Petrofac Share Discussion Threads

[1cripes] 18/2/2020 10:02

Great news which isn’t yet fully reflected in the share price as oil down today. WG down nearly 3% today.

[pogue] 18/2/2020 10:02

That's a mighty win, have to say ADNOC are not an easy client though they always manage to screw you for extra unpaid work regardless, also have an allergy to actually paying for services rendered. Never the less that should move the share price.

[knowing] 18/2/2020 09:56

Unbelievable that it is nearly flat on that news

[1gw] 18/2/2020 09:39

I've bought some more on the back of that contract win. First time I've bought or sold (pfc) since 2018.

[knowing] 18/2/2020 09:38

WOW massive contracts

[cybernest53] 17/2/2020 16:04

Re: Unaoil trial ~ From a reply on Twitter:

From Annie Robertson
@annierobertsn
Replying to @Cybernest

Hello, I will have update later today. It’s been quiet recently because the prosecution has been reciting hundreds of old emails to the jury - so there’s not been much to report on. You will likely see more coverage around it in early March, because that’s when defence kicks off.
7:35 AM · Feb 17, 2020

Upddate:

Replying to @Cybernest
"Was a bit technical today but I’ve posted an update"

Annie Robertson
@annierobertsn
Now this takes a bit of unwinding...

Basil Al-Jarah was paid his millions by SBM Offshore via a company called Al Kassim Technical Services, which was owned by his two brothers and Pinnacle Finance, a business majority-owned by Ata Ahsani - who founded #Unaoil with his two sons.

8:07 PM · Feb 17, 2020



NB: Annie Robertson is a Financial Crime Correspondent, MLex (@LexisNexis). Covering corruption and business regulation in the UK, EU and offshore.

[killman2] 17/2/2020 11:12

my money is there to drive this higher...how much difference can a few thousand make though! hold on just done a check and I can raise £2.50 more for this share :-(

[11_percent] 17/2/2020 09:52

I have never won against the professional sorters yet....

[killman2] 17/2/2020 08:38

pfc share should only be heading north now with dividend announcement due next week and court case still ongoing ie no smoking gun yet and judiciary trying to earn their stipend and convict so-called bribery employees...longer case goes on the higher price travels...imho...shorters beware

[galaxy enforcer] 13/2/2020 13:54

We saw the same scenario before. You will see the fight develop and the shorts closing driving it towards the £4 level.

[11_percent] 13/2/2020 12:41

£4 you say......mmm......shorts increasing......we have all been betting against them...…..and they have been giving us a good rodgering….

[galaxy enforcer] 13/2/2020 10:40

Should be trading closer to £4 not at these levels.

[galaxy enforcer] 13/2/2020 10:40

Should be trading closer to £4 not at these levels.

[paa65] 10/2/2020 09:55

Meant to say Court 5 Bond Whiteley and Akle

[paa65] 10/2/2020 09:54

A very thin daily summary of the case so far. Two witnesses called so far.

[cinquepercento] 10/2/2020 08:30

Thanks,Pogue. I have removed my post on SVS now that you have read it.

[notimpressed] 10/2/2020 07:39

the grauaniad is in whinge mode again

[pogue] 09/2/2020 13:35

cinquepercento
thats a bad affair, sorry to hear it.
I hope nothing so bad happens here. My personally feeling is as I said they should get through this with a manageable fine but dont bet too much on any outcome I always have many shares in my portfolio to cover unknowns. Granny and eggs I guess but best said.

[cybernest53] 06/2/2020 03:30

"Oil rose for a second day on optimism OPEC+ will agree on deeper cuts in response to virus-led demand destruction, countering a further increase in U.S. crude stockpiles.

While Saudi Arabia and Russia remain split over the threat the outbreak poses to global demand, talks between experts from OPEC and its allies have been extended into a third day as they seek to determine the impact on consumption. Speculation of a potential resolution helped to offset a larger-than-expected increase in American inventories." ~ Source:

[luderitz] 05/2/2020 22:28

Very informative post pogue thanks.

[pogue] 05/2/2020 20:09

There are big projects out there but worryingly a lot are heading to France and Italy, dont think PFC have offices out there. I have had a few job specs sent my way by agents for those countries as I have worked there in the past. I suspect they are either placing low bids on fixed price contracts and looking to screw the client on change orders, a painful way of doing jobs but if you have high fixed labour costs due to inability to fire staffies it makes sense, or potentially are better at 'cough' bidding with African and middle eastern clients. Either way they are short of engineers such is the workload. The projects are developing new fields in Africa and building new infrastructure in the Middle East as they look to move away from selling oil to oil products.
In the UK we seem to be doing FEEDS rather than the bigger ticket design projects. Big jobs do land usually through clients that want a good job done and are willing to pay to avoid more expensive problems later with shoddy/cut price designs. Problems fixed on site are 10 times more expensive than fixing them in the design phase. PFC in Sharjah should get a look in on the Middle East contracts not sure why they are not.
Regard renewables the amount of money spent on a renewable project compared to an Oil and Gas one is magnitudes different so I expect the profits are similarly different. O&G is a very complicated design due to the multitude of differing sometimes very extreme design conditions, renewables is like shelling peas in comparison so are cheaper so more contracts will need to be won to make up the difference. There will be a lot of projects mind you as the climate change religious zealots are in the ascendancy so moving into that area is a good move.
If the oil price goes on a run then more projects will come out and the prices will rise and everyone will get a piece of the action regardless. This maybe possible as the shale boom in the US seems to have run its course and that was the biggest barrier to rising oil prices. If the cartel get back in charge with Russia now matey with SA who knows. There is a bear argument but since I trying to be positive I will avoid, I have a lot of gold mine shares just now though as a very strong hedge.
I am holding here as I think the fine they get will be lower than the market thinks, as these things usually are, so there is a spike there hopefully plus there is the divi and I have a lot of divi yielders as a base to my portfolio along with fixed interest.
Rabbiting on due to alcohol intake so will desist now.

[cinquepercento] 05/2/2020 19:06

Changing the subject away from all this talk of serious fraud/corruption allegation:

Pogue,I think that you have said that you work in the oil industry.

New big,meaingful contracts for PFC seem to be getting thin on the ground,and the long term charts show an overfull decline in the share price,despite periodic recoveries.

I seem to remember reading that Petrofac is trying to diversify away with that wind farm project etc.

I would not be surprised to see another useful recovery for trading purposes,overdue now,but it seems to me that this share is tired and wants to lay down and eventually die.
Your thoughts,please.

[wolfhound1] 05/2/2020 17:54

.....any back at base camp, what is the summary news out of Southwark CC please ? Is there anyway of getting a daily summary.....?