Petrofac Share Discussion Threads

[shinnas] 04/6/2024 07:06

Where are doomsters

[tahmina1] 04/6/2024 06:52

Why restore the shares with no update? likely to nosedive. madness.

[dealy] 04/6/2024 06:49

we don't know.The restoration is simply removing the suspension that was put in place due to late reporting.

[bigboots] 04/6/2024 06:48

Still see equity being wiped out. Chance to sell and get something back

[mirabeau] 04/6/2024 06:30

restoration

has the company saved itself from the clutches of the creditors?

[hmgouda] 03/6/2024 08:24

It seems that the company serve the BOD and employees with lots of money in form of salaries. This makes them satisfied and don't care about shareholders.

[tahmina1] 03/6/2024 07:58

What makes it worse is to see the rise of competitors like Hunting and John Wood.

[ghhghh] 03/6/2024 07:33

I've asked the Company to clarify what i consider to be the two critical issues.

What happens if they stray below the $75m minimum? This sum does not appear to be secured in favour of the RCF/TL's so will they really invoke insolvency and go pari passu with the bonds.

Similar question re the 16th June deadline. Is this the RCF/TL lenders signing off on the posting of the required collateral from existing cash balances (over and above the $75m) or is there a requirement for fresh capital from another lender?

Appears to be the former so is it a case of turkeys voting for Xmas? PFC appeared pretty relaxed about the 16th June deadline. Either that or the FD is an idiot!

[halfpenny] 03/6/2024 07:15

Is this now the END!!!


Petrofac’s [LON:PFC] fall from grace has been gut-wrenching for shareholders. The energy service company has seen its share price plummet 97% even after the COVID oil crash. And when you consider that Petrofac generates billions of dollars in annual revenues, investors will be left scratching their heads, asking, where did it all go wrong?

The company recently announced they were unlikely to make a critical bond payment due in May and so shares were suspended pending these results.

Unfortunately for investors, the situation has not improved. The company reported a full year loss of $393m and are in discussions with the FCA seeking a reinstatement of trading in its shares. Once a well-regarded player in the energy services sector, Petrofac now finds itself in a desperate fight for survival.

Losses at the company have almost doubled to USD 400m. Revenue has also seen a decline, to the tune of about USD 100m.

[owan] 02/6/2024 19:53

Still sitting on a paper loss of 100K. Am still hopeful that a remedy can be found here. Asfari can’t be happy with his 16% stake. He could come up with the cash himself and demand a bigger share of the company. PFC on a perilous footing but we will find out soon.

[halfpenny] 02/6/2024 10:02

Will be All Over By Monday 17 June we will know the price some expect 6p or much lower !! As Shares are Sold to Raise Cash !!

Strange why they did not do a Market Capital Raise for £400k or higher earlier with future orders over 8 billion??

What happened to the Non-Core Asset Sales ?

Wow!! What a Fine Mess they got themselves into !!

Nobody else to blame sack the lot OR will this be an opportunity ???

Strange days ahead so just on side lines this time.

[general george] 01/6/2024 11:01

Informative write-up

hxxps://www.reorg.com/articles/petrofac-2026-senior-secured-notes-fall-10-points/

[owan] 01/6/2024 05:34

When the d4e has been agreed then we get rerate. High stakes could still blow up

[mj19] 31/5/2024 22:05

When does trading start again

[general george] 31/5/2024 19:14

Are you in the BH group ghhghh?

[owan] 31/5/2024 14:55

Bonds and pfc adr holding well considering

[ghhghh] 31/5/2024 14:37

Is it strange that the 'over the wall' ad hoc BH's still stuck at 41%? There must be some of the remaining 59% who would be prepared to lock in and perhaps contribute to the restructuring.

Is this because the bulk of the bonds are held by retail?

Must be a fair chunk held by the shorters?

Latest bond price is 25-27 cents.

[porsche1945] 31/5/2024 13:54

Bondholders will take this over and dump the assets, they have first dibs on it all, either way shareholders will be wiped out.

[investtofly] 31/5/2024 13:51

Asfari didn't become a multi millionaire by throwing his money away

[porsche1945] 31/5/2024 13:38

From over 10 quid 10 years ago to .10p today, no wonder buying U.K. shares is known in the city as “ the bug zapper trade “ 😂😂

[jaknife] 31/5/2024 12:02

Socionomics,

"I know most of you guys aren't his greatest fan, but JakNife appears to know what he's talking about, so I'm joining him in the RBG turnaround."

To be clear on RBG, I currently own zero shares!

I have participated in the recent placing, which was at 1p a share. However, none of the cash gets paid up (and hence the shares don't get allocated) until the Restructuring Plan is approved. At that point in time RBG should finally be a sensible investment as it will have ditched all its loss-making businesses and will be a profitable business.

JakNife

[dealy] 31/5/2024 11:50

2 and a half years ago they raised money at over 100p per share just to pay a SFO fine. Yet last year it didn't occur to them to raise c. 150m to avoid this debacle, or at least grease the wheels of a restructuring