Petrofac - New Contract (MPP3)

[monabri]

"Petrofac has been awarded a contract worth US$265million for the development of the Marmul Polymer Phase 3 (MPP3) Project in southern Oman. This is the first award to be secured under a 10-year Framework Agreement with Petroleum Development Oman (PDO) signed in 2017, which enables Petrofac to provide Engineering, Procurement and Construction Management (EP+Cm) Support Services for PDO's major oil and gas projects."


http://www.londonstockexchange.com/exch ... 86804.html

[Bouleversee]

With all these contracts coming in and directors buying, I wonder why the s.p. is down. One would expect it to be staying up as we get closer to next x-div date. Have you checked out the latest shorting position, Mon?

[monabri]

Since the SFO announcement, PFC have continued to win new work to the tune of just over $5 billion US. (" Never win any more contracts"..... There's an example of how much the media know and how much they sensationalise matters!).

The shorting levels (visible) are at 6.01% and PFC are at #25 in the shorting "league".

[Bouleversee]

Thanks, Mon. My memory being what it is, I can't remember what the situation was earlier on. The s.p. fluctuations on this share are beyond a joke. It's a pity the cgt advantage for long term gains was removed. The traders have the upper hand.

[Walrus]

I've had my eye on this for a while. Not one for the faint hearted this. The share price does not seem to follow any fundamentals including oil price and specific share related news. For that reason I've avoided it, though as I said in the other thread it looks cheap relative to similar businesses and has the yield for a long term buy and hold play. Hopefully anyone who got in at the 350s should be well ahead here anyway. Best of luck to holders

[Bouleversee]

Thanks, we may need some luck. I did up top twice after the big drop, which I think was seriously overdone, so can't be far off breaking even now; haven't checked. I shall be surprised if there is much of a drop now even if there is a fine (apart from m.m. short term mark down) as I think that should have been reserved for but then I am often surprised and one never knows with any of them what is going to spring out of the woodwork. Snakes and ladders.