Petrofac Share Discussion Threads

[jontyone] 29/4/2015 16:44

www.shetnews.co.uk/news/10552-workers-blame-petrofac-for-gas-plant-delays

[irnbru2] 23/4/2015 20:08

jontyone   22 Apr'15 - 10:19 - 4234 of 4238    0   0

I find the Shetland Times a useful read.
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What sort of idiot are you.

[edjge2] 23/4/2015 18:54

Oil on the up so maybe save pfc bacon!

[halfpenny] 23/4/2015 17:25

This maybe the Dead Cat Bounce so watch out tomorrow ...... Meowwwwww!!!!

[petes5] 22/4/2015 23:50

Not too difficult to deliver projects in the ME where its practically slave labour. However a different story in Europe. If they continue to expose themselves to high cost areas they will fail to deliver. Have been out of these for a while but keep watching, however I think I am now wasting my time.

[halfpenny] 22/4/2015 18:49

Maybe the SNP should buy Petrofac as both are losers .....

So how low will this one go, offers welcome....

[jontyone] 22/4/2015 10:19

I find the Shetland Times a useful read.

[irnbru2] 22/4/2015 08:11

"-Failure of one of our sub-contractors to deliver in line with their agreed scope."

Anyone know who this was.

Was it Stork?

[irnbru2] 22/4/2015 08:06

"- we intend to provide an update to the market on the status of the Laggan-Tormore project with our trading statement scheduled for 23 June 2015."

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Can not see the share price rising much until the update, as it could be more bad news.

[rocketblast] 21/4/2015 14:57

This company seems a mess, what bad news will they come up with next? Are they making any profit or just chasing revenue at any cost???

Tooooo risky at present.......

[meijiman] 21/4/2015 14:05

Much easier to sack people lower down the food chain. The present senior people were all appointed by one person -to whom supreme loyalty is paramount.

[haywards26] 21/4/2015 12:58

Hi Oilretire,

Yes I was meaning further up the chain at bod level. They are ultimately in charge of the performance, processes, systems and risks of the business. They at best issued misleading information to the market recently and also have been proven not to have full control of a key problematic project..

[rocketblast] 21/4/2015 12:19

May get dead cat bounce later this week but be aware and see what happened before with further bad news.....

Down, down, and further down.....

Too risky at this level......

[rocketblast] 21/4/2015 12:17

Looks like the overall trend is down I will stay away as too risky and we may even see the pervious low broken and down towards the bottom which would be a fair price in my view........ Oil price deemed to have caused huge problems .... Without senior heads who is to steal the ship.......did they sell there shares before leaving and knowing about the issues........

Short term down
Medium term down
Long term who knows how low

How can they refresh the leadership team in such short time...... Did they come from mars!!

[oilretire] 20/4/2015 20:02

Haywards, it seems some of the project related senior heads have rolled.... this was near the bottom of the release - but I guess you are meaning further up the chain?

As such, we have refreshed the site leadership team and further strengthened it with key members of our Sharjah-based OEC team

[edjge2] 20/4/2015 18:50

Oh well some will like the discount. Graph is quite jagged so par for the course up or down. A pain for those buying in the last few days

[haywards26] 20/4/2015 13:09

Surely senior heads should roll here for yet another profit warning and seemingly lack of control/oversight of such a significant contract...

[wad collector] 20/4/2015 11:54

Ouch there goes my gains...
a curiously frank admission . Doesn't mention any management taking responsibility and resigning though...

[speedsgh] 20/4/2015 10:54

Salpara - Agreed. Unfortunately i have indirect exposure to PFC's recent incompetence via Ithaca Energy (IAE) + their GSA development. It is going to take some considerable for PFC to regain the confidence of investors + that will continue to be reflected in the share price. Will be interesting to see if the dividend is maintained.

[salpara111] 20/4/2015 10:20

They have consistently failed to complete large contracts on time and cost.
I very nearly bought when they were on their way down at about £8 but just felt that there was too much execution risk in their portfolio and that it was going to be harder to win new orders with the oil price so low.
The shorters will be having a few glasses tonight!
Personally this is now uninvestable for me as I just dont trust their ability to deliver going forward.

[meijiman] 20/4/2015 09:20

It also raises questions as to their communications. A few years ago when everything was going swimmingly I think the management started to believe their own hype. Analysts all onboard and a big corporate love in ensued -forecasts doing the hockey stick. Clearly conditions are now much more difficult and hopefully going forward the company will have a less hubristic approach. In a way the company became absurdly over valued, which meant the fall was that much greater when forecasts had to be reined in. Clearly the main issue is oil prices but some damage seems self inflicted. Good post 1gw.

[1gw] 20/4/2015 08:57

This is one of the reasons the shares are so apparently "cheap". I think the market is losing confidence in the ability of the company to deliver around IES and offshore UK. It looks a bit as though they might have overstretched their capabilities in moving away from their traditional areas of strength into these areas. This was their opening comment in the 28th Feb results announcement:

"Having taken robust action to address the challenges we have faced on the Ticleni, Greater Stella Area and Laggan-Tormore projects, Petrofac enters 2015 in a much stronger position"

followed a bit later by

"Recognised a cumulative loss of around US$180(7) million on the Laggan-Tormore project and agreed a commercial settlement which should see us recognise no further profit or loss"

I will continue to hold for now, hoping that this is at least near the end of the bad news on project execution and that oil price recovery also comes to their rescue.

[meijiman] 20/4/2015 08:39

Yes, but as the ceo is a self styled genius it will all turn out well in the end.
At least this RNS has some humility and fesses up that we screwed up. Happens to all companies at times on contracts, and at least they will not go down this particular route again.

[topvest] 20/4/2015 07:58

Seem to have developed a nasty habit for bad news about a month after issuing the upbeat annual report. Didn't this happen last year?