach to the value of the assets that it owned and “do not foresee the need for additional impairments of its vessels in the current market.”

He said the strategy this year would be to remain focused on completing the commissioning of the new projects to start the charter income on these units.

“This will take us from a project execution phase to an operations phase. Hopefully 2017-2018 will see a pick-up in exploration and development budgets.”

He added that the group sees positive signs from the market and an increase in pre-qualification and bidding activities.

“These bids are mainly for larger, technically complex FPSOs, which as with our FPSO for Eni in Angola, we have proven we can undertake.

“FPSOs are bespoke assets, built for a specific field to a set of specific technical requirements. Charter rates are therefore, not based on demand and supply as they are for vessels like offshore support vessels or tankers.”

Bumi Armada is renegotiating a new backdrop date for its Armada Kraken FPSO.

It is now targeting to hit first oil by the second quarter of FY17.

Recall that the group has completed hook-up job for Kraken FPSO but could potentially miss the backstop date of April 1 this year to hit first oil, which could result in the client having the contractual right to terminate the contract.

The consequence of a termination by the charterer is the repayment of the term loan to the lenders if lenders calls an event of default.

As for the issue of mergers and acquisitions, Harland said it would review all opportunities that add value to the company and shareholders whether they are organic or inorganic.

Bumi Armada’s total order book stood at RM39.5bil as of end-December 2016. Cash and cash equivalents at the end of FY16 was RM3.01bil while net gearing stood at 1.8 times.

Shares of Bumi Armada closed one sen higher to 7.35 sen last Friday, for a market capitalisation of RM4.31bil


Read more at http://www.thestar.com.my/business/business-news/2017/03/20/bumi-armada-in-transition/#wX44QZEfuAeBZhxB.99

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Re: Bumi Armada
« Reply #28 on: June 01, 2017, 06:59:30 AM »



Bumi Armada's net profit doubles to RM48.11 million in Q1
Posted on 31 May 2017 - 02:44pm
Last updated on 31 May 2017 - 09:44pm
sunbiz@thesundaily.com
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PETALING JAYA: Bumi Armada Bhd’s net profit more than doubled to RM48.11 million versus RM23.43 million in the same quarter a year ago, driven by a non-cash impairment charge of RM17.9 million for a multipurpose construction vessel within the offshore marine services (OMS) segment and higher share of results of joint ventures.

However, the group said it was offset by higher finance costs due to the cessation of capitalisation of borrowing costs following the completion of a floating production storage and offloading (FPSO) vessel and a floating storage unit.

Bumi Armada’s revenue fell 6.2% from RM430.77 million to RM404.17 million on the back of recognition of supplementary payments for the Kraken FPSO project, lower offshore support vessel utilisation and lower contribution from the LukOil project in the Caspian Sea, which was offset by higher contribution from the Armada Olombendo FPSO and Armada LNG Mediterrana floating storage unit.

The group’s executive director and CEO Leon Harland said the first quarter performance reflected its transition phase and marked a recovery despite the continuing challenges in the market.

He noted that Bumi Armada started operations on both the Armada LNG Mediterrana FSU and the Armada Olombendo FPSO in Malta and Angola in the first quarter of 2017.

“We have also recently received first gas on the Karapan Armada Sterling III in Indonesia and we hope to soon deliver first oil on Armada Kraken in the UK sector of the North Sea.

Full charter income from all these projects will result in a significant improvement in revenue streams for the group throughout 2017,” he said.

Meanwhile, the subsea construction business is relatively stable on the back of Bumi Armada’s ongoing pipelaying activities in the Caspian Sea.

Going forward, Harland said the group continues to see a growing number of new project opportunities in the FPSO and floating storage regasification unit markets.

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Re: Bumi Armada
« Reply #29 on: June 01, 2017, 09:24:34 AM »



Business NewsHome > Business > Business News
Thursday, 1 June 2017 | MYT 8:41 AM
AmInvestment Research retains Hold for Bumi Armada, FV 79 sen
image: http://www.thestar.com.my/~/media/online/2015/11/13/03/56/economy1/bumiarmada-nov2016.ashx/?w=620&h=413&crop=1&hash=A838D4BD56373ADCD04B70BDFD0D5FE4E7A14EBE

 
KUALA LUMPUR: AmInvestment Research is maintaining its Hold recommendation on Bumi Armada with an unchanged fair value of 79 sen a share based on a 20% discount to its sum-of-parts (SOP) valuation of 99 sen a share.

It said on Thursday Bumi Armada’s FY17F-FY19F earnings were maintained even though the group’s 1QFY17 core net profit of RM88mil, excluding unrealised forex loss of RM40mil, appears to be above expectations, accounting for 32% of its FY17F earnings and 31% of consensus.

“While the group’s earnings from 2QFY17 onwards could potentially improve from the full recognition of the floating production storage and offloading (FPSO) vessel Armada Olembendo, which achieved first oil on Feb 8 this year, we remain cautious on the company’s near-term earnings trajectory given the uncertain penalties which could arise from the delays in the commencement of the FPSO Kraken’s contract,” it said.

Recall that some of Kraken’s undisclosed late delivery provisions were only up to the backstop date of April 1, 2017 which was later extended to July 1, this year. The backstop date gives the client the right to terminate the charter. 

“With penalties potentially accruing at US$6mil/month, negotiations are still unresolved with the client Enquest,” it pointed out.

Currently, Bumi Armada aims to reach first oil for the North Sea-based Kraken project in 2Q2017, which is still another month away.

“Given the past earnings disappointment, the group needs to convincingly navigate past its 2QFY17 results to reach its re-rating inflection point,” noted the research house.

AmInvestment Research said on a normalised comparison, Bumi Armada group turned around from a loss of RM153mil in 4QFY16 to a 1QFY17 net profit of RM88mil.

This stemmed mainly due to the maiden contribution from the Angola-based Armada Olembendo, which achieved first oil on Feb 8 this year, as well as LNG Mediterrana floating storage unit together with the improved offshore marine services (OMS).

“While there were some late delivery provisions for the Kraken FPSO, which we understand were lower than the undisclosed sums provided in 4QFY16, the higher revenue recognition contributed to a 1QFY17 FPSO EBITDA rebound of RM69mil vs. a 4QFY16 loss of RM166mil.

“The results were further supported by OMS turning around from a loss of RM75mil to an earnings before interest and tax (EBIT) of RM8mil. This is despite an 18% drop in OMS revenue in tandem with a seasonally lower LukOil installation activities in the Caspian Sea together with a six percentage point drop in vessel utilisation rate to 43%.

"The stronger OMS earnings came from the absence of impairments coupled with lower depreciation and operating costs.

“Any improvement in OSV utilisation, currently with charter rates just above EBITDA breakeven levels, will be gradual against the backdrop of prevailing oil price.

“The stock currently trades at a fair FY17F PE of 16 times vs. the sector’s 20 times due to lingering risks on 2HFY17 earnings recovery,” said the research house.

 
TAGS / KEYWORDS:
Earnings , Corporate News , Oil & Gas , Analyst Reports

Read more at http://www.thestar.com.my/business/business-news/2017/06/01/aminvestment-research-retains-hold-for-bumi-armada-fv-79-sen/#5vb91vvgMqGhLoVc.99

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Re: Bumi Armada
« Reply #30 on: June 01, 2017, 03:36:57 PM »
hopeless counter, no eye see at all

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Re: Bumi Armada
« Reply #31 on: June 08, 2017, 09:04:19 AM »



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CIMB Research upgrades Bumi Armada, trims target to 92 sen
theedgemarkets.com
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June 08, 2017 08:00 am MYT
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KUALA LUMPUR (June 8): CIMB IB Research has resumed coverage on Bumi Armada Bhd (BAB) at 75 sen with an “Add” rating and lower target price of 92 sen (from RM1.02) and said with two terrible years now behind it, BAB can look forward to better prospects.

In a note June 7, the research house said of BAB’s four new FPSO/FSU projects, two are already up and running, while two more are due to commence during 2H17F. Earnings and cashflows will improve.

“If BAB secures a replacement contract for the Armada Claire, or wins the KG-DWN-98/2 FPSO bid, there will be even more upside for the share price.

 

“The key risk is that BAB will likely have to raise new equity for capex funding,” it said.

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Re: Bumi Armada
« Reply #32 on: June 22, 2017, 06:33:04 AM »




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Wednesday, 21 June 2017 | MYT 11:27 PM
Bumi Armada suspends Nigerian operations of FPSO Armada Perdana

BY M. HAFIDZ MAHPAR

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One of Bumi Armada's vessels.
One of Bumi Armada's vessels.
 
KUALA LUMPUR: The fate of two contracts worth up to nearly RM3bil is in limbo, as Bumi Armada Bhd moves to suspend the provision of floating, production, storage, and offloading vessel (FPSO) services to Erin Petroleum Nigeria Ltd.

In a filing with Bursa Malaysia, Bumi Armada said its units had issued notices of suspension to the subsidiary of Texas-headquartered Erin Energy Corp, an independent oil and gas player that focuses on energy resources in sub-Saharan Africa.

The bareboat charter contract and operation and maintenance (O&M) contract involving FPSO Armada Perdana are being suspended due to “longstanding delays” in the charterparty payments due to Armada Oyo Ltd as well as “irregular payments” for the O&M services provided by Bumi Armada (Singapore) Pte Ltd.

Bumi Armada did not disclose in the announcement how long the problems had persisted or what was the amount due. 

The two Bumi Armada units had inked the contracts with Erin Energy group member Oceanic Consultants Nigeria Ltd on Feb 12, 2014. This was for deploying FPSO Armada Perdana at the Oyo field located 75km off the Nigerian coast.

On March 25, 2014, Oceanic novated its rights and obligations under the two contracts to Erin Petroleum.

Each of the contracts was for an initial period of seven years starting from Jan 1, 2014, with an automatic extension for two additional terms of 12 months each unless terminated by Erin Petroleum.

The combined value of the contracts for the initial period was about US$381mil (RM1.63bil), with a further aggregate value of US$108mil (RM463.38mil) if the extension options were fully exercised.

Bumi Armada, which is believed to be the world’s fifth largest FPSO player, said that on May 16 its subsidiaries had, after repeated attempts to arrive at a mutually acceptable solution to both parties, issued notices of overdue payment and letters of demand to Erin Petroleum. They sought immediate payment of the undisputed outstanding sum.

To date, Erin Petroleum has not responded to their notices and letters of demand.

“The suspension does not relieve Erin Petroleum of any of its own obligations under the contracts,” Bumi Armada added.

The contracts will be suspended from 12pm Lagos time (5pm Malaysian time) on June 21 except for the critical maintenance and other activities to mitigate occupational health and safety and environment risk.

On the financial impact on it, Bumi Armada said the outstanding sum claimed by its two units had been fully provided for in the group’s financial statements.
.
“The suspension of operations is not expected to have significant impact on the full-year 2017 financial results of the company, the extent of which cannot be conclusively ascertained at this juncture,” it said.

On its next move, Bumi Armada said the group continued to evaluate all its available options on this matter, including the possibility of working with Erin Petroleum to arrive at an amicable solution.

It said that if that failed, it would proceed with steps to fully enforce its rights against Erin Petroleum based on the advice from external counsel.
TAGS / KEYWORDS:
Corporate News , Oil & Gas , Bumi Armada Bhd

Read more at http://www.thestar.com.my/business/business-news/2017/06/21/bumi-armada-suspends-nigerian-operations-of-fpso-armada-perdana/#2Td3RubdyfWT8rjh.99

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Re: Bumi Armada
« Reply #33 on: June 22, 2017, 09:45:57 AM »




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Thursday, 22 June 2017 | MYT 8:49 AM
Maybank Research expects Bumi Armada to face knee-jerk reaction

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Bumi Armada crucially needs a change of luck, says Maybank Research.
Bumi Armada crucially needs a change of luck, says Maybank Research.
 
KUALA LUMPUR: Maybank Investment Bank Research expects Bumi Armada to sustain a knee-jerk reaction from the suspension of its floating, production, storage, and offloading vessel (FPSO) Armada Perdana’s services.

It said on Thursday this leads to a 10%-13% / 6% cut in its FY17-19 earnings forecasts / sum-of-parts based target price to 68 sen respectively. 

“Bumi Armada, in our view, needs a successful execution of its four projects in-hand and deliver its earnings to revive its weakened franchise value,” it said.

The research house said Bumi Armada issued a notice of suspension to its client, Erin Energy Corporation, for FPSO Armada Perdana, effective on Wednesday.

The suspension of the operations was due to longstanding delays and irregular payments in the charter party payments.     

“The suspension of FPSO Armada Perdana’s operations is sentiment negative but not entirely unexpected,” it said.

Maybank Research said Bumi Armada has faced difficulties in securing regular payments for this charter since FY16, a reflection of poor counter-party and communication risks.

“We understand that the decision to suspend the operations is to ensure that Erin Energy  improves on its payment situation. The bareboat charter/O&M payments are overdue by more than six/two months.

“The book value on this debt-free asset has been written down to near zero post its impairment exercise in FY16. For this, we now cut FY17-19 earnings forecasts / TP by 10%-13%/ 6%, removing the contribution from this FPSO from Wednesday,” it said.   
 
Maybank Research pointed out the underperformance of Bumi Armada’s offshore service vessels division, contract termination of FPSO Armada Claire and sale of Armada Perkasa are some of the setbacks that plagued Bumi Armada over the last 12 months.
 
“Following this development, Bumi Armada crucially needs a change of luck. Successful execution of its 4 projects in hand -- FPSOs Kraken, Olombendo & Madura and FSU Malta - is crucial to revive Bumi Armada’s flailing sentiment and reputation,” it said. 
TAGS / KEYWORDS:
Earnings , Analyst Reports , Oil & Gas

Read more at http://www.thestar.com.my/business/business-news/2017/06/22/maybank-research-expects-bumi-armada-to-face-knee-jerk-reaction/#MevgXw4r19fIG16J.99

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Re: Bumi Armada
« Reply #34 on: June 22, 2017, 10:53:23 AM »




 

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Bumi Armada active, falls 3.52% on suspending FPSO unit ops
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June 22, 2017 10:25 am MYT
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KUALA LUMPUR (June 22): Bumi Armada Bhd shares fell 3.52% in active trade at mid-morning today after it suspended operations on its floating production storage and offloading (FPSO) unit Armada Perdana due to longstanding delays in payments from Erin Petroleum Nigeria Ltd, a subsidiary of Erin Energy Corp.

At 10.01am, Bumi Armada fell 2.5 sen to 68.5 sen with 8.27 million shares done.

The suspensions on the bare-boat charter and operations and maintenance contracts were carried out by Bumi Armada's wholly-owned subsidiaries, Armada Oyo Ltd and Bumi Armada (Singapore) Pte Ltd, the group said in a statement yesterday.

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Re: Bumi Armada
« Reply #35 on: June 28, 2017, 02:21:31 PM »




 
主页 > 财经 > 国内 > 布米阿马达旗下 Armada Kraken成功开采原油
布米阿马达旗下
Armada Kraken成功开采原油
508点看 2017年6月28日
(吉隆坡28日讯)布米阿马达(ARMADA,5210,主板贸服股)旗下的浮式生产储油及卸油船(FPSO)Armada Kraken,于本月23日在英国北海的Kraken油田成功开采原油。

对此消息,布米阿马达执行董事兼总执行长莱昂哈兰德赞扬,这对该公司来是极为重要的里程碑。


“这是正面的发展步伐,因为我们不断通过Armada Kraken和其他三个浮式生产及营运船(FPO)项目,提高公司的现金流和营业额表现。”

配合上述消息公布,布米阿马达在今天早上9时起暂停交易,直到早上10时恢复交易,以75仙开盘,高开3仙或4.2%。


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Re: Bumi Armada
« Reply #36 on: June 29, 2017, 08:45:30 AM »




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Thursday, 29 June 2017
Armada Kraken seen as a boost for Bumi Armada

BY DANIEL KHOO

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“Achieving first oil on the Armada Kraken FPSO is an important milestone, as we work to deliver oil for our clients, Enquest PLC and Cairn Energy PLC, and work towards receiving the charter income for Bumi Armada,” Bumi Armada executive director and chief executive officer Leon Harland(pic) said in the release.
“Achieving first oil on the Armada Kraken FPSO is an important milestone, as we work to deliver oil for our clients, Enquest PLC and Cairn Energy PLC, and work towards receiving the charter income for Bumi Armada,” Bumi Armada executive director and chief executive officer Leon Harland(pic) said in the release.
 
PETALING JAYA: Bumi Armada Bhd expects the Armada Kraken floating production, storage and offloading unit (FPSO), which achieved first oil last week, to boost the performance of the company.

The Armada Kraken FPSO, located in the North Sea, achieved first oil last Friday, according to a press release by Bumi Armada. This was after some months of delay.

The international offshore oilfield services provider last week announced the suspension of Armada Perdana’s operations in the waters of Nigeria after longstanding payment delays from client Erin Petroleum Nigeria Ltd, a subsidiary of Erin Energy Corp.

Bumi Armada said the production rate would be increased in a phased manner, and the FPSO would be further commissioned for final acceptance.

Public Investment Bank said in a note that Bumi Armada had met the negotiated contract backstop date.

With this, the company will not be penalised further for not meeting the initial delivery deadline of April 1, 2017, Public Investment Bank, which reaffirmed an outperform rating with a discounted cash-flow target price of 90 sen, said.

The Kraken field, located in the North Sea’s East Shetland basin to the west of the North Viking Graben approximately 125km east of the Shetland Islands, has large heavy oil accumulation.

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The field contains circa 128 million barrels of oil equivalent of gross proven and probable reserves, with gross peak oil production expected to be at approximately 50,000 barrels of oil per day.

“Achieving first oil on the Armada Kraken FPSO is an important milestone, as we work to deliver oil for our clients, Enquest PLC and Cairn Energy PLC, and work towards receiving the charter income for Bumi Armada,” Bumi Armada executive director and chief executive officer Leon Harland said in the release.

“The Armada Kraken is the third out of four floating production and operation projects that Bumi Armada is starting up this year,” he said.

The Armada Kraken, Bumi Armada’s first heavy oil production facility, has the largest liquid-handling capacity in its fleet of 460,000 barrels of liquid per day.

This vessel also marks Bumi Armada’s entry into the North Sea as a production facilities owner, operator and duty holder, the company said.

“These are positive steps for the group, as we continue to increase cash flows and revenues from the four major projects that were under construction in the last three years,” Harland said.

UOBKayHian Research said Bumi Armada’s management will still need to clarify on the final acceptance date of the Kraken project, which could drag on to the second half of 2017.

It also noted that the first oil was within clients’ expectation of the second quarter this year.

“We are positive and expect this announcement to boost our share price closer to our fair value, as Kraken is the last among the four new floating projects to start operations in 2017,” UOBKayHian said.

The research house has maintained a “buy” rating on the stock with an immediate target price of RM1.01 per share.

TAGS / KEYWORDS:
Oil & Gas , Commodities , Stocks , Bumi Armada , Armada Kraken , FPSO , oil gas

Read more at http://www.thestar.com.my/business/business-news/2017/06/29/armada-kraken-seen-as-a-boost-for-bumi-armada/#RVTY8sThBWPpJLWI.99

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Re: Bumi Armada
« Reply #37 on: June 29, 2017, 12:16:47 PM »




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Thursday, 29 June 2017 | MYT 10:35 AM
Affin: Improving O&G sector growth

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KUALA LUMPUR: The recent correction in global oil prices may lead to lacklustre sentiment in the oil and gas (O&G) sector in the near term, according to  Affin Hwang Capital Research.

The research house said the O&G sector earnings momentum for the recently concluded 1QCY17 result season has been positive.

However, it believes that the market may have somewhat mispriced the fundamentals of oil prices due to over concerns on global supply glut.

Affin said the O&G sector led the charge with the highest contribution to 1Q17 earnings growth among KLCI constituent sectors under its coverage, and even ahead of the banking sector.

“Seven of the 11 stocks under our coverage posted results inline with our expectations, with the remaining 4 falling short of our expectations.

“Post the 1Q17 results release, we expect sector earnings to grow by 8% yoy in 2017E, followed by 11% in 2018E,” it said.

Affin said domestic contract flows have rebounded and it expected a better in second half of 2017.

“Encouragingly, total O&G contract flows in 1H17 amounted to RM10.3bil (as of June 20) as compared to RM4.7bil in 1H16, representing a growth of 1.2-fold year-on-year. On a qoq basis, contract flows grew 1.6-fold,” it added.

Affin has maintained its “neutral” rating on the O&G sector.

“We maintain our average Brent oil price assumptions of US$55 per barrel for 2017 (with year-to-date Brent price averaging at US$53 per barrel) and US$60 per barrel for 2018,” it said.

For sector exposure, Affin favours companies whose business models are more resilient to oil price fluctuations and fulfil its attractive valuation criteria.

“In terms of stock picks, we continue to like Bumi Armada (BAB MK, RM0.75, BUY) among large caps, and Petra Energy (PENB MK, RM1.13, BUY) in the small-cap space.

“We are also now adding our recent initiation, Serba Dinamik (SDH MK, RM1.92, BUY), a maintenance, repair and overhaul service provider with more than 50% of its revenue derived from Middle East as our preferred mid-cap exposure,” Affin said.

TAGS / KEYWORDS:
Oil & Gas , Bumi Armada , Serba Dinamik

Read more at http://www.thestar.com.my/business/business-news/2017/06/29/affin-improving-og-sector-growth/#4fFigrCkjJlI3FVE.99

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Re: Bumi Armada
« Reply #38 on: August 15, 2017, 07:02:57 AM »




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新合约没惊喜 阿玛达评级目標价维持
財经 最后更新 2017年08月14日 21时30分
新合约没惊喜 阿玛达评级目標价维持

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(吉隆坡14日讯)儘管布米阿玛达(ARMADA,5210,主板贸服股)获得俄罗斯卢克石油(Lukoil)总值5亿7600万令吉的工程设计、採购、施工、安装和调试(EPIC)合约,但分析员对此並不感到意外,原因是他们已將该合约纳入盈利预测,因此大部份分析员皆维持该股的投资评级和目標价,并静候该公司在本月底出炉的次季业绩再做调整。

布米阿玛达股价今日呈涨,全天上扬2仙或2.94%,收报70仙,成交量为380万3000股。

上週五(11日),布米阿玛达独资子公司--Bumi Armada Caspian LLC(BAC)公司和Lukoil签署一项协议,BAC將在俄罗斯里海的Filanovsky油田,负责挖沟和回填工程,并为后者铺设长约20公里的海底管道,总值1亿3400万美元(约5亿7600万令吉),预期在2018年下半年竣工。

JF艾毕斯研究分析员表示,布米阿玛达在囊获该新合约后,手持订单总额將从239亿令吉,增至244亿令吉,可支撑该公司浮动生產储卸油轮(FPSO)业务未来4至12年的盈利表现。

继续阅读,请往下滑

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另一方面,肯纳格研究分析员认为,获得该合约后,布米阿玛达可进一步巩固和Lukoil公司的关係。

他称,隨著布米阿玛达今年的折旧和减记下跌及运输和组装(T&I)合约增加,该公司的岸外海洋服务(OMS)业务料在今年改善。

「布米阿玛达和Lukoil公司2012年便携手合作,布米阿玛达將使用阿玛达Installer和阿玛达Constructor2艘油船来安装20公里的海底管道,而上述2艘船是该公司营收的主要来源,该合约在今年次季已开始投入运作,预计可在明年下半年完工。」

Kraken加强下半年盈利

他表示,继布米阿玛达上財政年末季註销7亿3300万令吉后,今年岸外海洋服务业务的盈利將可改善。他也预期,该公司在本月底出炉的次季业绩按季將会稍微改善,而下半年的的盈利则因为阿玛达Kraken的贡献而变得更加强劲。

与此同时,大马投行分析员补充,该合约相等于布米阿玛达现財政年运输和组装业务营业额的3.4倍,或许能提高该公司今明2个財政年盈利5%至7%。

由于此前大部份分析员已將此合约纳入盈利预测,所以他们维持布米阿玛达的目標价。

JF艾毕斯维持该股「买进」投资建议,目標价为91仙,而肯纳格研究则给予该股90仙目標价和「超越大市」投资评级。

另一边厢,丰隆投行分析员却说,鉴于Woodside机构提前终止合约和艾琳石油公司(Erin)毁约,导致该公司的股价欲振乏力,因此只给予该股72仙的目標价和「守住」评级。大马投行也同样给予「守住」评级,目標价为79仙。

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Re: Bumi Armada
« Reply #39 on: March 19, 2018, 03:53:01 PM »
http:// www .sinchew.com.my/node/1731474/转亏为盈.前景看好.阿玛达有望攫取新合约


阿玛达2017财政年末季成功转亏为盈,分析员普遍看好发展前景,尤其是旗下浮式生产储油船(FPSO)表现可期,有望攫取新合约。

(吉隆坡27日讯)阿玛达(ARMADA,5210,主板贸服组)2017财政年末季成功转亏为盈,分析员普遍看好发展前景,尤其是旗下浮式生产储油船(FPSO)表现可期,有望攫取新合约。

阿玛达2017财政年第四季转亏为盈,符合市场预测;不过,一如市场所料,该公司并没有派发任何股息。

MIDF研究相信,油气领域的上游勘探和生产活动前景乐观,料阿玛达的浮式生产及营运业务(FPO)将能从中受惠,惟离岸船舰业务(OMS)因为离岸支援船(OSV)供应过剩,而面对逆风。

丰隆研究则预计,阿玛达在新项目投入运作后,料能够为今年带来强劲表现,不过,Kraken的延迟,却可能会对股价造成影响。

联昌研究指出,阿玛达预计Kraken浮式生产储油船最迟可在2018年6月30日前获客户验收;由去年初开始,浮式生产储油船每日产油5万桶,与Kraken油田的产油量相去不远。





















联昌补充,阿玛达的Olembendo浮式生产储油船的首批原油在去年2月开采,因为设备更新问题,预计验收将延迟至3月。

联昌认为,由越南Hoang Long联合公司租用的TGT1租赁合约将于今年9月届满,相信租赁合约有望获得更新,最多可高达8年。

该行认为,在油田和周围油田表现强劲推动下,依然拥有高利润。

阿玛达截至去年杪,手握348亿令吉订单,其中223亿令吉属于稳定订单,剩余的则可选择性展延。

大众研究认为,除非离岸支援船供需出现显著转换,阿玛达的浮式生产及营运业务才有望攫取更多新合约或提高租船费用,如不,股价上升空间受限。

阿玛达管理层放眼在今年,能够让剩余的两个浮式生产储油船交货,并潜在在今年初获得新的浮式生产储油船合约。

财测分歧

艾芬黄氏研究认为,阿玛达的离岸船舰业务表现强劲,因此,上调今明两年的每股盈利预测,介于4.1至4.5%。

不过,马银行研究下调阿玛达2018至2019财政年财测,介于22至25%,归咎于TGT1盈利料走软、外汇亏损和更高的营运开支。
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Offline Teosh

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Re: Bumi Armada
« Reply #40 on: April 12, 2018, 01:46:49 PM »
Stock  [ARMADA]: BUMI ARMADA BHD 
Announcement Date  11-Apr-2018 


Substantial Shareholder's Particular:

Name  EMPLOYEES PROVIDENT FUND BOARD 


Details of Changes:

Currency  - 



Date of Change

Type

Number of Shares

 06-Apr-2018  Acquired  258,500 
 
Registered Name 
Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board 
 
Nature of Interest 
Direct Interest 
 05-Apr-2018  Acquired  402,200 
 
Registered Name 
Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board 
 
Nature of Interest 
Direct Interest 


Nature of Interest  Direct Interest 
Shares  Ordinary shares in Bumi Armada Berhad ("BAB Shares") 
Reason  Acquisition 


Total no of securities after change

Direct (units)  366,032,380 
Direct (%)  6.24 
Indirect (units)  0 
Indirect (%)  0.00 
Total (units)  366,032,380 
Total (%)  6.24 
Date of Notice  09-Apr-2018 


Stock  [ARMADA]: BUMI ARMADA BHD 
Announcement Date  10-Apr-2018 



Substantial Shareholder's Particular:

Name  EMPLOYEES PROVIDENT FUND BOARD 


Details of Changes:

Currency  - 



Date of Change

Type

Number of Shares

 05-Apr-2018  Acquired  794,900 
 
Registered Name 
Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board 
 
Nature of Interest 
Direct Interest 
 03-Apr-2018  Acquired  6,621,800 
 
Registered Name 
Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board 
 
Nature of Interest 
Direct Interest 


Nature of Interest  Direct Interest 
Shares  Ordinary shares in Bumi Armada Berhad ("BAB Shares") 
Reason  Acquisition 


Total no of securities after change

Direct (units)  365,371,680 
Direct (%)  6.23 
Indirect (units)  0 
Indirect (%)  0.00 
Total (units)  365,371,680 
Total (%)  6.23 
Date of Notice  06-Apr-2018 

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Offline Teosh

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Re: Bumi Armada
« Reply #41 on: April 18, 2018, 05:55:49 PM »
so this is why it drop today  :(
Bumi Armada gets notice from Erin Petroleum seeking shutdown of its FPSO operations


KUALA LUMPUR (April 17): Bumi Armada’s unit has received a notice from Erin Petroleum Nigeria Ltd (EPNL) about an alleged “force majeure event” and a request for an orderly shutdown of the operations of Armada Perdana, a floating production storage and offloading (FPSO) unit belonging to the group.

The unit, Bumi Armada (Singapore) Pte Ltd (BASPL), has also received a notice of seizure of goods from a third party, stating that crude oil product to be produced and to be stored on Armada Perdana has been seized or attached by a writ of attachment issued by a court in Lagos, Nigeria.

This is in relation to legal proceedings of which the Bumi Armada group is not a party, Bumi Armada said in a filing to Bursa Malaysia.

“The company had sought clarifications from EPNL on such notice of seizure/attachment of goods but EPNL has not responded to the company despite numerous reminders,” added the group. 

Bumi Armada said it is of the view that the force majeure declaration by EPNL is wrongful under the operational and maintenance services contract and the group is reviewing its legal options, including commencement of legal proceedings, against EPNL.

It added that the estimated financial impact of credit risk recovery for the group to the results for the financial year ending December 31, 2018 is about RM30 million.

Bumi Armada also maintained that the suspension of provision of services under the bareboat charterparty contract and operational and maintenance services contract remains in place.

In addition, it said EPNL is not relieved from its obligation to make full payment of all payments due to BASPL under the contract.

Since last June, Bumi Armada has suspended operations on Armada Perdana due to delayed payments from EPNL.

Shares in Bumi Armada fell 1.5 sen or 1.63% to 90.5 sen today, for a market capitalisation of RM5.31 billion.

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Offline Teosh

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Re: Bumi Armada
« Reply #42 on: April 18, 2018, 11:04:33 PM »
PublicInvest maintains neutral on Bumi Armada following 'Force Majeure' event

KUALA LUMPUR: PublicInvest Research said the negative newsflow for Bumi Armada Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png

 does not affects its earnings estimates and valuations for the counter as it had already excluded the affected contributions.

The research house maintained its neutral call on the counter with an unchanged target price of 90 sen.

On Tuesday, Bumi Armada announced that its operations on the FPSO Armada Perdana is to be shut down due to a Force Majeure Event.

Furthermore, the crude oil produced and to be produced and stored in Armada Perdana has been seized in relation to certain legal proceedings, but of which Bumi is not party to.

image: https://content.thestar.com.my/smg/settag/name=lotame/tags=Int_Business_Finance,Demo_Gender_Male_enr,Demo_Age_35to44_enr,Int_Automotive_Affluent,Demo_Age_55to64_enr,Int_Automotive,Int_Business_Finance_Investors,Int_Business_Finance_PersonalFinancing,all,Demo_Gender_Female_enr,Demo_AffluentAudience

According to PublicInvest Research, Bumi Armada's stand is that the Force Majeure declaration is wrongful under the Operational and Maintenance Services Contract, though it can also be argued
if that is applicable considering that operations have been suspended since June last year.

"Estimated financial impact of credit risk recovery to the results of the Group for the financial year ending 31 December 2018 is approximately RM30m.

"Most provisions (RM161m of receivables in 2015) and/or write-offs (in 2016) with regard to this particular FPSO have already been made in previous financial years, hence no material impact is expected should there be residual amounts."

https:// www. thestar.com.my /business/business-news/2018/04/18/publicinvest-maintains-neutral-on-bumi-armada-following-force-majeure-event/
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Offline pearl_white

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Re: Bumi Armada
« Reply #43 on: May 17, 2018, 03:13:08 PM »
https://www.timesofmalta.com/articles/view/20180305/opinion/Silencing-...

http://www.independent.com.mt/articles/2018-04-16/local-news/David-Cas...

https://www.nytimes.com/2018/04/17/world/europe/journalist-murder-malt...

Armada caught in Malta for corruption. Even NYT writes about it.

Offline pearl_white

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Re: Bumi Armada
« Reply #44 on: May 17, 2018, 06:16:38 PM »
https://www.timesofmalta.com/articles/view/20180305/opinion/Silencing-adversaries-Denis-Tanti.672389

http://www.independent.com.mt/articles/2018-04-16/local-news/David-Casa-says-he-will-not-reveal-source-in-order-to-protect-the-person-s-life-6736188182

https://www.nytimes.com/2018/04/17/world/europe/journalist-murder-malta-eu.html

Armada implicated in Malta for corruption / money laundering . Even NYT writes about it.

Offline pearl_white

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Re: Bumi Armada
« Reply #45 on: May 28, 2018, 02:15:06 PM »
Just wait for the Q1 report and we will show you the real Armada.

In the meantime, as to why EPF is accumulating, there are a few reasons. Mainly to screw the investors. But we'll leave that for another day.

http://www.business-standard.com/article/companies/malaysian-mogul-t-ananda-krishnan-to-lose-7-bn-due-to-failed-aircel-foray-118030100254_1.html

http://www.sundaytimes.lk/article/1036448/slt-ceo-dileepa-wijesundera-quits

https://www.bloomberg.com/news/articles/2016-09-24/india-issues-arrest-warrant-for-malaysian-billionaire-krishnan

Money must come from somewhere to plug the gap.

Offline pearl_white

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Re: Bumi Armada
« Reply #46 on: May 28, 2018, 02:15:59 PM »
Armada's projects will always achieve acceptance despite the delays. Any company in business will make sure that it will never fail. But that is not the issue with Armada.

Armada's entire FIRM (which assumes 100% acceptance) order book is RMxx billion. Armada's debt (short-term and long-term borrowings from financial institutions only) is structured against the FIRM order book of Armada. And as it stands now, the FIRM order book at its current EBITDA levels of RMxx billion is unable to cover Armada's debt. That is the issue. So questions will arise on the profit numbers.

You have to wait till Armada goes into the option period to enjoy the "free cash flow" scenario. And that is many years away. This is definitely a long term counter and price is "limited" in range for a few years!

And with various allegations from various countries, questions arise as to its ability to get contract awards. Since 2014, there has been NO CONTRACT AWARDS. Think about it why.

The truth about Zaba2 is that there is going to be no project. Even if there is, how would Armada get financing with what is said in paragraph 2 above? Additionally, if you have read CIMB's review on Zaba2's economics on Armada, it will only gain 5 sen! 5 sen from CIMB that listed Armada. They know things that it, apart from Maybank, that the other analyst don't know.


Offline pearl_white

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Re: Bumi Armada
« Reply #47 on: May 28, 2018, 02:16:55 PM »
CIMB - Caution over Bumi Armada’s possible bid for Nigeria FPSO

https://www.thestar.com.my/business/business-news/2018/04/30/caution-over-bumi-aramada-possible-bid-for-nigeria-fpso/

If it is risky for Armada, don't you think it is risky for ENI too? Do you think that ENI wants to proceed with the project?

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Re: Bumi Armada
« Reply #48 on: May 28, 2018, 02:46:17 PM »
CIMB - Caution over Bumi Armada’s possible bid for Nigeria FPSO

https://www.thestar.com.my/business/business-news/2018/04/30/caution-over-bumi-aramada-possible-bid-for-nigeria-fpso/

If it is risky for Armada, don't you think it is risky for ENI too? Do you think that ENI wants to proceed with the project?

Run on news?
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Offline Oly Shyte

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Re: Bumi Armada
« Reply #49 on: May 28, 2018, 07:25:34 PM »
Run on news?
Long time no see bro!  :clap: :thumbsup:
Disclaimer: Every "I EAT" thread created were totally owned by Oly Shyte based on personal observation. It does not represent any stock promotion, buy, hold or sell call and most importantly gathering followers. Please make your own decision wisely! - OLY Securities Research