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PFC - Doing very nicely thank you.

FredBloggs
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Re: PFC - Doing very nicely thank you.

#110034

Postby FredBloggs » January 12th, 2018, 11:48 pm

ap8889 wrote:Not gloomy at all, one look at the PFC price has me smiling.... Someone out there is keen on PFC, cos the price keeps rising! Oil has now reached the "goldilocks level" again where oilcos are profitable again. The good times are only just beginning for the oilcos now depletion bites. Once the glut is burned in 2018, and the oilshale gets fracked to extinction in the sweetspots, then we will be way in the black with PFC.

It seems from your chat above that anything that can be outsourced to high skilled, low priced India will be outsourced, eventually. Keep buying the emerging markets funds guys!

Regarding the off shoring of work, PFC are a big factor in this anyway. I am guessing less than 5% of PFC's work is executed in the UK.

FredBloggs
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Re: PFC - Doing very nicely thank you.

#110036

Postby FredBloggs » January 12th, 2018, 11:51 pm

youfoolishboy wrote:Fred
you are a ray of sunshine going to need a drink next time I read your posts :0)

All part of the service. Industry commentary brought to you by the ever cheerful Bloggs. Have a nice weekend. Console yourself with the fact there is only a 50% chance that my analysis is correct.

ap8889
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Re: PFC - Doing very nicely thank you.

#110052

Postby ap8889 » January 13th, 2018, 6:28 am

Thanks for the interesting comments guys. I was always encouraged to enter engineering at school level. There was a national schools engineering competition and I recall there was a big push to get the more numerate kids to take Eng subjects if they were heading to Uni.
We are often told the UK needs more Engineers. But from the coalface it seems this is not the case.

As for the direction to give the kids, bitcoin entrepreneur seems promising...

FredBloggs
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Re: PFC - Doing very nicely thank you.

#110056

Postby FredBloggs » January 13th, 2018, 6:47 am

ap8889 wrote:Thanks for the interesting comments guys. I was always encouraged to enter engineering at school level. There was a national schools engineering competition and I recall there was a big push to get the more numerate kids to take Eng subjects if they were heading to Uni.
We are often told the UK needs more Engineers. But from the coalface it seems this is not the case.

As for the direction to give the kids, bitcoin entrepreneur seems promising...

Since the 1960's at least the UK public has been told repeatedly about the "great skills shortage". We are repeatedly bombarded by tales of companies who can't hire the skilled people they need. Here's my take on it from the coal face -

1 I am one of those highly skilled professionals who are supposedly in big demand. Between December 2014 and May 2016 I had no work. None. But I repeatedly heard stories about the "great skills shortage". How can that be? I eventually secured work in Asia/Middle East but on a salary about 50% of my previous UK contracting rate. Had I not done so, I am confident in stating I would still have had no work in the UK.

2 I am one of those highly skilled professionals who are supposedly in big demand. I am repeatedly called by recruiters offering me "fantastic career opportunities". The salary? At best GBP 45 to 55k.

3 Why is there no salary inflation? Because the people who are lobbying HMG about "the great skill shortage" use it as a lever to increase the supply of visas for skilled immigrants. Result? A complete lack of salary inflation in the UK.

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Re: PFC - Doing very nicely thank you.

#110060

Postby ap8889 » January 13th, 2018, 7:45 am

Similar tale in my line of work, corporate driven immigration has reduced UK day rates to a sad level, driving me overseas to better markets.

FredBloggs
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Re: PFC - Doing very nicely thank you.

#110063

Postby FredBloggs » January 13th, 2018, 8:07 am

ap8889 wrote:Similar tale in my line of work, corporate driven immigration has reduced UK day rates to a sad level, driving me overseas to better markets.

IT?

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Re: PFC - Doing very nicely thank you.

#110094

Postby dspp » January 13th, 2018, 10:12 am

FredBloggs wrote:
ap8889 wrote:Similar tale in my line of work, corporate driven immigration has reduced UK day rates to a sad level, driving me overseas to better markets.

IT?


The other issue is that the UK no longer has critical mass of self-sustaining mittelstand engineering/technical companies to support the HR ecosystem that delivers a workforce for jobs, and jobs for a workforce. Since employees can't take a X-year gap at an industry's will then the supply gets switched off and never restarted.

I recently passed on some CEng/EurIng level jobs (i.e. 4-year Hons degree; loadsa maths; typically 4-8 years of serious work & training; finally qualification) for medical sciences mecheng design roles* in Cambridge UK to the juniors in my network. Salary £45-55k. Contrast that with the typical GP salary for an equivalent point in the career which is £60k-£80k for a GP role that has infinitely greater job market security/liquidity/flexibility. Is it no wonder that there are very few juniors in my network ? I also pointed out the salary issue to the recruiter who shrugged - if they can't fill it in the UK they will either offshore it or use it as proof to get a visa to import. My US peers laughed when they saw the salary.

The most important thing you can help your kids with if they are interested in this line of work at a professional level (apart from interest/motivation/understanding) is a passport for either EU or USA. The former was just $%%^& over by 52%. Duh.

regards, dspp

PS. When I take on young apprentices, technicians, engineers a key concern I have these days is whether the package I can offer them is in their best interests. If I cannot offer enough years of job security into a pool of employment of sufficient size (outwith our company) then generally I consider it better (in duty of care terms) to offer the positions to middle-aged or elderly out-of-work folks: they are trapped in the industry(s) and have nothing to lose. We should not gull the youngsters in if we cannot deliver on the promises. Needless to say the politicians do not like being told these realities - they know it is an inditement of what they have done.

* PM me if you need the link :)

FredBloggs
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Re: PFC - Doing very nicely thank you.

#110146

Postby FredBloggs » January 13th, 2018, 12:06 pm

Actually I made (almost) no effort at all to influence my kids beyond instilling a decent work ethic and a responsible attitude towards looking after their own future (with assistance from me. I had nothing when I started out at 16). Quite on their own, one graduated in maths and one in the arts. They both work in the civil service but in very different roles.

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Re: PFC - Doing very nicely thank you.

#110280

Postby monabri » January 13th, 2018, 7:39 pm

In the mid 90s, I participated in Grad recruitment for a well known aerospace company. We offered a starting salary of £18k. When I left in 2013, the salaries being offered were lower than this and there was no longer a full final salary pension. Even in the mid 90s, we struggled to get new grads to sign on the dotted line, quite often they would phone up on the day to say that they had had a much better offer and so they would not be attending the interview. Then, the few we managed to recruit all left after a couple of years for better paid jobs. Many of the older grads (well, doctorates) left for jobs in the city - the company couldn't deliver on their expectations and so they moved on!

In the mid 2000s, I noted that one guy who worked in my team was paid approx 25% more than I..... but he was some 10 years older. It became clear that engineering and science simply doesn't pay and that there was a definite "foot on the head" of salaries.

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Re: PFC - Doing very nicely thank you.

#110343

Postby FredBloggs » January 14th, 2018, 12:20 am

"Even" civil service (not known for being generous in the salary dept) offers around GBP 30k starting salary. Finance and the big financial services houses, considerably more. No wonder when they go fishing in the same pond for engineers, computer scientists, mathematicians etc.... they are able to pick and choose the best graduates from the best universities. I'll bear in mind what you said about the aerospace industry next time I am relaxing at 35,000 ft.

Anyway, about Petrofac.......... :lol:

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Re: PFC - Doing very nicely thank you.

#110845

Postby FredBloggs » January 16th, 2018, 12:42 am

562p at the close. Somebody knows something? Perhaps Asfari is being persuaded to sell out? GBP 10.00p a share, perhaps?

youfoolishboy
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Re: PFC - Doing very nicely thank you.

#110854

Postby youfoolishboy » January 16th, 2018, 6:56 am

I know something, the oil price has risen and taken all my oil related stocks with it, I think there is a lot of that in the price.

FredBloggs
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Re: PFC - Doing very nicely thank you.

#110855

Postby FredBloggs » January 16th, 2018, 7:05 am

youfoolishboy wrote:I know something, the oil price has risen and taken all my oil related stocks with it, I think there is a lot of that in the price.

I hope I'm right though LOL! :lol:

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Re: PFC - Doing very nicely thank you.

#112431

Postby FredBloggs » January 22nd, 2018, 1:06 am

A vote of confidence from Deutsche Bank -

LONDON (Alliance News) - Petrofac Ltd said Friday Deutsche Bank AG increased its stake in the company to 5.0% on Monday.

Deutsche Bank now holds 17.4 million shares, representing a 5.0% stake in Petrofac.

Deutsche Bank's previous stake in Petrofac, if any, was below the notification threshold.

Petrofac shares were up 0.9% at 548.60 pence each on Friday.


From -

http://www.morningstar.co.uk/uk/news/AN_1516365701855664400/deutsche-bank-ag-increases-holding-in-petrofac-to-5-(alliss).aspx

FredBloggs
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Re: PFC - Doing very nicely thank you.

#112720

Postby FredBloggs » January 23rd, 2018, 9:29 am

Here we go again. Not bad for a company that was never going to win another contract eh :lol:

https://www.petrofac.com/en-gb/media/news/petrofac-secures-key-north-sea-contract/

PFC > 4.0% on the news.

vrdiver
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Re: PFC - Doing very nicely thank you.

#112722

Postby vrdiver » January 23rd, 2018, 9:33 am

FredBloggs wrote:Here we go again. Not bad for a company that was never going to win another contract eh :lol:

https://www.petrofac.com/en-gb/media/news/petrofac-secures-key-north-sea-contract/


Sounds good, but remember Carillion was still landing contracts right up to the end :?

VRD (who holds PFC)

FredBloggs
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Re: PFC - Doing very nicely thank you.

#112724

Postby FredBloggs » January 23rd, 2018, 9:36 am

vrdiver wrote:
FredBloggs wrote:Here we go again. Not bad for a company that was never going to win another contract eh :lol:

https://www.petrofac.com/en-gb/media/news/petrofac-secures-key-north-sea-contract/


Sounds good, but remember Carillion was still landing contracts right up to the end :?

VRD (who holds PFC)

:lol: Very good, love it. Pull the other one, it's got bells on it :!:

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Re: PFC - Doing very nicely thank you.

#112730

Postby vrdiver » January 23rd, 2018, 9:56 am

FredBloggs wrote: :lol: Very good, love it. Pull the other one, it's got bells on it :!:

Yes, it was somewhat tongue-in-cheek!

My point was just that "landing contracts" isn't a guarantee of business health, as I'm sure you're already aware. It's the quality of the contract and management's ability to execute it that matters.

I bought into PFC over the summer of 2017, because, like you, I think the "disaster story" is oversold. I do keep an eye on them, just in case anything extra crawls out from the woodwork, but I'm pretty happy with them so far!

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Re: PFC - Doing very nicely thank you.

#112739

Postby FredBloggs » January 23rd, 2018, 10:27 am

vrdiver wrote:
FredBloggs wrote: :lol: Very good, love it. Pull the other one, it's got bells on it :!:

Yes, it was somewhat tongue-in-cheek!

My point was just that "landing contracts" isn't a guarantee of business health, as I'm sure you're already aware. It's the quality of the contract and management's ability to execute it that matters.

I bought into PFC over the summer of 2017, because, like you, I think the "disaster story" is oversold. I do keep an eye on them, just in case anything extra crawls out from the woodwork, but I'm pretty happy with them so far!

Yep,same as me. Best to take the > 50% profit then.

The only thing CLLN and PFC have in common - Both company names have an "a", "o" and an "r" in them. That's where the similarity ends.

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Re: PFC - Doing very nicely thank you.

#113166

Postby FredBloggs » January 25th, 2018, 1:08 am



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