ARMADA We entered our position in this stock in mid Dec 2016 (around 0.61) based on the fact that prices have overshot fundamental valuation. Big losses were expected to erode the NTAB per share, but our view was that this had been heavily discounted in the share price. In addition, there was expectation that 3 of the company FPSOs were en route to clients oil fields for oil production, storage.

Fast forward to now, 2 of the FPSOs have reported start of oil extraction, and a humungus loss which brings the NTAB per share to 0.94.