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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Petrofac Limited | LSE:PFC | London | Ordinary Share | GB00B0H2K534 | ORD USD0.02 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 8.86 | 67.43% | 22.00 | 7,315,113 | 16:46:03 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 18.68 | 18.79 | 18.00 | 12.49 | 13.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Oil & Gas Field Services,nec | USD 2.5B | USD -505M | USD -0.9768 | -0.18 | 67.93M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:46:03 | UT | 317,000 | 22.00 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 26/7/2024 | 16:02 | EQS | PETROFAC CURES CONTRACT DEFAULT AND ANNOUNCES EXTENSION TO FORBEARANCE.. |
| 01/7/2024 | 10:02 | ALNC |  Petrofac secures extended deadline on interest payment |
| 01/7/2024 | 07:00 | EQS | Petrofac Limited: Petrofac extends forebearance agreement with ad hoc group.. |
| 04/6/2024 | 07:44 | EQS | Petrofac Limited: Petrofac shares restored to trading and publication of.. |
| 04/6/2024 | 07:30 | UK RNS | Official List Restoration - Petrofac Limited |
| 31/5/2024 | 12:22 | ALNC | Petrofac laments "additional losses" after "challenging year" in 2023 |
| 31/5/2024 | 07:00 | EQS | Petrofac Limited: RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
| 01/5/2024 | 07:30 | UK RNS | Official List Suspension - Petrofac Limited |
| 29/4/2024 | 09:53 | ALNC | Petrofac mulls debt for equity swap; sees extra charge in E&C business |
| 29/4/2024 | 07:01 | EQS | Petrofac Limited: Delay to publication of 2023 results, Update on.. |
Petrofac (PFC) Share Charts1 Year Petrofac Chart |
|
1 Month Petrofac Chart |
Intraday Petrofac Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 26/7/2024 | 21:26 | Petrofac | 41,076 |
| 25/7/2024 | 16:01 | Police hotline 👮🏽♂️ | 3 |
| 24/6/2024 | 08:11 | *** Petrofac *** | 248 |
| 10/6/2024 | 13:00 | Any targets | 12 |
| 16/2/2024 | 13:23 | Lodgeview must be right | 5 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2024-07-26 15:46:03 | 22.00 | 317,000 | 69,740.00 | UT |
| 2024-07-26 15:30:21 | 13.77 | 100 | 13.77 | O |
| 2024-07-26 15:29:08 | 13.55 | 567 | 76.83 | O |
| 2024-07-26 15:29:08 | 13.55 | 599 | 81.16 | O |
| 2024-07-26 15:29:08 | 13.55 | 611 | 82.79 | O |
| Top Posts |
|---|
Posted at 26/7/2024 09:20 by Petrofac Daily Update Petrofac Limited is listed in the Oil & Gas Field Services,nec sector of the London Stock Exchange with ticker PFC. The last closing price for Petrofac was 13.14p.Petrofac currently has 517,000,000 shares in issue. The market capitalisation of Petrofac is £93,060,000. Petrofac has a price to earnings ratio (PE ratio) of -0.18. This morning PFC shares opened at 13p |
Posted at 26/7/2024 16:29 by mj19 PETROFAC CURES CONTRACT DEFAULT AND ANNOUNCES EXTENSION TO FORBEARANCE AGREEMENTSource: EQS Regulatory NewsPetrofac Limited ( PFC)PETROFAC CURES CONTRACT DEFAULT AND ANNOUNCES EXTENSION TO FORBEARANCE AGREEMENT26-Jul-2024 / 16:02 GMT/BSTPress Release 26 July 2024 PETROFAC CURES CONTRACT DEFAULT ANDANNOUNCES EXTENSION TO FORBEARANCE AGREEMENT Agreement with key EPC customer Petrofac today announces that it has reached an alternative agreement with a key customer with respect to the performance guarantee requirements under that contract. The agreement cures the default notice received from that customer, which required a performance guarantee to be posted by 16 June 2024, as outlined in the company's 2023 accounts. The Company continues to require performance guarantees for certain of its other recently awarded contracts. Further announcements will be made as appropriate. Forbearance agreement with noteholders The Group has extended its existing forbearance agreement in respect of the non-payment of the interest coupon on its senior secured notes from 25 July to 23 August 2024. The forbearance agreement is entered into by an ad hoc group of noteholders representing approximately 47% of the outstanding senior secured notes and certain other acceding noteholders. It provides assurance that these noteholders will not take any action in respect of the non-payment of the coupon until at least 23 August 2024, providing additional time for the Group's financial restructuring to be progressed.Further announcements will be made as appropriate. ENDS For further information contact: Petrofac:James Boothroyd, Head of Investor RelationsJames.booth |
Posted at 01/7/2024 12:54 by armbar Petrofac has not explicitly stated that D4E is the ONLY option , pfc indicated that discussions with lenders involve a significant proportion of debt being swapped for equity as per RNSSo whilst we wait there are always other potential outcomes Takeover being one , JV another , other financial structures, appreciate D4E currently is headlining. IMO Adnoc seem to be aligned with PFC, Halliburton and Schlumberger for some time have had interest in PFC PFC now have a little more time to work out where we go Asfari and co 30% no reported sale of share holding , why ? Where are those 10% of declared short shares , not with retail imo ?So we await until advised |
Posted at 10/6/2024 07:38 by midasx By Daniel Hill / June 7, 2024Leading oilfield services provider Petrofac has seen a significant surge in its share price today, up over 21%, driven by an uptick in investor confidence, as rumours of a takeover mount. Industry insiders suggest that a substantial offer is on the horizon, with a prospective price of around £1 per share, as several major players are believed to be in the running for acquiring Petrofac. Among the contender are Schlumberger and Halliburton, both of which are global giants in the oilfield services industry. Acquiring Petrofac could strategically enhance their service portfolios and expand their market reach. The news comes as Petrofac is reportedly close to agreement with noteholders, marking a significant milestone for the company as it seeks to stabilise finances and double down on growth, following a rollercoaster year. The firm recently published its accounts for 2023 and confirmed a net debt of US$583 million, with losses for the year totalling US$506 million. However, the company’s revenues remained relatively steady, coming in at US$2.49 billion. While the accounts included a going concern warning, highlighting the company’s previously precarious financial situation, Petrofac’s recent agreement with noteholders has begun to solidify its financial footing. The company, which was in default of interest under the terms of its senior secured notes, has now entered into a forbearance agreement with an ad hoc group of noteholders. This group, which represents approximately 41% of the outstanding senior secured notes, has agreed not to take enforcement action in respect of the non-payment of the coupon until at least 30 June. Petrofac’s projections for the future are promising, with the company expecting to maintain liquidity at or above its covenant level until at least the end of September 2024. This, coupled with the company’s steady revenues and the positive impact of the new agreement, paints an optimistic picture for investors. Building on this potential suitors are now reported to be circling, with TechnipFMC, a leader in subsea, onshore/offshore, and surface projects, also in the running, with interest in Petrofac’s engineering and construction services highly complementary to its existing operations. National oil companies such as Saudi Aramco and ADNOC (Abu Dhabi National Oil Company) are also speculated to be eyeing Petrofac. These state-owned enterprises have been actively expanding their oilfield service capabilities and could see significant synergies with Petrofac’s expertise. Private equity firms, including Carlyle Group and Blackstone Group, are known for their substantial investments in the energy sector and might view Petrofac as a valuable addition to their portfolios. Their interest could drive the competitive nature of the bid process, potentially leading to a premium offer. Additionally, international conglomerates such as Mitsubishi Corporation and Siemens Energy have been mentioned as possible bidders. Their diversified interests and strategic goals in the energy sector make Petrofac an attractive acquisition target. Regional competitors like Wood Group and Lamprell might also be considering a strategic takeover to consolidate market share and enhance their service offerings. While the exact details of the potential bid remain undisclosed, the surge in Petrofac’s share price reflects growing optimism and anticipation among investors. The coming days will be crucial as the market awaits further developments and official announcements. For now, Petrofac continues to be a focal point in the oilfield services sector, with its future potentially reshaped by this significant takeover speculation. |
Posted at 08/6/2024 23:08 by armbar Just a thought 1. Pre suspension remember the speeding ticket when it hit 34 , no reason just repeated the previous information and seemed to be to halt the rising share price for some reason.2. Then PFC announce suspension info share price drops significantly as they announce the financial options 3. Announce restoration and share price exceeds 120% and over 80M shares traded , short remain unchangedNow think about point 1 TO, MBO, Lowball , imo ME hands GL |
Posted at 08/6/2024 08:29 by action Bear trap PFC price action . Pump it and dump it. |
Posted at 04/6/2024 10:25 by jaknife seagreen,I'm not sure what you think I've written that deserves the use of the word "crook"? I don't claim to be able to predict short-term price movements. All that I've done is predict a debt for equity swap at 4p a share. The company has finally admitted that it needs a debt for equity swap and has also admitted: * It's in default and, if 25% of the bondholders decide to get together, then they could call default on 14th June * One of its key clients has threatened to terminate a key contract if the banks don't provide a performance guarantee by 16th June * PFC are working on a debt for equity swap but they're also working on a Restructuring Plan, the latter would permit them to zero shareholders If some punters want to gamble on short-term volatility then who am I to spoil their fun? But that won't change the ultimate share price target - 4p at best with a significant risk that it could be zero! I wish you the best of luck with your £200 gamble but, as always, it is better to rely on skill than luck! JakNife |
Posted at 03/6/2024 08:15 by halfpenny Is this now the END!!!Petrofac’s [LON:PFC] fall from grace has been gut-wrenching for shareholders. The energy service company has seen its share price plummet 97% even after the COVID oil crash. And when you consider that Petrofac generates billions of dollars in annual revenues, investors will be left scratching their heads, asking, where did it all go wrong? The company recently announced they were unlikely to make a critical bond payment due in May and so shares were suspended pending these results. Unfortunately for investors, the situation has not improved. The company reported a full year loss of $393m and are in discussions with the FCA seeking a reinstatement of trading in its shares. Once a well-regarded player in the energy services sector, Petrofac now finds itself in a desperate fight for survival. Losses at the company have almost doubled to USD 400m. Revenue has also seen a decline, to the tune of about USD 100m. |
Posted at 10/5/2024 08:41 by pogue Jaknifeas promised a more detailed explanation of why I believe tighter management wont work at PFC. I have not got the time I am afraid to cover this in as much detail as I wanted time is very short at the moment. Basically tighter management will cause even more costs and problems I believe. I have seen management on large projects before crack down on manhours, manhours is what contractors sell, and by doing so they try to rush a project. This has the knock on effect of wasting time producing poor documentation which begats even more as other engineers use that information to do their part of the project. Its like building a house with bad foundations. A project will take the time it needs if you rush it all you do is bury problems which emerge later much bigger and costly to fix when time is short. PFC have 2 added problems. They have I am pretty certain underbid for the contracts as they needed to win them to bolster their share price and balance sheet. That means they are starting behind already and profits will be slim even if they execute properly which is unlikely as I said projects will take the time they will take, they are non linear as the design progresses things change and rework is needed and if you are short of manhours to start it all gets very tricky. I am pretty sure this is part of the reason they are in the trouble they are in i.e. taking on work cheaper than other contractors, as I said before very few contractors will bid for ADNOC projects as their demands are too difficult to meet for the price they want to pay. Second problems is their main design office for the Middle East is in Sharja and is mainly populated by Indian national engineers. In my experience of working with departments of Indian engineers is that their culture in engineering is very odd, they hide problems to the point of blatantly lying about anything. I have seen 2 projects I have been on suffer badly from this, one where I was in charge of them. I now avoid any role where I have to be in charge of Indian based departments. You can see how this would compound issues when trying to manage tightly any work force. To do it you would need more engineers to check everything pushing up costs. Again, a reason I see why PFC have suffered in the past with back charges from the clients. As for selling PFC’s main asset if you want to call it that is their pipeline of projects without that they are just offices with one or two engineers as when there is no work engineers are fired in this industry literally to the point where work forces can go from 1000s to 100s and all experienced engineers leave as fast as they can leaving the inexperienced and useless ones behind. So as the pipeline of projects I suggest are mainly underbid and some with ADNOC who very few want to work with why buy the company? Why not let it fall and wait for the contracts you want to goto rebid? The industry is very busy just now I get calls every couple of days about jobs. The price would have to be very low for someone to want PFC. All in my opinion, I don’t hold, DYOR. |
Posted at 30/4/2024 10:24 by geckotheglorious So PFC down 24% to 11.Jaknife's 5p/sh D4E looks more and more on the money What say you witless? 11p. How's that Long at 17,and the substantial addition you made? whites123 - 04 Mar 2024 - 17:10:45 - 38610 of 39827 Petrofac - PFC I must confess that my holdings are not substantial, totaling less than £92,000 in value, albeit with a profitable margin since the majority were acquired at 17p. 11p current market price. whites123 - 12 Apr 2024 - 08:26:43 - 39520 of 39826 Petrofac - PFC I have added, And quite substantially. The Societe Generale note suggesting D4E at 22p must be the mark. Hence the rising share price needed to be halted before it ran away. The hoovering up we witness is now the accumulation, and watch for shorts closing out. Have you blinked and SOLD or are you holding for the inevitable 5p/sh wipeout? |
Posted at 29/4/2024 23:20 by jaknife kipper62,"Having trouble getting my head round the short position. If the company delists/ceases trading/goes into adm'n. then the shares become worthless or maybe untradeable." In such circumstances there comes a point in time when the prime brokers all agree that the shares are worthless, the share price is marked at zero and shorts gets paid out the maximum. The normal for administration is that, within a month of administrators being appointed, the administrators will publish a "Statement of administrator's proposal". This will set out a summary of the position, the events leading up to the administration, what the administrator proposes to do, what sorts of recovery they anticipate, etc. Occasionally some prime brokers/spread bet providers will read this report and agree that it's hopeless and immediately mark the shares to zero. This is rare but it did happen with Cineworld, for example. About seven months after the administrators are appointed the administrators will publish an "Administrator's progress report" which will provide significantly more detail. This will be prepared to a date that is six months from the date that the administrators were appointed. In about 50% of cases this report will contain a statement that shareholders are not expected to receive any distribution or enough information such that it's obvious that shareholders won't receive a distribution. This will normally then be enough for most prime brokers/spread bet firms to mark the positions to zero and hence shorts get paid out at that time. After that the administrators publish a new "Administrator's progress report" every six months and the prime brokers/spread bet providers will need to read each six monthly report to judge the information in that report and make a decision as to whether they can safely settle shorts (and longs) at zero and have no risk that they might have to change that at a later date. So, by way of example, here are the Companies House filings for 4D Pharma plc: They appointed administrators on 24 June 2022 and, 22 months later, shorts still haven't been paid out in full. You can see all the various reports that have been filed but none of them make it clear enough for IG to mark the underlying shares at zero. And hence shorts are stuck paying 3% borrow fees, which isn't too big a burden but is annoying. But note that buying back the shares just before administration would have meant paying about 17p and so what a short is waiting 22 months for is the last 17p per share. Personally, I think that it's worthwhile waiting. Finally though, the issue with Petrofac that shorts have to be cognisant of is that the borrow cost is currently about 115% per annum and hence, if the shares are suspended for a long period, then any short profits could be completely lost. Eg 11 months of borrow would be 11 / 12 x 115% = 105.4% and a shorter would have paid more borrow fees than even the maximum profit that they might make! Each and every short needs to weigh up the risk/reward and make up their own mind on whether they accept the risk! JakNife |
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