Petrofac Share Discussion Threads

[tahmina1] 18/4/2024 09:58

topazfrenzy there are costs associated with negotiating contracts and usually many other bidders. WHY would a company sign up with PFC if it thought there was a risk it couldnt perform EVEN IF there were performance guaruntees? doesnt make sense to me

[armbar] 18/4/2024 09:48

Book looks good for a move up shortly sat at 22.82GL

[dealy] 18/4/2024 09:28

yeah, they just took the oder but have no intention of delivering....

[topazfrenzy] 18/4/2024 09:18

Contract wins without guarantees are not even worth the paper they are written on

The note holders and banks have this rubbish company by the balls ..

D4E IF you are lucky at 10p max

In the meantime keep buying lemmings!!

lol

[halfpenny] 18/4/2024 08:44

Too Little Too Late!!

Target 20p then 14p as Debt Issues Continue

[miena] 18/4/2024 08:29

dealy I think the question we should be asking is why did the Board want the share price down?
Was it to let shorts out? or perhaps to let someone new in? or was it both?

You do raise a good point though

[miena] 18/4/2024 08:13

New $300mil contract + BP have renewed... Surely they wouldn't be involved with a company about to go bust?

[dealy] 18/4/2024 08:00

Why on earth can't they do an RI to raise 200m, half of which goes to buy back bonds like Tullow did

[whites123] 18/4/2024 07:38

Press Release






18 APRIL 2024



PETROFAC SUPPORTING NATIONAL OIL COMPANY

OF EQUATORIAL GUINEA



Petrofac, a leading provider of services to the global energy industry, has today been awarded a Technical Services Contract by Compañía Nacional de Petróleos de Guinea Ecuatorial (GEPetrol), the National Oil Company of Equatorial Guinea, to support the operation of the region’s Block B asset.

Under the contract1, valued at around US$350 million over five years, Petrofac will deliver technical services across onshore support bases, an FPSO and a platform on behalf of GEPetrol, the Operator. The contract draws on Asset Solutions’ core services, including operations, maintenance, asset integrity, integrity management, marine services, well engineering, project delivery and supply chain services.

This follows Petrofac’s initial scope supporting the transition of the asset from Mobil Equatorial Guinea Inc (MEGI). Valuing local capability, staff and contractors that were previously in place will continue in various roles, retaining valuable expertise and knowledge of the assets. Petrofac will manage the contract from Malabo, supplementing support from its technical hub in Aberdeen, UK, sharing its extensive Duty Holder expertise.

Nick Shorten, Chief Operating Officer of Petrofac’s Asset Solutions business commented:

“We look forward to developing our relationship with GEPetrol further, collaborating to extend the life of the field to build a legacy of energy independence and sustainable growth for Equatorial Guinea.



“This award is an excellent example of our strategy in action: selectively growing our geographic footprint and driving value for our clients through late life asset optimisation.



“Africa is a key focus for our Asset Solutions business and we are pleased to build on our operations in Ivory Coast, Ghana and Senegal and Mauritania with this opportunity in Equatorial Guinea.”



Antonio Oburu Ondo, Equatorial Guinea’s Minister of Mines and Hydrocarbons added: “Our vision is to create a fully capable nationally-operated oil and gas company to manage our assets. Today, I am proud that our vision is becoming a reality.



“We will grow our economy through diverse partnerships and investment in our people. Combining our strong indigenous capabilities, with Petrofac’s global expertise and experience, we will deliver significant value for our country.”



Teresa Isabel Nnang Avomo, Director General of GEPetrol commented: “Today’s contract signing marks a key milestone in our journey to becoming Operator of Block B on 1 June 2024.



“We are excited to grow our partnership with Petrofac. By unlocking the huge potential of our indigenous national workforce, we will build with Petrofac’s assistance, an organisation for the long-term management and development of our country’s oil and gas assets.”



For the latest update on Petrofac’s review of strategic and financial options, please refer to the Group’s announcement dated 12 April 2024.

[investtofly] 18/4/2024 07:32

https://www.petrofac.com/media/news/petrofac-supporting-national-oil-company-of-equatorial-guinea/

[dealy] 18/4/2024 07:28

I just re-read the 1H results published in August. Back then, net debt was 560m usd and this was supposed to be reduced by 200m usd in 2H due to working capital improvements and collections of payments from legacy projects. Even that level of debt is manageable for a company with 4 billion of revenue (2025 revenue forecast). I simply do not understand why the bonds are valued so poorly.

[wellbutpoor] 18/4/2024 07:21

Well - there's no shortage of work out there....

Petrofac, a leading provider of services to the global energy industry, has today been awarded a Technical Services Contract by Compañía Nacional de Petróleos de Guinea Ecuatorial (GEPetrol), the National Oil Company of Equatorial Guinea, to support the operation of the region’s Block B asset.

Under the contract1, valued at around US$350 million over five years, Petrofac will deliver technical services across onshore support bases, an FPSO and a platform on behalf of GEPetrol, the Operator. The contract draws on Asset Solutions’ core services, including operations, maintenance, asset integrity, integrity management, marine services, well engineering, project delivery and supply chain services.

This follows Petrofac’s initial scope supporting the transition of the asset from Mobil Equatorial Guinea Inc (MEGI). Valuing local capability, staff and contractors that were previously in place will continue in various roles, retaining valuable expertise and knowledge of the assets. Petrofac will manage the contract from Malabo, supplementing support from its technical hub in Aberdeen, UK, sharing its extensive Duty Holder expertise.

Nick Shorten, Chief Operating Officer of Petrofac’s Asset Solutions business commented:

“We look forward to developing our relationship with GEPetrol further, collaborating to extend the life of the field to build a legacy of energy independence and sustainable growth for Equatorial Guinea.

[tahmina1] 17/4/2024 20:52

Jaknife yes sure that the contractors have insurance, but its a bit like saying , buy from xxx store as they offer insurance but have a terrible after sales record vs from another bidder who never have issues with after sales service but less impressive insurance policies. I just cant see any huge company like BP taking the hassle even with insurance.

[armbar] 17/4/2024 18:00

Roll on tomorrow :)

[armbar] 17/4/2024 17:59

I am not desperate NR and being called deluded well today at least I was not alone :) 18% swing and absolutely nailed it Wonder how the world future summit is going in Abu DhabiIs the season for awards noticed Adnoc awarded upper zakum few hours ago , PFC bid for it think Target Eng in country value winner , next up after they announce Algeria 1bn, Bahrain , PFC in the running for lower Zakum in country value But lets see Good luck all

[ryad123] 17/4/2024 17:46

Not a dull moment with this share, take your dog for a walk and there you have it 15 to 20 percent daily fluctuation, the BOD have done a great job at causing confusion with terrible communication, even at these "low" price it's still looking like a throw of a dice whether one is short or long.

[topazfrenzy] 17/4/2024 17:26

Those with brains would be getting out on this kind of pump

STRONG SELL

[wellbutpoor] 17/4/2024 17:10

Increased overnight rental of short positions will be hurting now....

Once all last weeks T+ traders have been taken out of the game, look to the short squeeze straight through 30p....

[fiscal cliff] 17/4/2024 16:48

GeckotheGlorious. Look up the meaning of condescending. After you've done that, try irony.

Have a great evening.

Cliff.

[dealy] 17/4/2024 16:40

Not a bad day

[geckotheglorious] 17/4/2024 16:14

Fiscal Cliff
Post 39854
I agree with one or two other posters who find you condescending. The last paragraph of your recent reply to dealy warrants an apology. How do you know he (or she) isn't an accountant or experienced in insolvency matters?

Because it is obvious Dealy isn't an accountant experienced in insolvency matters!!!!!

Just read their posts