Petrofac Share Discussion Threads

[d1nga] 02/7/2020 15:37

No still could go either way, but they may have a real difference of opinion on the jury, only needs 2 or 3 to not be swayed

[killman2] 02/7/2020 14:55

if the jury in the UNAOIL trial are deliberating on the 'flimsiest' of evidence against the 3 defendants then the longer they deliberate means there is a greater chance of acquital surely...is it majority decision from the jury to indict!? think i saw a film about juries and their deliberations before which are never clean and precise...price sure to roar back to previous highs soon...imho obviously

[dealy] 02/7/2020 09:28

all the small caps I follow have been butchered over the last 2 weeks, even companies with very positive updates . This might change today though

[pogue] 30/6/2020 08:49

Yeah big enough fine and they can take the company :0)

[topazfrenzy] 30/6/2020 08:33

The SFO lol

[pogue] 30/6/2020 08:27

Currently all contractors in O&G are laying off staff or even leaving the business but all are going to cash which one do you think is in the market for the takeover?

[topazfrenzy] 30/6/2020 08:04

A takeover bid could well be on the cards here and soonish, the market cap is a ridiculously low £620 million, so say £1bn for this is a distinct possibility

[pogue] 29/6/2020 16:38

ABB did not have an employee pleading guilty though and that's the problem. If you have an employee who bribes someone the company, PFC, has to prove procedures were in place to prevent it and these were broken. Onus of proof of innocence now on PFC to prove procedures were robust enough. Also ABB fully complied with SFO and even reported themselves. PFC have not been so forthcoming. From discussions on this board a while back someone claiming to be experienced in these matters opined they would get off with this as the bar is too high. I dont know if he is correct or not he left the board then.

[topazfrenzy] 29/6/2020 12:57

Have people read this article from May 2020?

'SFO drops Unaoil probe into ABB'

hxxps://www.energyvoice.com/oilandgas/241133/sfo-drops-unaoil-probe-into-abb/

[topazfrenzy] 29/6/2020 11:06

Interesting reading from May 2020:

hxxps://www.law360.com/articles/1273069/take-your-time-unaoil-jurors-told-as-bribery-trial-resumes

[pogue] 29/6/2020 10:53

I tend to think that we have only had part one of the crash but I am wary of gold catching a cold but I think there is more in the bull to run. Most stocks are not offering divis and fixed interest is very low so I think money will goto gold as the safe haven short term.

[topazfrenzy] 29/6/2020 10:48

the crash has already happened, next whiff of one and the funds will be all over it like there is no tomorrow, they have to buy in or lose out again, they are sitting on a lot of cash

gold could actually crash this summer, so be aware of that possibility, it is an overcrowded trade

[pogue] 29/6/2020 10:46

I hold these but figure can't lose much more than I have already in percentage terms so am staying oil will recover eventually. By the way a guilty verdict for PFC may get it out the way but its not going to get them contracts in the Middle East very easily so 'massive re-rate' may not be a certainty..
I am currently 30% cash, will rise to 50% next few days due to maturing prefs rest is mainly pharma and gold I am getting ready for the crash and tracking the large rise in gold that is happening. I am wary of cheap stocks getting a lot cheaper.

[topazfrenzy] 29/6/2020 10:42

money has to find its way somewhere and a wall of money printing will go into the stockmarket, the funds that lost out on the crazy rally will have to get in before year end this time round or their careers and funds are finished, they have totally underperformed the S&P and other indexes, they are a laughing stock

[topazfrenzy] 29/6/2020 10:40

yes maybe, stay in cash if you wish, I am only buying what I consider already very very cheap

[pogue] 29/6/2020 10:36

If you think a second wave will do nothing then fair enough I am pretty certain the stock market will crash and so are most companies who are going heavily to cash right now and doing fund raises as fast as possible.

[topazfrenzy] 29/6/2020 10:29

I don't think a second wave will do anything much to the economy now, governments are NOT going to sacrifice the economy any further to save the old and vulnerable, this has now been established as a bad move as it does even more harm, whether they tell you this is something else .. they have learned their lesson .. herd immunity is the only way forward

and the virus is weakening in any case, so second wave is getting irrelevant, it is just based on fear

huge stimuli on the way, oil will be the big winner from here imo

[vauch] 29/6/2020 10:28

Even if their is a second wave the country as a hole will not be locked down as the country would be bankrupt. if a second wave happens it will this time be left to run its course.

[pogue] 29/6/2020 10:17

Problem you have with buying now and waiting for PFC court case to start is that the price of PFC is related to the oil price which should there be a CV19 second wave, this is still the first wave, then oil will not be going up very far. Regards the Unaoil case this is to see if a further 3 employees are guilty of bribery, so far 3 in the US and 1 in the UK have been given guilty verdicts so if these 3 get off it does not prove Unaoil is not guilty of bribery.
SFO have a few companies linked with Unaoil and bribery, and in PFC's case they have a former employee pleading guilty to reduce his sentence so I don't think they will drop the case so the 'massive re-rate' may take some time. I would be looking at more near term share drivers than long term ones the price of oil in particular I suggest.
Good luck with your trading strategy.

[topazfrenzy] 29/6/2020 09:55

The PFC case is linked to this one in many ways I understand, so when the SFO ends all this then we should see a major re-rate, the worst has already been priced into the share price here imo, so any hint of the case coming to a close, even with a fine, could see a massive and sustained uptick.

[d1nga] 29/6/2020 09:55

The juries been deliberating for 4 weeks now.

[topazfrenzy] 29/6/2020 09:53

I did not say it is ending it yet, I said it will re-rate once it ends.

Today at the Old Bailey, the Unaoil case continues:

'Court 1 Not sitting trial of Stephen Whiteley and Ziad Akle, former territory managers for Iraq at energy consultancy Unaoil, along with their co-defendant Paul Bond, former Middle East sales manager at Dutch energy firm SBM. They are accused of bribing officials in Iraq for contracts worth US$800 million to rebuild the country’s oil industry after the fall of Saddam Hussein in 2003.'

hxxps://old-bailey.com/2020/06/27/whats-on-at-the-old-bailey-june-29/

[pogue] 29/6/2020 09:45

Can you provide a link for the SFO ending investigation into PFC?