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Re: Petrofac Limited (PFC)

Posted: March 13th, 2019, 4:12 pm
by monabri
Nice new contract today.

https://www.londonstockexchange.com/exc ... 01174.html

"Petrofac has been awarded a contract worth around US$1 billion with Groupment Isarene, the joint operating group set up by Sonatrach, Petroceltic and Enel, for the Ain Tsila Development Project in Algeria."
Moderator Message:
Moved here from HYP-P. - Chris

Re: Petrofac Limited (PFC)

Posted: March 29th, 2019, 7:22 pm
by monabri
Mr Asfari (CEO) has made a small ( for him) top up.

105750 shares at 469.54p each.

https://www.londonstockexchange.com/exc ... 16071.html

Re: Petrofac Limited (PFC)

Posted: April 2nd, 2019, 2:38 pm
by monabri
Petrofac has won a decommissioning contract worth around £12.2m with Tullow Oil.

https://www.energyvoice.com/oilandgas/n ... ullow-oil/

Re: Petrofac Limited (PFC)

Posted: April 2nd, 2019, 3:00 pm
by Bouleversee
monabri wrote:Mr Asfari (CEO) has made a small ( for him) top up.

105750 shares at 469.54p each.

https://www.londonstockexchange.com/exc ... 16071.html


Is this in addition to the shares he has asked to receive in lieu of his $1.3m annual bonus (after tax)?

I see he also had a 16% pay rise to $2.3m last year and wonder how that can be justified in present circumstances.

An article in The Times today highlighted the statements in the annual report stressing "the increased risk of a loss in share price value, prosecution, fines, penalties or other consequences, including reputational damage" as a result of developments in the investigation by the SFO and conviction of a former employee.
https://www.thetimes.co.uk/article/petr ... -lxhqnnmwx

What are we to conclude from all this?

Re: Petrofac Limited (PFC)

Posted: April 2nd, 2019, 4:17 pm
by monabri
I saw the pay rise figures and I look forward to a corresponding increase in dividend (not holding breathe).

The Times article reported
"Petrofac said that, in light of “the recent experience of shareholders and in view of current uncertainties”, Mr Asfari had requested that his $1.3 million annual bonus should not be paid in cash. Instead he will “receive the after-tax bonus proceeds in shares in the company in order to demonstrate his confidence in the future”.

The shares he acquired the other day (105750 qty) were in lieu of a cash bonus. so the RNS of 26 March indicated.

"This purchase was made in accordance with the Company's 2018 Directors' Remuneration Report disclosure, whereby Mr Asfari has elected to receive the after-tax proceeds of his cash bonus in Shares, in order to demonstrate his confidence in the future of the Company."


As for the Times - it's a strange article to be released on April 2nd but I guess it was triggered by the notification that the AR was now on the PFC website.

I note another RNS today, indicating Cochrane and 6 NEDs announced share buys...not significant qtys on the part of the NEDs though.

https://www.londonstockexchange.com/exc ... 26033.html

Re: Petrofac Limited (PFC)

Posted: April 18th, 2019, 10:21 pm
by Clitheroekid
I've been tempted to go back in again after today's 11% loss, taking the price back down to £4.67, but I'm slightly more wary this time, as the bribery issues do seem to be having a material effect, at least in Iraq - https://www.sharecast.com/news/news-and ... 53244.html

It's ironic how the Iraqi government is now pretending to be holier than thou, when it was officials in that selfsame government that were taking the bribes in the first place - and almost certainly still are, albeit only from companies that are less high profile.

It'll be interesting to see whether the Iraqi example is followed elsewhere, but until the picture becomes a bit clearer I think I'll sit on the sidelines, tempting though it is.

Re: Petrofac Limited (PFC)

Posted: April 19th, 2019, 1:19 pm
by spiderbill
Yes it's hard to know what to do - shareholders just keep getting hits whenever things start to look better.

PFC are my biggest loss (on both capital and total return) yet the fundamentals of the business seem sound. I was tempted to buy more when the price was under 400p and could maybe have traded back some of those losses, but it's not my natural investing style. We must hope that the dividend isn't further eroded.

Given that it seems to be almost impossible to do business in the middle east without some degree of bribery it's galling to see Iraq pretending they are whiter than white. If any other countries follow suit we could be in for a long wait for any recovery.

Re: Petrofac Limited (PFC)

Posted: April 20th, 2019, 12:53 pm
by Clitheroekid
spiderbill wrote:PFC are my biggest loss (on both capital and total return)

You and many others, I suspect.

I'm surprised that there's no shareholder action group been formed to sue the company in respect of such losses. They were pretty quick off the mark to sue Tesco, and the conduct of at least one of the PFC directors has been easily as egregious as anything the Tesco directors did.

Re: Petrofac Limited (PFC)

Posted: April 22nd, 2019, 9:39 am
by JoyofBrex8889
Timing of your trades makes a big difference: PFC has been a share I have traded in and out of quite profitably on a couple of occasions, buying near £4 and selling out as the price rose towards 550p. If I was a long term holder I would have been rinsed, but catching a falling knife and trading out (with a dose of lucky timing!) has for once worked in my favour. Maybe I may get to repeat the trade again in future, if it drops below £4?

Re: Petrofac Limited (PFC)

Posted: April 22nd, 2019, 11:31 am
by daveh
JoyofBrex8889 wrote:Timing of your trades makes a big difference: PFC has been a share I have traded in and out of quite profitably on a couple of occasions, buying near £4 and selling out as the price rose towards 550p. If I was a long term holder I would have been rinsed, but catching a falling knife and trading out (with a dose of lucky timing!) has for once worked in my favour. Maybe I may get to repeat the trade again in future, if it drops below £4?

I'm not a trader, but timing can also apply to the long-term holder as I bought in 2017 as the share price was rising from its below 400p lows and I picked up more this year when it dropped back below 400p. Still showing a profit and the XIRR is 11% pa including dividends received with a further dividend due next month.

Re: Petrofac Limited (PFC)

Posted: April 22nd, 2019, 1:15 pm
by monabri
PFC go ex-divi this Thursday, 25th April (25.3 cents US), payment 24th May.

Re: Petrofac Limited (PFC)

Posted: April 23rd, 2019, 4:56 pm
by Clitheroekid

Re: Petrofac Limited (PFC)

Posted: April 23rd, 2019, 10:03 pm
by Bouleversee
Tempting but I think I'll consider it as a speculative hold; enough in there already.

Re: Petrofac Limited (PFC)

Posted: May 7th, 2019, 9:11 pm
by Wasron
Clitheroekid wrote:I've been tempted to go back in again after today's 11% loss, taking the price back down to £4.67, but I'm slightly more wary this time, as the bribery issues do seem to be having a material effect, at least in Iraq - https://www.sharecast.com/news/news-and ... 53244.html

It's ironic how the Iraqi government is now pretending to be holier than thou, when it was officials in that selfsame government that were taking the bribes in the first place - and almost certainly still are, albeit only from companies that are less high profile.

It'll be interesting to see whether the Iraqi example is followed elsewhere, but until the picture becomes a bit clearer I think I'll sit on the sidelines, tempting though it is.


Tempted yet?

At 420p it’s back in my price range for ‘worthy of a punt’ and I’ll probably do so in the morning.

Re: Petrofac Limited (PFC)

Posted: May 8th, 2019, 6:34 am
by Walrus
Wasron wrote:
Clitheroekid wrote:I've been tempted to go back in again after today's 11% loss, taking the price back down to £4.67, but I'm slightly more wary this time, as the bribery issues do seem to be having a material effect, at least in Iraq - https://www.sharecast.com/news/news-and ... 53244.html

It's ironic how the Iraqi government is now pretending to be holier than thou, when it was officials in that selfsame government that were taking the bribes in the first place - and almost certainly still are, albeit only from companies that are less high profile.

It'll be interesting to see whether the Iraqi example is followed elsewhere, but until the picture becomes a bit clearer I think I'll sit on the sidelines, tempting though it is.


Tempted yet?

At 420p it’s back in my price range for ‘worthy of a punt’ and I’ll probably do so in the morning.



My suspicion is it will go lower. 380 and I will be joining you.

Re: Petrofac Limited (PFC)

Posted: May 24th, 2019, 12:21 am
by Clitheroekid
Walrus wrote:My suspicion is it will go lower. 380 and I will be joining you.

Now down to 398, and extremely tempting.

I suspect that a significant reason for its becoming so tempting is the fall in the oil price to around $67 for Brent Crude. It must be quite a rare event that dropping POO is welcomed with open arms! ;)

Re: Petrofac Limited (PFC)

Posted: May 24th, 2019, 7:34 am
by Wasron
Clitheroekid wrote:
Walrus wrote:My suspicion is it will go lower. 380 and I will be joining you.

Now down to 398, and extremely tempting.

I suspect that a significant reason for its becoming so tempting is the fall in the oil price to around $67 for Brent Crude. It must be quite a rare event that dropping POO is welcomed with open arms! ;)


I bought a few at 420 a few weeks ago, and will possibly be adding some more this morning.

Re: Petrofac Limited (PFC)

Posted: May 29th, 2019, 3:12 pm
by monabri
Two more contracts received

https://www.oilandgaspeople.com/news/18 ... -petrofac/

"Petrofac’s Engineering and Production Services (EPS) business has been awarded two Operations and Maintenance (O&M) contract extensions for long-standing clients worth a combined value of approximately US$32 million."

Re: Petrofac Limited (PFC)

Posted: June 11th, 2019, 1:28 pm
by monabri
And another...

https://www.energyvoice.com/oilandgas/m ... -oman-job/

"UK oilfield services giant Petrofac has clinched a £60 million deal to provide procurement services for Petroleum Development Oman."

Re: Petrofac Limited (PFC)

Posted: June 11th, 2019, 9:14 pm
by spiderbill
and yet still the share price languishes.