Petrofac Share Discussion Threads

[pepepepe73] 07/2/2021 16:27

Ammu, your behaviour is just ridiculous.

[currencytrader1] 07/2/2021 15:43

He does the same on several forums with different shares, he got caught out with AA Stock.

[brianbru] 07/2/2021 15:41

Ammu you have changed the date on this article from 2019 to 2021 WHY ?? You are a scammer

[twixy] 07/2/2021 15:17

If you read it, you clearly did not understand it.

[dealy] 07/2/2021 15:00

Except the Supreme Court said on Friday that that position or role is unenforceable

[dealy] 07/2/2021 14:59

The company pays about 3 billion per year to external suppliers. Over 5 years that is something like 15 billion. 30 million is negligible

[ammu12] 07/2/2021 14:52

The Bribery Act 2010 aims to promote anti-bribery practices amongst businesses, and came into force on 1 July 2011. An organisation will commit a criminal offence, if it fails to prevent bribery that is intended to get or keep business or an advantage in the conduct of business for the organisation.

[sami69] 07/2/2021 14:52

He pleaded guilty exactly 2 years ago.This is old news. He is getting sentenced this week.The problem is they have been investigating Petrofac for 4 years and no other charges against the company have been filed and has collapsed the share price in the meantime.

[sami69] 07/2/2021 14:51

He pleaded guilty exactly 2 years ago.This is old news. He is getting sentenced this week.The problem is they have been investigating Petrofac for 4 years and no other charges against the company have been filed and has collapsed the share price in the meantime.

[ammu12] 07/2/2021 14:51

Okay so 30m were payed without company knowing about it i.e senior management ?

[dealy] 07/2/2021 14:50

So why hasn't the company or its board members been accused of anything? Why hasn't Lufkin pointed the finger at the company?

[ammu12] 07/2/2021 14:39

Former senior Petrofac executive pleads guilty to bribery offences14 January, 2021 | Case UpdatesIn connection with the SFO's ongoing investigation into Petrofac Limited and its subsidiaries (Petrofac), David Lufkin, a British national and the former Global Head of Sales at Petrofac, has today pleaded guilty at Westminster Magistrates' Court to three counts of bribery. The offences relate to corrupt offers and payments made between 2012 and 2018 to influence the award of contracts to Petrofac in the United Arab Emirates worth approximately $3.3 billion.Specifically, Mr Lufkin has pleaded guilty to his role in offering and making corrupt payments to agents to influence the award of an engineering, procurement and construction (EPC) contract to Petrofac in 2013 (and a variation to that contract awarded in 2014) on the Upper Zakum UZ750 Field Development Project, and a front-end engineering design (FEED) contract awarded to Petrofac in 2014 on the Bab Integrated Facilities Project, each located in Abu Dhabi. Total payments of approximately $30 million were made, or were due to be made, by Petrofac to those agents in connection with these contracts.These charges are in addition to eleven charges of bribery already brought by the SFO, to which Mr Lufkin pleaded guilty in February 2019. Those charges related to corrupt offers to influence the award of contracts to Petrofac in Iraq worth in excess of $730 million and in Saudi Arabia worth in excess of $3.5 billion. Mr Lufkin's case has been committed for sentence to Southwark Crown Court on 11 February 2021.The SFO's investigation into the activities of Petrofac, its officers, employees and agents for suspected bribery, corruption and money laundering continues. This is an active case and the SFO can provide no further comment at this time.

[ammu12] 07/2/2021 14:28

7 February, 2019 | Case UpdatesIn connection with the SFO's ongoing investigation into Petrofac Limited and its subsidiaries ("Petrofac"), on 6 February 2019 David Lufkin, 51, a British national, and previously Global Head of Sales for Petrofac International Limited, pleaded guilty at Westminster Magistrates' Court to eleven counts of bribery, contrary to sections 1(1) and 1(2) of the Bribery Act 2010. These offences relate to the making of corrupt offers to influence the award of contracts to Petrofac worth in excess of USD $730 million in Iraq and in excess of USD $3.5 billion in Saudi Arabia.The charges included the following:Badra, IraqPayments of approximately USD $2.2 million were ultimately made by Petrofac to two agents in respect of a USD $329.7 million Engineering, Procurement and Construction ("EPC") contract on the Badra oilfield in Iraq (the "Badra Phase One EPC contract") awarded to Petrofac in February 2012. Corrupt offers of payments were also made to an agent to influence the award of contract variations to the Badra Phase One EPC contract, and for the extension of the Badra Operations and Maintenance ("O&M") contract. Petrofac was unsuccessful in obtaining these contracts and no payments were made to the agent.Fao Terminal, IraqPayments of approximately USD $4 million were ultimately made by Petrofac to an agent in respect of an O&M contract on the Fao Terminal project in Iraq (the "Fao Terminal O&M contract"). The Fao Terminal O&M contract, awarded to Petrofac in August 2012, together with yearly extensions awarded in 2013, 2014 and 2015, was worth approximately USD $400 million to Petrofac.Saudi ArabiaPayments of approximately USD $45 million were made by Petrofac to its agent in respect of the following contracts awarded to Petrofac in Saudi Arabia, between July 2012 and November 2015:Payments of approximately USD $5.8 million were ultimately made by Petrofac to its agent in respect of EPC contracts for the Petro Rabigh Phase II Petrochemical Expansion Project awarded in July 2012 and worth approximately USD $463 million;Payments of approximately USD $21.4 million were ultimately made by Petrofac to its agent in respect of EPC contracts for Jazan Refinery and Terminal Project awarded in December 2012 and worth approximately USD $1.7 billion; andPayments of approximately USD $19.5 million were ultimately made by Petrofac to its agent in respect of the EPC contract for a sulphur recovery plant as part of the Fadhili Gas Plant Project awarded in November 2015 and worth approximately USD $1.56 billion.Corrupt offers of payments were also made to its agent for the award of other contracts at the time. Petrofac was unsuccessful in obtaining these contracts and no payments were made to its agent.David Lufkin will be sentenced at a later date.The SFO's investigation into Petrofac's use of agents in multiple jurisdictions, including Iraq and Saudi Arabia, is ongoing.Individuals with information potentially relevant to this investigation are encouraged to contact the SFO through our secure and confidential reporting channel. When providing information please quote 'Petrofac Investigation'. Please note that it would be of particular assistance if you could provide your contact details for any further queries or questions that we may have.

[m w] 07/2/2021 14:16

After reading that how can they possibly not be involved

[csj0hn] 07/2/2021 12:39

Plunger, [Whereas Master has used the website that many of us have used for years and has proved reliable - taking its info from the FCA spradsheets.] Do you have the link to that website? If it is recommended for its reliability then it is worth having. Thank you.

[wardy333] 07/2/2021 12:36

Still showing on Short tracker PFC, that is usually reliable, don't think the volume has been there for Rye Bay to close, Blackrock still have over 3% to close, good news and a short squeeze could still be on the cards.
Sentence possible I reckon 12 months /2 Years when he is sentenced, some of the main culprits were given 5 Years.
Are the shorts hanging on for the bad publicity sentencing will bring, it will be in all the news reels on the markets, perhaps they will close after sentencing who knows..;

[plunger2] 07/2/2021 12:09

mr pepe,

The news to which you refer was NOT confirmed; it came from an unknown website.

Whereas Master has used the website that many of us have used for years and has proved reliable - taking its info from the FCA spradsheets.

I hope this helps.

[pepepepe73] 07/2/2021 11:17

Master, there were some news about Rye Bay Capital in terms that short position was fully closed on 28th - 29th January.

[ryad123] 07/2/2021 00:22

The point i was making about Gamestop is the level of absurdity speculators go to in order to make a quick buck, when a stock is shorted by 140 perecent, it makes you wonder if the hedgies are as smart as they think, how can anyone get out of a short squeeze with such a volume? But here we are talking about less than 8 percent, there are many weak companies out there that are not shorted to this level, many airlines for example are down only 30 to 40 percent from pre covid yet not that many short interests. As for people who use margin accounts good luck to them.

[master rsi] 06/2/2021 23:29

Shorts currently 7.80% around the high lately
counting the over 0.50%, must be extra with smaller size

[sami69] 06/2/2021 23:21

"No we don't have the volume and even we did it won't change a thing, suppose you have the cash to open a short on 5 percent of the shares, why would this action alone affect the price?"

Ryad, the above was your understanding that short selling does not effect the price. Volume is everything, either buying or selling and it can drive the price upwards or downwards. Maybe now you understand how short selling can affect the price?

Agreed that if you are in it for the long run then you can ride out the big dips but the problem is if you have bought on margin and can't cover the drops then the short sellers can kill you..

[ryad123] 06/2/2021 22:50

Gamestop is different in the sense that the retail investors took a coordinated action, and 140 percent of the stock was borrowed by the short sellers. Anyway those of us who are in for the long run have nothing to worry about.

[sami69] 06/2/2021 21:52

*there not their

[sami69] 06/2/2021 21:37

RyadIt all depends on how low the share price falls for the hedge funds to make money.A share price falling may cause other holders to lose confidence and sell their shares causing further drops.The hedge funds will not buy them back in one go. They will play the order book and buy back in smaller amounts as not to cause the price to rise sharply.Many hedge funds make a killing shorting but their is no guarantee that shorting will make them money. If their is a much bigger volume of buying to selling then this will drive the price up eg..Tesla. Look what happened to Melvin capital with Gamestop.