Petrofac Share Discussion Threads

[bouleversee] 23/2/2019 08:46

Yes, I've just read that. Made me wonder and fear that they might try harder to pin somethiing big on Petrofac to restore their reputation and save their skins.

[wardy333] 23/2/2019 08:38

Front page of the Times today SFO struggling to sue anyone.

[knowing] 22/2/2019 16:22

I don't know but would appreciate Tony Blair's input on that topic

[randomwalker] 22/2/2019 16:19

Hopefully a sign the government is waking up to the realities of a post Brexit world and dealing with countries where corruption is the norm in order to survive.

[notimpressed] 22/2/2019 15:35

perhaps the serious farce office are closing the others to concentrate on pfc

[knowing] 22/2/2019 14:26

Wouldn't it be exciting if PFC was next

SFO closes Rolls-Royce and GSK investigations
Fri, 22nd Feb 2019 12:11

(Sharecast News) - The Serious Fraud Office has closed its investigations into alleged bribery at GlaxoSmithKline and Rolls-Royce, it said on Friday.

While Rolls-Royce has already paid a £497.25m fine probe as part of a deferred prosecution agreement, where the company took responsibility for corrupt conduct spanning three decades in respect of bribery and corruption to win business in Indonesia, Thailand, India, Russia, Nigeria, China and Malaysia, the SFO investigation led it will not prosecute any individuals associated with the company. having carried out further investigation, reviewed the available evidence and carried out an assessment of the public interest.

"After an extensive and careful examination I have concluded that there is either insufficient evidence to provide a realistic prospect of conviction or it is not in the public interest to bring a prosecution in these cases," said Lisa Osofsky, director of the Serious Fraud Office.

The GSK investigation focused on commercial practices by the company, its subsidiaries and associated persons, following accusations by China's Ministry of Public Security in 2104 that GSK of earnings billions of yuan illegally through "massive and systemic bribery".

[knowing] 22/2/2019 12:00

After Lufkin’s guilty plea, Petrofac said no current board member was involved. Petrofac, which has 12,750 employees, builds facilities for the oil and gas industry.

[pogue] 22/2/2019 10:33

That is a very pointless article. Digitisation and automation are driven by the vendors of the equipment who then try and get the clients to ask for it in the design that they want and EPC to do. The article therefore says PFC will do what the client tells them, nothing new there. This article tells me to buy Emerson shares though as it looks like a new generation of equipment is in the wings, or PFC more likely have just cottoned onto what the rest of EPCs are doing with automation.
hxxps://sekal.com/statoil-to-drill-the-worlds-first-automated-exploration-well-on-a-floating-rig/

[knowing] 22/2/2019 08:39

The company is positioning itself for the future

[ammu12] 21/2/2019 12:30

About to blow 4.5

[wardy333] 21/2/2019 12:18

Had to happen sooner or later £4.20p likely soon.

[eggbird] 21/2/2019 12:17

Looking strong again today!

[pogue] 20/2/2019 18:50

in a completely unrelated topic after 3 days of being relatively static the oil price clicked up again, pure coincidence obviously

[notimpressed] 20/2/2019 16:46

chunky UT @ 403.50p bodes well for tomorrow

[stevieweebie2] 20/2/2019 16:27

come on, close over 400 would be nice.

[knowing] 20/2/2019 16:06

Share price starting to look strong.

[ny boy] 20/2/2019 15:50

All good here, let’s see where the price is on the next contract news.
Also bought SBRY today, starting to accumulate there, opportunities abound if you look before Brecit etc.

[pogue] 20/2/2019 15:16

so it will go on the contracts FWEL won which proportionately will be a lot smaller as part of a large group hence can be ignored mainly unlike PFC.
Amec buying FWEL whilst knowing there was an investigation does not make a difference no contract Amec won in the past is effected just as no Woood contract is under investigation. FWEL were the ones dealing with Unioil.

[wolfhound1] 20/2/2019 13:50

*Potentially,

although Amec was bought in knowledge that allegatios were pending and WG is a much larger org than PFC (approx 5x no if employees from memory).

[pogue] 20/2/2019 13:39

FWEL is the company that is being investigated. They were bought by AMEC after the alleged bribery happened then Wood bought AMEC which means the fine proportionately will be a hell of a lot smaller.

[wolfhound1] 20/2/2019 13:28

...interesting that HSBC have held their buy rating on WG ( wood group), yet lowered PFC.

...given Amec acquired by WG last yr are in the same boat as PFC allegedly.......

..I thought the title "research" meant that you actually had to do some....."research" lol

[wolfhound1] 20/2/2019 12:27

...so current price reflects a fine that is 3XTimes bigger than the previous record fine imposed on RR of £460mn
- RR as a firm were charged by the SFO ( PFC as a firm have not been charged)
- MARKET CAP IS ABOUT 10 TIMES THE SIZE OF PFC
- RR t/o is 3 times that of PFC anf profits in $$bn
- RR were alleged to have been doing it for 30+ years and had (at time) no anti-bribery policy or procedures.

...just maybe the market pendulum has swung too far and will likely swing back soon IMHO


That pengulum has already been calibtrated by HSBC and uptick is 830p - 2 bagger , although I think that might be nearer to 1050-1250 range if SFO wrap it up at Lutkin and realise you cant take a prosecution against a man who Is deceased and no longer able to defend himself.

DYOR

[knowing] 19/2/2019 13:13

"We reach a potential range of implied fair values of 355-830p and estimate that up to circa $2.25bn in penalties and franchise impact may be ‘priced in’ to current valuations," the analysts said, revising their discount for the SFO investigation uncertainty in their valuation from 20% to 50% among other adjustments.

[notimpressed] 19/2/2019 12:54

shorts at 6.38%