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PFC Petrofac Limited

-0.32 (-1.16%)
Last Updated: 15:03:35
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Petrofac Limited LSE:PFC London Ordinary Share GB00B0H2K534 ORD USD0.02
  Price Change % Change Share Price Shares Traded Last Trade
  -0.32 -1.16% 27.26 1,840,090 15:03:35
Bid Price Offer Price High Price Low Price Open Price
27.28 27.48 28.80 27.26 28.04
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil & Gas Field Services,nec USD 2.59B USD -310M USD -0.5996 -0.46 143.62M
Last Trade Time Trade Type Trade Size Trade Price Currency
15:04:09 O 29,097 27.48 GBX

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Date Time Title Posts
16/2/202413:23Lodgeview must be right5
19/1/202407:58Any targets8
14/12/202208:46*** Petrofac ***247
22/10/201621:17Analysts' Viewpoints on Petrofac (PFC)-

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Petrofac (PFC) Most Recent Trades

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Petrofac (PFC) Top Chat Posts

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Posted at 29/2/2024 08:20 by Petrofac Daily Update
Petrofac Limited is listed in the Oil & Gas Field Services,nec sector of the London Stock Exchange with ticker PFC. The last closing price for Petrofac was 27.58p.
Petrofac currently has 517,000,000 shares in issue. The market capitalisation of Petrofac is £143,622,600.
Petrofac has a price to earnings ratio (PE ratio) of -0.46.
This morning PFC shares opened at 28.04p
Posted at 29/2/2024 08:32 by whites123
The prevailing silence is appreciated, indicative of the company's current commitment to exemplary compliance standards. The past turmoil with the Serious Fraud Office (SFO) has solidified an assurance that there are no clandestine activities associated with PFC. Acknowledging the shareholders' eagerness for information, particularly positive developments, it is emphasised and anticipated that such updates will be forthcoming.

Addressing the unfounded predictions of doom from short sellers last year, including baseless notions of PFC facing liquidation, it is recognised that such fear-mongering may have led retail holders to make decisions based on misinformation. PFC responded robustly, announcing multi-billion-dollar deals, followed by additional multi-million-dollar agreements. The company communicated the reception of legacy payments, a strategic focus on securing cash payables, and an exploration of various avenues to enhance financial performance. Notably, there was no mention of the Debt for Equity (D4E) option, and the absence of urgency was highlighted, as repayments are not imminent, and no covenants have been breached.

Reassurance was further strengthened by positive press reports from industry giants like BP expressing eagerness to fortify their ties with PFC. Positioned strategically in the Middle East, where financial resources abound, PFC aligns well with the requirements of its partners.

Three months have elapsed since the unsettling speculations emerged of impending doom with further gusto.
Instead, there is a tangible opportunity for a substantial short squeeze. The latest data from short tracker platforms indicates fluctuations, with one short-selling bucket house increasing its position last week while another has further reduced theirs. The stock price has displayed resilience, maintaining a range of 28-30p.

While the idea of rallying small retail investors to stimulate a rise is enticing (Pump), the anticipation leans towards the company unveiling additional contract awards. The forthcoming update is expected to deliver positive news, encompassing received legacy payments, milestone achievements, potential sales of non-critical assets, and an optimistic projection for the company's future.

Buy Low to reap the BIGGEST Rewards
Posted at 23/2/2024 12:39 by whites123
The current trend suggests that the stock price is stabilising in the range of 28-30p. Despite low trade volumes, it seems that the short positions held by bucket shop gambling houses, are not eager to increase their positions. These shorts, representing 11.5% of the total shares, appear to be more of a risky gamble for them, given the lack of enthusiasm to add more.

One notable reduction in short interest, accounting for a mere 0.08%, came from Helikon Investments in St James, London. However, this seemingly small reduction equates to over 413,000 closed-out positions. It's worth noting that these bucket shops will face losses as the stock price rises. Some of them may have initiated short positions when the share price was lower, resulting in potential losses from their original entry prices. Additionally, any shorts taken out during the days when the stock was priced at £1.00 will diminish their profit margins unless closed out.

Looking forward, the possibility of a significant price surge is suggested, particularly with potential contract news on the horizon. Despite concerns raised by shorts about the company possibly breaking covenants, there has been no adverse development in the past three months. Instead, the stock price has strengthened from around 15p to nearly double that amount. If retail investors become more optimistic about the prospects of the company, a substantial short squeeze could unfold.

Posted at 22/2/2024 08:56 by whites123
Some of us are in touch with PFC IR, and for those who aren't, you're not missing much. Since the SFO fiasco a few years back, PFC has not only stepped up their game but is setting the standard for compliance.
Sure, trade volumes are down, leading to higher volatility, but PFC seems content around the 28-30p mark. Personally, I think it should be triple or quadruple that, but there are spread betters at £10 per point who seem to think the company is bankrupt – utter nonsense.

Calls for PFC to clarify their cash position are unnecessary. If there were any risks to covenants, the market would know.
The contracts they're winning are top-notch, their technology is cutting-edge, and global heavyweights are lining up to do business with them.
Takeover talk is always in the air, with Middle Eastern powerhouses eyeing PFC. Strategic joint ventures and non-crucial asset sales are possibilities, and legacy payments are rolling in. Milestone payments are on track, and there are various financing strategies to stabilize things.
The notion that D4E is to be used and would decimate the share price is a foolish belief.
The 11.5% shorts held by bucket shop entities are more of a gamble than a sign.
The world is demanding PFC's services, and like a phoenix, they will rise again.


Buy Low To Reap The BIGGEST Rewards
Posted at 09/2/2024 15:16 by armbar
The order backlog $8bn will start to turn to revenue and cash 2024 Plus the $62bn pipeline to be awarded next 18months , a hit rate of 25% equals $15Billion Share price 2011 £16.00 maxShare price 2024 £00.29Market cap 149M Dividends in 2017 £00.27 :)PFC Revenues 2022 $2,5912021 $3,0382020 $4,0812019 $5,5302018 $5,8292017 $6,3952016 $7,8732015 $6,8442014 $6,2412013 $6,329. 2012 $6,3242011 $5,801. Could be one hell of a turnaround Major shareholders will be thinking what is our best choices to max our holdings
Posted at 09/2/2024 12:01 by armbar
selling SOME of a non core to raise cash is in the bond holders interest Why , as it supports Petrofac short term requirements , supports PFC financial health and therefore their long term bond commitments and the interest payments that is what the BH interest is.Petrofac closing out 5 of the 8 legacy contracts end of 2023 early 2024, equals cash , how much , typically stage payments 10-15% on commissioning handover end of projects , plus we know extras on Thai Oil equals X Considering selling SOME non core , notice the SOME , leaves a gap of XActive discussions on non controlling stake , could be equity or a share profit on day TenneT contract or a division100M as stated by PFC will come into the life of the contractWill the likes of Apollo, Andoc or the likes of Abu Dhabi bank loan to PFC with a 8bn backlog to cover short term requirements , they will have clarity on asset sale, , legacy, order 8bn backlog , 62bn pipeline, see the horizon and future cash flow, so why wouldnt you based on what we know let alone them.Do PFC have ME connections - Yes Is PFC intrinsic to Uae , in country value and to Adnoc - Yes Will bond holders approve , these are not due to Nov26 BTW but solving the challenge is in their interest and the BOD and major share holders Who are the BOD, founder Aymam Asfari, associates , Azvalor who are major shareholders over 30% interested in , likely themselves Will MBO/JV/TO now look attractive to some - Probably JV/TO/Extend RCF/ Keep or refinance bonds
Posted at 08/2/2024 09:42 by whites123
The price seems to have settled around the 30p range or thereabouts. It's evident that significant holders are holding onto their shares.
There are clear limitations/restrictions on upward movements, as indicated by the rise in short positions. Every time the stock price appears to be making substantial gains, it faces additional pressure from short positions initiated by the Bucket Shops who are shorting. These Bucket Shop shorts hope to capitalize on any absence of unexpected positive news.

By increasing their short positions and then the share price having a sustained rise in the stock price, these traders inflict losses on themselves as the new short positions quickly turn into losing positions. This strategy diminishes the gains from their previous short positions.
However, it's important to note that investing in PFC is not solely focused on countering short positions and engaging in tactical games. Instead, it's about discerning through the constant negative commentary circulating here regarding banks pulling the plug and bond holders seeking payment, even though no covenants have been breached, and full payments are not due for almost three years.

Investing in PFC is about recognizing its potential for significant growth. With its expertise in carbon capture and green technology, PFC stands as a leader in these emerging fields. Recognized by major global players and governments worldwide, PFC, if it were a startup, would be the buzzworthy company. Despite its long history and past challenges like the SFO investigation, it is currently underappreciated, attracting attacks from short-sellers like a pack of hyenas.

To achieve substantial profits, it's crucial to see through the fabricated stories spread by those likely holding short positions and rely on verifiable, regulated facts. The official company announcements paint a picture of a firm securing world-class contracts and establishing a database of reputable companies eager to do business with them, resembling a who's who of the industry.


Buy LOW To Reap The BIGGEST Rewards
Posted at 07/2/2024 09:32 by whites123
Frankly, the way the term "Bond Holders" is thrown around as if they control the company is amusing. While bondholders do have a higher rank in terms of assets in the event of a company failure, they don't have a say in negotiating or determining a Debt-for-Equity (D4E) arrangement. In any case, a D4E is unlikely to occur. The company is actively improving its liquidity, addressing legacy payments, and securing guarantees through organic means. Notably, influential figures regularly visit PFC, countering the misguided narrative. The dip in share prices is primarily due to shorts from dubious sources, and even with the recent Fitch downgrade, the stock maintains a B- rating. While economic downturns "could" pose a risk, PFC asserts that its order books and contracts remain robust and are continually strengthening. As for making financial predictions for 2024 (as some may unwisely attempt), let's focus on navigating through the actual year first.
It's crucial to grasp the concept that loans and bonds haven't reached their repayment deadlines. No covenants have been breached, and cash is pouring in abundantly, for those who might need a reminder.

Posted at 06/2/2024 16:27 by whites123
The current short position on Petrofac is notably the largest among listed UK stocks, nearly twice the size of the next highest shorted stock. Those holding short positions include a notable roster of speculative investors. The financial records of these short sellers are accessible online, and it is conceivable that a reversal in Petrofac's share price could put some of these entities at risk of serious financial strain, potentially leading to insolvency.

The short attack has led to a significant decline in Petrofac's stock price from £1.00. This drop has occurred despite Petrofac having almost a year before loan repayments are due and maintaining compliance with all covenants. Short sellers can freely disseminate potentially misleading information without facing consequences, creating a climate of fear among retail shareholders.

Meanwhile, Petrofac is executing sound financial strategies. Legacy payments are being collected, guarantees are being provided, and the company is securing new contracts, including prestigious multi-billion-dollar agreements with globally renowned companies. Petrofac is also at the forefront of green carbon capture technology, recognized as a leader in the industry.

Despite the challenges posed by the short position, there are positive indicators for Petrofac's future. As short positions start to close, an improved share price is expected, leading to a sustained upward trajectory. The potential for a short squeeze, while not guaranteed, remains a hopeful prospect. Investors are optimistic about Petrofac's promising developments and the possibility of a significant improvement in its share price.


Buy low to reap the biggest rewards.
Posted at 30/1/2024 15:32 by jaknife

The other "options" are not real options they are pie in the sky.

The fundamental issue is that PFC needs to raise a wedge of cash. As I have pointed out numerous times the market believes that that number is $450m:

There is no point discussing joint ventures, for example, that have simply been conjured out of thin air as a theory. Bondholders/Banks would need to approve of any significant disposal and they're not going to agree to one that reduces their security.

An MBO would trigger the change of control clause in the bank and bond documents meaning that the bank and bond debt would be immediately repayable! That means that an MBO would cost an acquirer $250m (banks) + $600m (bondholders) + $220m (equity at current share price) = $1,070m!

I know that you think that PFC is worth oodles, because it's going to win masses of contracts and make squillions, but the facts are that PFC is going to lose $13m in 2024 and, at the moment, the bank's timeframe for PFC doesn't extend beyond October 2024!

Posted at 30/1/2024 12:53 by jaknife

"Does anyone really think PFC would be getting all these contracts, especially renewals, if customers weren't satisfied and if they thought they were going to go bust?"

You do understand that Petrofac's contracts include a specific provision for a bank guarantee to protect the client in the event that PFC does go bust? In consequence the client doesn't need to think about whether or not Petrofac is going to go bust - if Petrofac does go "pop" then the banks will compensate the client.

However, the problem is that the banks are no longer happy with Petrofac's credit:

A. They want PFC to repay $252m of bank debt back by October this year, and

B. The banks are refusing to provide the guarantees that PFC desperately needs in order to write the contracts with its clients. Specifically for the last two guarantees that the banks provided PFC had to provide cash collateral to the banks:


Clearly that's not sustainable in the long run, which is exactly what PFC's CEO, Tareq Kawash, said on the conference call that morning.

Petrofac's bigger problem is that it doesn't have the $252m to repay the banks in October AND it's forecast to make a small loss in 2024 of c. $13m and so it's not going to have that $252m by October.

And the credit rating agency Fitch, estimate that PFC will only realise $60m of cash from non-core asset sales in 2024:

Meanwhile the wider market thinks that Petrofac has a $450m funding need comprising the £252m that the banks want as well as $200m for working capital:

Is it not obvious why the hedge funds are shorting PFC?

Petrofac share price data is direct from the London Stock Exchange

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