PETALING JAYA: Analysts are expecting potential income overhaul for Bumi Armada Bhd, thus of its skimming, generation, stockpiling and offloading (FPSO) Armada Olembendo's first oil accomplishment on Feb 8 and along these lines, FPSO Armada Kraken, which is on station and safely moored at the North Sea.
In an examination report, UOB Kay Hian opined that the advance is in accordance with its desire and that the FPSO Armada Kraken's entry in the Kraken field in North Sea expels speculator worry of danger of further postponement and the related budgetary punishment charges.
"Despite the fact that Bumi Armada's final quarter of the money related year finished Dec 31, 2016 (Q4FY16) results (to be discharged end of this current week) could be powerless with potential hindrances, the predictable positive newsflow in the advance for the new tasks underpins its long haul re-rating, which is presently the point of convergence.
"We expect significant change in income and a multiplying of the gathering's benefit base in 2017," said UOB Kay Hian.
At the point when reached yesterday, Bumi Armada was not able expound promote on the gathering's income perceivability, as its money related outcomes have not been accounted for.The gathering likewise declined to remark on any merger and securing (M&A) or privatization arranges.
FPSO Armada Olembendo started creation at Cabaca South East field in front of calendar, while FPSO Armada Kraken is experiencing charging takes a shot at topside and subsea framework while finishing some recreation work.
In the mean time, FPSO Armada Kraken is focused to accomplish first oil in the secodnd quarter of the year.
To recap, Bumi Armada marked FPSO bareboat sanction and operation and support (O&M) contracts with EnQuest back in December 2013, which was esteemed at US$2.2bil for a long time with 17 yearly expansion alternatives.
FPSO Kraken can produce up to 80,000 barrels of oil for every day with 600,000 barrels stockpiling limit. In any case, AmInvestment Bank expects the gathering's Q4FY16 and Q1FY17 both to be feeble, as commitments from the two FPSOs would not have started yet.
"As reproduction of FPSO Kraken's turret zone pipework and association of the risers and umbilicals to the swivel stack is being attempted, Enquest's reconsidered first oil conveyance on Q2FY17 seems, by all accounts, to be on track, taking after deferrals of over a year.
"All things considered, we highlight that there may yet be specialized obstacles to mount as this is the first occasion when that Bumi Armada is working in brutal North Sea conditions," said AmInvestment Bank in a current research report.
Exchanging movement in Bumi Armada's shares has been on the uptrend since the gathering declared overhauls on FPSO Armada Olembendo and FPSO Armada Kraken last Friday, shutting 8.2% higher at RM0.725. Recently, the stock shut 0.7% higher at RM0.755, exchanged on a volume of 48.52 million shares.
No comments:
Post a Comment