Petrofac Share Discussion Threads

[gozzy88] 16/12/2019 13:14

From April last year ??

[paa65] 16/12/2019 13:11

The last two Decembers PFC has issued it's full year pre-close trading update on the 18th and 14th.So I'm expecting it this week.I'm concerned that they've not announced a really big contract win for 9 months now, with backlog and revenue falling.So if it gets near 410 today I'll be unloading a few to reduce exposure.

[11_percent] 16/12/2019 11:32

Making an other run at 410p....lets see if we can get through it and get another spike.

[notimpressed] 16/12/2019 08:04

timmy11 are you having problems with hl account timeout.
my account logs off if no activity within minutes even
though my timeout preference is set set to max- 1 hour

[oohrogerpalmer] 13/12/2019 18:11

Yeah, couldn't log into my AJ Bell account & exactly the same couldn't sell until later in the morning.
Not coincidence but what can us PI's do !!!!

[timmy11] 13/12/2019 16:47

did anyone else have a problem trying to trade when the shares were high
hl were a real problem ,couldnt sell... until share price came back down ...

[killman2] 13/12/2019 08:48

cry havoc, and let slip the dogs of war...

[killman2] 06/12/2019 08:13

well that's 5 years moratorium on their price movement upwards...has the SFO got enough staff...possibly move personnel from the PFC investigation...:-) shorting seems good now...

[notimpressed] 03/12/2019 17:01

not the shorters, trump is the problem

[11_percent] 03/12/2019 14:45

Looks like the shorters going for it???

[scooper72] 30/11/2019 13:30

I've started reducing my holding just to be on the safe side, As I had PFC as about 9 percent of my ISA and SIPP. These days feels good to be a bit more cautious. And will start buying again if it seems confident about bouncing off the recent lows.

[11_percent] 30/11/2019 11:47

Yup.....exactly what I am thinking...……...however, holding off.....it might go lower this time...….as shorts are increasing......they will want this lower....

Support might not hold this time...….

[warranty] 29/11/2019 17:28

Back to the lows again. If I was a trader I might think about buying some more for the up tick!!

[11_percent] 27/11/2019 14:26

Bit of a tight trading range.

[wolfhound1] 26/11/2019 18:09

I think PFC can sit on its hands and say nothing for now....i suspect Lufkin may have rolled over on the Unaoil guys, post his admission they also fessed up, coincidence....and as yet he has not been sentenced some 9/10 months later...... some type of plea deal for rolling over perhaps ???

[demo trader] 26/11/2019 13:55

Despite this Barclays has 600p target, says overweight.

have none

[pogue] 26/11/2019 12:34

There are many things we don't know and I cannot believe the case is that simple I hope it is as I still have a rump holding here but I am not expecting PFC to get off scott free but don't think it will be a massive fine either. If PFC try and stitch up Lufkin as the only guilty man he may decide he has more to tell. Pure supposition off course but that is my gut feel on this as we don't have all the evidence to base a complete answer on and probably never will. Lets see how it plays.

[wolfhound1] 26/11/2019 10:37

@pogue, I believe there was an attempt to link the former CEO now deceased but that is hearsay in absence of any hard evidence, It doesn"t matter what i believe TBH, what matters is the paper trail and what can be proved (from independent law firm review -no evidence of PFC paying bribes), As it stands Lufkin has pleaded guilty, as have Unaoil, former CEO has passed away .... 3 years have ticked by and nothing new... seems Unaoil case is due Jan 2020 and I suspect that has to wrap up before this can be closed IMHO

[pogue] 26/11/2019 10:13

warrenty
other companies are being investigated FWEL, now part of Wood Group, being one. FWEL probably didn't pay money to the Tory party though, I presume, so not newsworthy of the left wing biased Guardian.

[pogue] 26/11/2019 08:23

You genuinely think Lufkin was solely to blame? Really? If backed into a corner I suggest he may turn very nasty.

[wolfhound1] 25/11/2019 23:03

I wonder do Petrofac have a potential lawsuit against Lufkin and Unaoil.... both have pleaded guilty to making bribes and if a law firm couldn't find evidence in Petrofacs accounts then I presume they (Lufkin+ Unaoil in collusion) must have inflated commissions to Unaoil to onward pay bribes... that would give a strong case that they dressed up Unaoil commissions to include the bribe, as Sales director and agent Lufkin and Unaoil could have managed that without the rest of Petrofac being any the wiser and would also have circumvented any internal bribery controls.....

[warranty] 25/11/2019 20:30

Yes but according to the article Petrofac were only one of 27 company’s believed to have colluded with Unaoil so what about the other 26 and if as the article states, two sets of accounts were involved, where are they and who prepared them? This has been dragging on for ages now and needs resolving one way or the other as apart from the effect on the share price it’s also creating mistrust in some of their markets and reducing future orders.

[bracke] 25/11/2019 18:25

David Lufkin was Global Head of Sales for Petrofac International Limited. He would not have prepared company accounts He may have provided incorrect information to the accounts dept but they should have picked that up.

I suppose Petrofac could say that failure to discover his misdeeds is not a criminal offence,just poor accounting........and where were the auditors.