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Petrofac Limited (PFC)

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monabri
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Re: Petrofac Limited (PFC)

#445085

Postby monabri » September 24th, 2021, 4:10 pm

Bouleversee wrote:What's the betting on the amount of fine?


How much are they going to fine a loss making company?

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Re: Petrofac Limited (PFC)

#445088

Postby Bouleversee » September 24th, 2021, 4:15 pm

monabri wrote:Good timing on the part of Schroder Investment Management taking a 16.59% stake last month (25th Aug).

https://www.investegate.co.uk/article.a ... 25735EGFFA


Was it all last month? They already owned over 10% before that deal acc. to the form but perhaps there were other deals earlier in the month.

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Re: Petrofac Limited (PFC)

#445089

Postby Bouleversee » September 24th, 2021, 4:16 pm

monabri wrote:
Bouleversee wrote:What's the betting on the amount of fine?


How much are they going to fine a loss making company?


I expect they will let them off in the circs. :lol:

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Re: Petrofac Limited (PFC)

#446383

Postby Clitheroekid » September 29th, 2021, 6:37 pm

50% up in the last few days - I'm glad I held on! ;)

I came across this video on the ii website - https://youtu.be/0wNA1fks1vw?t=161

I've never given charts much credibility, but this seems to be a classic example of being wise after the event. The chart has turned up because of a specific event, namely the end of the SFO case, not because of some arcane rule of charting.

It may well be that charts are sometimes useful predictors, but I can't see that this sort of prediction has any credibility at all.

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Re: Petrofac Limited (PFC)

#446987

Postby Bouleversee » October 1st, 2021, 3:09 pm

Remind me when the decision on the fine will be made. IIRC it was postponed for some reason. Recent increases haven't made much impression on my losses.

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Re: Petrofac Limited (PFC)

#447053

Postby Bouleversee » October 1st, 2021, 6:01 pm

This is the answer to my question:
https://www.petrofac.com/media/news/sta ... estigation

Monday is the day the sentence will be passed.

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Re: Petrofac Limited (PFC)

#447494

Postby monabri » October 3rd, 2021, 2:22 pm

https://www.energyvoice.com/oilandgas/3 ... bery-plea/

( link provided for source reference).

"Petrofac and Serious Fraud Office fight over fine after guilty bribery plea
The Serious Fraud Office (SFO) has said Petrofac should face a $209million (£154m) fine for pleading guilty to seven bribery offenses, about double what the company said it can afford at a London court hearing."

In 2017, a fine of £154m would have been considered to have been reasonable ( ie a slap on the wrist). There was discussion that the fine would be >$1billion and the shareprice fell and fell, wiping off billions of pounds from the market cap.

There was also a reduction in the dividend = money on the shelf to pay for any potential fine ( I seem to recall that the divi reduction was a saving which would have been of the order of the eventually fine).

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Re: Petrofac Limited (PFC)

#447584

Postby Bouleversee » October 3rd, 2021, 9:03 pm

monabri wrote:https://www.energyvoice.com/oilandgas/353757/petrofac-serious-fraud-office-fine-bribery-plea/

( link provided for source reference).

"Petrofac and Serious Fraud Office fight over fine after guilty bribery plea
The Serious Fraud Office (SFO) has said Petrofac should face a $209million (£154m) fine for pleading guilty to seven bribery offenses, about double what the company said it can afford at a London court hearing."

In 2017, a fine of £154m would have been considered to have been reasonable ( ie a slap on the wrist). There was discussion that the fine would be >$1billion and the shareprice fell and fell, wiping off billions of pounds from the market cap.

There was also a reduction in the dividend = money on the shelf to pay for any potential fine ( I seem to recall that the divi reduction was a saving which would have been of the order of the eventually fine).


Fingers crossed for tomorrow then.

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Re: Petrofac Limited (PFC)

#447698

Postby monabri » October 4th, 2021, 12:04 pm

PFC's lawyer has earned her pay...and some! ;)

https://www.telegraph.co.uk/business/20 ... l-rumours/

"Shares in oil services provider Petrofac surged this morning even after the company was handed a $95m (£70m) fine for failing to prevent bribery in the Middle East.

The London-listed company had pleaded guilty to seven charges of bribery after it secured a plea deal with the Serious Fraud Office (SFO).

The penalty included a $64m fine and a $31m confiscation order, as well as £7m to cover the SFO's legal costs. But it was well below the £154m fine the anti-fraud unit had been seeking.

Shares jumped as much as 17pc to their highest level since June 2020."

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Re: Petrofac Limited (PFC)

#447732

Postby spiderbill » October 4th, 2021, 1:39 pm

monabri wrote:PFC's lawyer has earned her pay...and some! ;)


Yes, a surprisingly good result.
I doubt I'll ever see half of what I lost on them (currently 79% down on capital) but at least they can move forward now and hopefully get back to securing new contracts. I look forward to the recent restrictions on tendering being lifted.

Of course their biggest problem may be that they can't offer bribes in the Middle East while their competitors can.... :roll:

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Re: Petrofac Limited (PFC)

#447745

Postby Bouleversee » October 4th, 2021, 2:15 pm

Yes, I'm only 65.5% and 61.5% down on my 2 accounts now and can't see that improving all that much in the near future but would be delighted to be proved wrong :x

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Re: Petrofac Limited (PFC)

#448567

Postby daveh » October 7th, 2021, 3:26 pm

petrofac and gazprom alliance
https://www.investegate.co.uk/petrofac- ... 1655EEQHS/

Gazprom and Petrofac have today signed a strategic partnership through Gazprom's INTI - Russian Institute Oil/Gas Technology Initiatives to export and promote the ambition, quality, and standards of the Russian energy industry domestically and internationally.

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Re: Petrofac Limited (PFC)

#448622

Postby spiderbill » October 7th, 2021, 9:23 pm

daveh wrote:petrofac and gazprom alliance
https://www.investegate.co.uk/petrofac- ... 1655EEQHS/


That's one I didn't see coming :o
I wonder which aspect of PFC attracted the Russions the most.....

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Re: Petrofac Limited (PFC)

#448625

Postby Bouleversee » October 7th, 2021, 9:31 pm

Indeed. My comment was "Mmm." but that's not enough letters for a post on TLF. I can 't say the news fills me with joy. What do others think?

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Re: Petrofac Limited (PFC)

#448825

Postby Clitheroekid » October 8th, 2021, 8:41 pm

Bouleversee wrote:Indeed. My comment was "Mmm." but that's not enough letters for a post on TLF. I can 't say the news fills me with joy. What do others think?

I'm just glad of any business that comes in and boosts the share price. We may not like Russia as a state, but the majority of O&G activity in which companies like PFC operate seem to be in dodgy and corrupt states - which is what led to the problem in the first place. Yet the giant oilco's like BP and Shell seem to operate quite happily in Russia, so why not PFC?

If they do a good job (and from what I've heard they are a well-respected, highly professional company) it can only enhance their reputation to be selected as advisor to such a prestigious client, and this should help with the rehabilitation process that we all hope for.

If such companies took the high moral ground and only dealt with `nice' countries they'd very soon go out of business.


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