Petrofac Share Discussion Threads

[ghhghh] 19/4/2024 07:37

Was

I'm surprised they are saying cash must be raised to repay $252m to the RCF/TL.

Why would they not have to take part in the D4E alongside bondholders?

Kepler think that they will but imo a bit messy because Bonds and RCF/TL are only pari passu in a wind up. RCF/TL's have first dibs on any cash raised and time advantage.

[armbar] 19/4/2024 07:32

In for another blue day :)

[wshak] 19/4/2024 07:22

I'm surprised they are saying cash must be raised to repay $252m to the RCF/TL.

Why would they not have to take part in the D4E alongside bondholders?

[dealy] 19/4/2024 07:20

it's crazy to assume that a company can get new credit facilities in April 2023 and that this entire amount can not be rolled or replaced in 2024

[loglorry1] 19/4/2024 07:10

Do Jefferies propose hoe new capital could be raised. The D4E is a given but how do they find the other $500m?

[topazfrenzy] 19/4/2024 06:37

Glad I make you laugh Whites, soon you'll be crying when this goes to 5p lol

[leoneobull] 19/4/2024 03:03

Interesting MW and GHG have gone, Astaris and Helikon have reduced. Is holding shorts too expensive, or do they see risks of PFC finding a solution that saves equity?

[ste2000] 18/4/2024 21:30

What mugs are punting on this, usual suspects i see

[dipa11] 18/4/2024 20:17

Https://www.meed.com/petrofac-awards-sub-contract-on-adnoc-carbon-capture-project

[dipa11] 18/4/2024 18:10

"Petrofac wins USD350 million services contract in Equatorial Guinea
(Alliance News) - Petrofac Ltd on Thursday was awarded a technical services contract with the national oil company of Equatorial Guinea, helping local staff to manage their oil and gas assets.
The energy infrastructure company with core markets in the Middle East and North Africa won a five-year USD350 million contract with Compania Nacional de Petroleos de Guinea Ecuatorial, or GEPetrol, to deliver technical services to the operation of Equatorial Guinea's regional Block B asset.
The contract draws on Petrofac services such as operations, maintenance, asset integrity, integrity management, marine services, well engineering, project delivery and supply chain services.
Petrofac will deliver technical services across onshore support bases, a floating production storage & offloading unit and a platform on behalf of operator GEPetrol.
This follows the company's initial scope supporting the transition of the asset from Mobil Equatorial Guinea Inc. Local staff and contractors will remain in their current roles and Petrofac will manage the contract from Malabo, the capital of Equatorial Guinea, supplementing support from its technical hub in Aberdeen, Scotland.
Nick Shorten, chief operating officer of Petrofac's Asset Solutions business, said: "We look forward to developing our relationship with the national oil company of Equatorial Guinea 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 & Hydrocarbons, said: "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."
Petrofac shares were up 0.9% to 22.80 each in London on Thursday morning."

[investtofly] 18/4/2024 18:09

Petrofac mentioned the BP and Equatorial Guinea contracts on their website but NO mention of any in Algeria

[wellbutpoor] 18/4/2024 15:58

Fund % short change Date changed
Astaris Capital Management LLP 2.53% -0.10% 16 Apr 2024
Helikon Investments Limited 2.55% -0.14% 15 Apr 2024

[dealy] 18/4/2024 14:45

In a takeover you dummy (takeover by stronger player)

[noramping] 18/4/2024 14:27

Dealy, issuing new bonds, yeah dead easy, they will be queuing round the block won’t they 😀

[armbar] 18/4/2024 14:26

Dealy this is not necessarily trueOften in M&A bonds can be assumed Often negotiated depending on the acquirer financial position Also depends on the original bonds conditions which we do not have , we have the RCF but not the bond conditions They could be doing a Dutch auction for them for all we know similar to Tullow

[dealy] 18/4/2024 14:01

By the way, just because the bonds would have to be paid back on a takeover (assuming this is true) it does not present a huge barrier to said takeover because those bonds could be rolled by the company (new bonds in, old bonds out). A takeover by a peer makes a lot of sense, most notably in the form of cost and market synergies. A company with a strong balance sheet would not have Petrofac's current liquidity challenges

[wellbutpoor] 18/4/2024 13:45

The MM's are keeping a lid on the share price in order to clear out the T+ Traders who piled in on the spike last week.

Most of them will capitulate, unable to make good their losses and remain in the game.

When they're finally cleared out and the Brokers have banked their profit, watch the action as the MM's take on the stock and move it on up....

[armbar] 18/4/2024 12:11

That has been coming for a few hours Good luck WBP

[wellbutpoor] 18/4/2024 12:10

Squeeze coming....

[fiscal cliff] 18/4/2024 11:52

Jak - you work from home?

[topazfrenzy] 18/4/2024 11:52

Nobody wants any of their assets nor any equity in this disaster of a company, thus no news whatsoever.

This company will be gone in a year. It's going to Zero. All the management is interested in is getting as much salary payments from it before it dies.

Get out while you still can lemmings.

[dealy] 18/4/2024 11:24

If I was on the board of Petrofac I would say to management: secure 3 methods to improve liquidity / operating headroom and present the 3 alternatives for decision by the BoD. "securing" means obtaining offers (not just ideas but actually agreements, subject to approval).One such alternative is: the bondholders are willing to agree to xyz.