Petrofac Limited Trading Update

[idpickering]

Petrofac issues the following pre-close trading update ahead of the announcement of its results for the six months ending 30 June 2018 on 29 August 2018.



· Trading in line with expectations

· New order intake of US$1.8 billion in the year to date

· Net debt is expected to be around US$0.9 billion at 30 June 2018 in line with expectations



Ayman Asfari, Petrofac's Group Chief Executive, commented:

"We are trading in line with expectations, delivering best-in-class project execution, continued momentum in new orders and further progress in our strategy.

Full item here;

https://www.investegate.co.uk/petrofac- ... 00065292S/

[monabri]

New contracts in Iraq

"27 June 2018 - Petrofac strengthens Iraq presence with contracts worth US$110 million
Petrofac has secured a new award and a number of contract extensions, with a combined value of more than US$110 million, for construction management, engineering, commissioning and start-up services for international oil company clients in Iraq."

https://www.petrofac.com/en-gb/media/ne ... 0-million/


New contract in New Zealand

"28 June 2018
Petrofac secures Well Project Management contract in New Zealand
Petrofac's Engineering and Production Services business has strengthened its presence in Australasia following the award of a Well Project Management contract from Tamarind Taranki Ltd (Tamarind)."

https://www.petrofac.com/en-gb/media/ne ... w-zealand/

And, equally exotic, Liverpool Bay

"07 June 2018 Petrofac secures Irish Sea contract extension
Petrofac has secured a two-year contract extension on Eni UK Limited’s Liverpool Bay Development, valued in the region of US$65 million."

[monabri]

10 July 2018 PETROFAC AWARDED DUTCH OFFSHORE WIND CONTRACT


https://www.londonstockexchange.com/exc ... 11901.html


"Petrofac has been awarded a contract by TenneT, the Dutch-German transmission grid operator, for the Hollandse Kust Zuid (HKZ) offshore grid connection and more specifically for the Alpha and optional Beta HVAC platforms (substations) in the North Sea."

"Petrofac will be responsible for the engineering, procurement, construction and installation (EPCI) of the third and fourth substations which have a total contract value of approximately US$200 million."

[monabri]

https://www.londonstockexchange.com/exc ... 75900.html

" Petrofac Ltd on Monday said it agreed to sell 49% of its operations in Mexico to Perenco Oil & Gas International Ltd for USD200 million. Under the terms, Petrofac will secure USD30 million upon signing and USD170 million upon completion of the deal."

The company said it intends to use funds to reduce debt.

[TheDove]

Meanwhile, SP is approaching a 12-month high.

The Boys in Braces are getting excited

https://uk.advfn.com/stock-market/londo ... _sharechat

As always, time will tell …..

Dove

[miner1000]

I always wonder why we talk about Petrofac on the HYP board? if you want a high yield oily, it is a choice between Shell and BP mate.

We have all lost money on Amec, Wood Group and Petrofac. Or if we haven't it is because we never bought them in the first place.

Now Petrofac might well be a good share for discussion on the value board. But HYP?

Disclosure. Never bought Petrofac. Never will buy Petrofac. Hold RDSB.

Regards, Miner

[daveh]

I always wonder why we talk about Petrofac on the HYP board? if you want a high yield oily, it is a choice between Shell and BP mate.

We have all lost money on Amec, Wood Group and Petrofac. Or if we haven't it is because we never bought them in the first place.

Now Petrofac might well be a good share for discussion on the value board. But HYP?

Disclosure. Never bought Petrofac. Never will buy Petrofac. Hold RDSB.

Regards, Miner

I disagree, bought when yielding >9%, when I thought they had been oversold. I waited until they were starting to rise as I thought that there was less chance of them continuing to fall. They fell below 400p and I bought when they had started to climb back above 400p. I factored in a dividend cut, but thought that they would still be able to pay a sustainable dividend that would put the shares on >5% yield. I was happy to buy that income with the chance of capital gains on top. Xirr since first purchased in June 2016 has been 51% and the yield on cost is 6.46% and 4.4% on yesterdays value.

[AJC5001]

Now Petrofac might well be a good share for discussion on the value board. But HYP?

Regards, Miner

Where do I find the 'Value' board?

Adrian

[PinkDalek]

Now Petrofac might well be a good share for discussion on the value board. But HYP?

Regards, Miner

Where do I find the 'Value' board?

Adrian

There isn't one on TLF, as you probably know, but in case of interest to miner1000, Petrofac are also discussed at Oil & Gas & Energy (Sector & Companies):

viewtopic.php?f=16&t=7564 (139 posts and another Topic over there later on).

[tjh290633]

Now Petrofac might well be a good share for discussion on the value board. But HYP?

Regards, Miner

Where do I find the 'Value' board?

Adrian

Comes under Investment Strategies, I guess.

TJH

[Davidsb]

My purchase was in mid-January 2018, at 545p per share including buying costs. At the time, the forecast dividend (from DL) was 27.38p, or fractionally over 5%.

So I certainly accepted the case for PFC's inclusion in my HYP.

I also hold RDSB and BP, and have never held Amec or Wood Group.

[monabri]

https://www.londonstockexchange.com/exc ... 76600.html

PETROFAC SECURES NEW USD300 MILLION BANK FACILITIES

LONDON (Alliance News) - Petrofac Ltd said Monday that it secured USD300 million in new bank facilities with existing banks.

The new facilities will mature in 2020 and will be used by the oilfield services provider for additional liquidity and to reduce the use of its existing revolving credit facility.

Petrofac shares were trading 3.2% higher on Monday at 640.60 pence each.

[monabri]

And another contract

UPDATE: PETROFAC GETS USD370 MILLION CONTRACT FOR FACILITY EXPANSION

LONDON (Alliance News) - Petrofac Ltd on Monday said it secured a contract worth USD370 million from field operator Basra Oil Co for expansion of the central processing facility in the Majnoon field, Iraq.


https://www.londonstockexchange.com/exc ... 64600.html