Petrofac Share Discussion Threads

[wolfhound1] 26/4/2019 13:02

Drop is wider market sentiment and going ex div - compare to wood group (down about 8-10 % for last few days) and clear it is market sentiment.

One piece of good news and watch it rachet up, Saudis seem to be saying they will not rachet up production once iran restrictions kick in next week

I can see share price back above £5 in short order.

[halfpenny] 26/4/2019 12:19

PFC is a high Risk and any BAD news will have a snowball effect which may result in the £3.50 support level broken resulting in even lower levels being hit. Lets see....

[pogue] 26/4/2019 11:30

Nothing much has changed with the risk though. The loss of a contract in Iraq has dropped the price but that drop is now over as it started rising with the oil price on Monday, oil dropping again today so we have a drop.
I will take a huge risk and say on Monday if the oil price rises so will PFC and vice versa what does the chartist view hold for Monday?
By the way bad news came in Feb the price dropped to £4 why is this news worse?

[ny boy] 26/4/2019 11:27

VK, no it dropped yesterday as that was ex div day

The important support is 445p, reds to hold this level, too early to buy/add yet imo, especially if oil prices start to come down off.

[xtomo] 26/4/2019 10:47

I'm surprised buywell has any time at all, going by the number of posts across all the many boards he has "expertise" in.

[vk74] 26/4/2019 10:39

Guys when was the ex dividend date? Yesterday?Does that mean the price is down because of that?

[halfpenny] 26/4/2019 10:15

PFC is still a high risk with known investigations BUT wot about the unknown investigations still to come out!!!

Charts are not the answer but an indicator to what happens when BAD news is delivered!!

Still Risky with a probability of hitting a £3.50 or lower price support.

[pogue] 26/4/2019 09:08

I have never got that close to the payments system to be honest, umble engineer, only know through the consequences and conversations with financial side people socially.
If payments stop the work stops had that in Russia when the client was paying monthly, as nobody trusted them to pay, when it stopped one month we stopped working when they restarted payments work recommenced, guess that is the standard for dodgy payers.
Flip side... on the vendor side a large Italian manufacturer of oil field equipment usually losses the last 10% of payment on an order, seen it happen twice, as they never complete the documentation requirements on onerous documentation requirement projects. Problem is they are the goto supplier for this piece of kit so usually get the order and they charge knowing they will not likely receive the last 10%. Last time I was there trying to get the certificates I was told 1st day that the equipment works and you have what you need you wont get anything else. 1 month later of trying to get the documents I left Italy empty handed, they never got the last 10% but did not seem too bothered as no one helped me in the entire month I was there hunting the documents in their massive documentation department. Thus a way round getting your money when you know there maybe problems later in the project, perhaps contractors price similarity, if they win then they are covered if they lose because they are too high then they will figure they have dodged a potentially loss making job. Some contractors mind you in desperation to get work will actually bid below cost on fixed price jobs and screw the client on change orders which there are always many as no FEED is ever perfect. Italian contractors have that down to an art form they have to as they cannot lay off workers like other countries due to the labour laws so need to maintain high fixed costs so have to keep the workers working no matter what.

[d1nga] 26/4/2019 08:53

although only small contracts business with Iraq continues

[epo001] 26/4/2019 08:33

Interesting take on Iraq, bribery and the Americans, pogue.

Quick question about dealing with these corrupt countries as you've given it some thought. How do contractors ever get paid? If things are so corrupt wouldn't Iraq or whoever simply give you the finger on completion? I'm guessing staged payments and being vital to ongoing work but I'm also guessing that no supplier ever gets their final invoice paid.

[pogue] 26/4/2019 08:21

So nothing that is not known and you have no other information on it to support your case just speculation and a random number picked from the air, sorry a chart.
May as well toss a coin if that's your way of investing in oil. Charts are pointless as the oil price is the main driver which is driven by random political acts, particularly so with Trump in power.
Let me give you something on the Iraq contract loss. Iraq is 168th out of 180 countries on the world corruption index, hxxps://www.transparency.org/cpi2018, equal with Venezuela and 30 places worse than Russia if you believe for one minute that the reason they lost the contract was because they had a history of corruption then they would not be allowed to bid anywhere in the world which they clearly are it is very obvious to win any contract in Iraq you need to 'manipulate the system'. There are more obvious reasons for them losing to list a few randomly
Another bidder bribed bid committee to get PFC of the list
PFC did not bribe enough
PFC did not bribe at all
American interference in the bid to remove non American companies, any oil country America bombs to hell is always rebuilt by American contractors oddly
Many other reasons personally I favour the last one but then I have worked in the industry for all my life and read about it constantly something you don't if you are looking at charts to get inspiration.
Dont take it personally the rampers pick random numbers too, I am bored with asking them. I am looking for information to make investments you cannot help it would appear.

[halfpenny] 25/4/2019 13:37

already issues with IRAQ and others may be in the pipeline. Investigations ongoing so its risky and last year investigations still not closed.... £3.50 or less is a good supporting price level, see chartist... read the newspapers...

[pogue] 25/4/2019 13:34

Not seem a deramper here for a while makes a change from the rampers so I will bite and ask the obvious question what bad new in particular?

[halfpenny] 25/4/2019 12:59

PFC must now be a dead cat bounce, can't see this one holding with sooo much bad news in the pipeline.... is the low £3.50 or less... meeeeoooowww!!! When it falls its very quickly, lets see....does the cat live or fall..

[killman2] 25/4/2019 11:09

...announcement imminent...?

[warranty] 24/4/2019 23:00

I'm more worried about the recent Iraq withdrawal and what effect that could have elsewhere and on existing contracts. The SFO inquiry issues are well known and must have been at the time negotiations commenced so why decide to pull out now?

[wolfhound1] 24/4/2019 15:36

Well said HG.... best indication of what may be happening below the surface and hopefully will result in a nice bounce once it surfaces.

[highly geared] 24/4/2019 09:06

I think the chunky buys by directors in recent weeks speaks as much as all the general media ‘noise. Whilst nothing’s certain , it is reasonable to think they have a good handle on where the business is going and in particular, the range of possibilities in respect of the SFO investigation.

[newtothisgame3] 24/4/2019 07:58

Strikes averted for #Petrofac staff on @BP_plc platforms: @unitetheunion @uniteoffshore #PFC

[newtothisgame3] 24/4/2019 07:58

Strikes averted for #Petrofac staff on @BP_plc platforms: @unitetheunion @uniteoffshore #PFC

[newtothisgame3] 24/4/2019 05:57

#ENQ #PMO #TLW #PFC #CNE
North Sea explorers get boost as US clamps down on Iran oil exports

[bouleversee] 23/4/2019 14:03

Only beginning, 5%?

[cinquepercento] 23/4/2019 13:16

Yes,I hope that you get to the bottom of all this bouncing "prefects" and ascending channels ...business.

I am beginning to think, that all these stories about boarding schools, are actually true! :-)