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Re: Petrofac Limited (PFC)

Posted: August 10th, 2019, 8:08 pm
by Stan
Clitheroekid wrote:
miner1000 wrote:
Petrofac are just one of those Companies that have always bounced back no matter what so I can't see why they can't continue to do so.


Really? When this thread started in February 2019 the share price talked about was 489p. The last price mentioned in this thread is393p. Now, I dont follow this share, but that sounds like pretty poor performance to me. Why should the price bounce back? The price is what it is because that is Mr Market's valuation of the share. I get the feeling that this is exactly the type of share that is the reason that 70% of retail traders lose money.

If you've not been following the share you can hardly expect to understand Stan's comment, but it's quite correct.

The share price of 489 was a snapshot from a day in which the price fell from 559 to 395 because of further SFO revelations. However, I've come to see the SFO as a great ally, as every time they pop their head over the parapet the share price drops, providing another buying opportunity. And when they go back under their stone the SP gradually rises again. In fact, I can't help wondering whether someone at the SFO holds shares in PFC ...

Have a look at the recent history of the share price, and you can see the amazing trading opportunities the volatility has presented:

03.03.17 - 938
09.06.17 - 354
04.08.17 - 483
01.09.17 - 403
19.01.18 - 548
09.02.18 - 408
11.05.18 - 651
14.12.18 - 460
06.02.19 - 559
12.02.19 - 381
12.04.19 - 527
23.05.19 - 398
26.06.19 - 465
07.08.19 - 388

This is (OK, tempting fate, has been so far!) an excellent share in which to trade. It's a very substantial company, which pays high dividends, and it's frankly not one that I can imagine going bust in the foreseeable future. And even if the price doesn't rise again to any significant degree it's an excellent income stock.

Without a doubt my favourite trading share :D


Thank you CK yes one of my favourites to, also as an extra benefit there is no stamp duty to pay either on share purchases.

Re: Petrofac Limited (PFC)

Posted: August 28th, 2019, 9:10 am
by daveh
I've posted the half year results over on the HYP-P board here:
viewtopic.php?f=15&t=19222

Re: Petrofac Limited (PFC)

Posted: August 28th, 2019, 3:22 pm
by Bouleversee
Rather disappointing.

Re: Petrofac Limited (PFC)

Posted: August 30th, 2019, 4:04 pm
by Clitheroekid
A very interesting article by the consistently good Edmond Jackson for followers of PFC - https://www.ii.co.uk/analysis-commentar ... kxMjA2OAS2

Re: Petrofac Limited (PFC)

Posted: September 19th, 2019, 11:47 pm
by monabri
PFC sells remaining 51% share of its interests in operations in Mexico. Proceeds to be used to pay down debt.


https://www.sharecast.com/news/news-and ... 27773.html

Re: Petrofac Limited (PFC)

Posted: November 20th, 2019, 8:57 am
by daveh
Petrofac buys small energy services company in US:
https://www.investegate.co.uk/petrofac- ... 00049600T/

Petrofac Limited ("Petrofac") announces it has signed a Sale and Purchase Agreement with the shareholders of W&W Energy Services ("W&W") to acquire an entry-level position in the US onshore Operations and Maintenance market.


and

Petrofac secures US$120 million in EPS awards

https://www.investegate.co.uk/petrofac- ... 00049572T/

Re: Petrofac Limited (PFC)

Posted: November 25th, 2019, 10:54 am
by Bouleversee
According to the ADVFN a.m. bulletin:

"A multinational energy firm accused by prosecutors of maintaining a fake set of accounts to disguise the payment of bribes to foreign government officials has been identified by the Guardian as the UK-based company Petrofac. Petrofac, which is headed by a major Tory donor, has been under investigation by the UK’s anti-corruption agency, the Serious Fraud Office (SFO), for suspected bribery and money laundering. - Guardian"

"Not another one!", said Brenda.

Re: Petrofac Limited (PFC)

Posted: November 25th, 2019, 12:30 pm
by Wasron
Bouleversee wrote:According to the ADVFN a.m. bulletin:

"A multinational energy firm accused by prosecutors of maintaining a fake set of accounts to disguise the payment of bribes to foreign government officials has been identified by the Guardian as the UK-based company Petrofac. Petrofac, which is headed by a major Tory donor, has been under investigation by the UK’s anti-corruption agency, the Serious Fraud Office (SFO), for suspected bribery and money laundering. - Guardian"

"Not another one!", said Brenda.


I’m not sure this is ‘new’ news. Seems more like The Guardian resurfacing old news to try and attach some more muck to the idea of another Tory Govt. The propaganda war being waged on both sides is thoroughly depressing at the moment.

The price today has hardly budged (for something volatile like Petrofac anyway)

Wasron

Re: Petrofac Limited (PFC)

Posted: November 25th, 2019, 12:36 pm
by Bouleversee
Wasron -

That had occurred to me also. However, although I knew they were being investigated I hadn't heard about the fake set of accounts before. I wish they would get on with it. I suppose the reason the s.p. hasn't moved much today is that this matter is already in the s.p. and other issues, e.g. poo and the future of oil generally, have more influence at the moment. The Brenda comment was because there seem to be quite a lot of companies with accounting issues at the moment and the auditors don't seem to be very good at spotting book cooking.

Re: Petrofac Limited (PFC)

Posted: December 6th, 2019, 7:28 pm
by monabri
https://www.bloomberg.com/amp/news/arti ... n-malaysia

''Petrofac Ltd., the U.K.-listed oilfield service provider, is weighing a sale of its Malaysian assets for about $300 million, according to people with knowledge of the matter.

The company has started gauging interest from potential investors on the planned divestment, said the people, asking not to be named as the discussions are private. The assets that could be on sale include a stake in an offshore oil field development known as PM304"

I wonder if they are quietly selling assets off in anticipation of having cash ready for a fine from the long standing SFO investigation?

Re: Petrofac Limited (PFC)

Posted: December 7th, 2019, 1:54 am
by ReallyVeryFoolish
monabri wrote:https://www.bloomberg.com/amp/news/articles/2019-12-06/petrofac-is-said-to-consider-offshore-oil-asset-sale-in-malaysia

''Petrofac Ltd., the U.K.-listed oilfield service provider, is weighing a sale of its Malaysian assets for about $300 million, according to people with knowledge of the matter.

The company has started gauging interest from potential investors on the planned divestment, said the people, asking not to be named as the discussions are private. The assets that could be on sale include a stake in an offshore oil field development known as PM304"

I wonder if they are quietly selling assets off in anticipation of having cash ready for a fine from the long standing SFO investigation?

I would have thought that the cash saved from the dividend cut when the SFO were first interested would more than cover the fine. If there is one. Surely, anything that was identifiable would have come out of the woodwork by now? PFC is a simply stonking good buy now if you want an energy services share. PFC have been divesting of non-core assets for some time now, I actually thought they had all gone, perhaps the Malaysian one will be (one of) the last.

Re: Petrofac Limited (PFC)

Posted: December 7th, 2019, 9:10 am
by monabri
They had a debt pile of $1bn at the time. They've been "selling stuff off"/ they cut the divi and are currently debt free.

I bought into PFC just before the SFO announcement ( :( ) and was rather dismayed how badly the share price was affected by the allegations. The case has dragged on...and on ( SFO are in no rush). The talk at the time was , if guilty, the fine would be over a $1bn...or £1bn ( any advance ?) with shorters falling over themselves to talk up any possible fine ( all complete nosense).

The SFO cases can take years.

Re: Petrofac Limited (PFC)

Posted: December 13th, 2019, 12:46 pm
by monabri
"Oilfield services provider Petrofac has secured two new framework agreements for the provision of engineering, procurement, construction, and commissioning (EPCC) services in the North Sea. "

"The first one, a three-year framework agreement awarded by EnQuest as part of a multi-contractor framework, covers EPCC services across the operator’s North Sea and onshore asset base.

The second one, awarded by an unnamed Southern North Sea operator, is for an initial two-year period with options to extend.

Petrofac has now secured seven such frameworks in the UK in 2019. Future work undertaken through the frameworks will be supported by Petrofac’s Aberdeen office."

https://mobile.offshoreenergytoday.com/ ... sea-deals/

Just that darn SFO case !

Re: Petrofac Limited (PFC)

Posted: December 17th, 2019, 8:24 am
by monabri
Trading update

https://www.londonstockexchange.com/exc ... 51171.html

-Trading in line with guidance
-New order intake (1) of US$3.0 billion in the year to date
-Net debt (2) expected to be around US$0.1 billion at 31 December 2019

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

"We remain on course to report good results for 2019 in line with prior guidance, which reflect solid operational performance across the business and continued progress delivering our strategy.

"We are encouraged by the improving market outlook and our busy tendering pipeline, with US$39 billion of bid opportunities scheduled for award by the end of 2020 in both core and growth markets. We have seen delays in E&C bidding processes in the second half of the year, which has further impacted new order intake following the previously announced loss of awards in Saudi Arabia and Iraq in the first half. However, we are well-placed on several opportunities.

Re: Petrofac Limited (PFC)

Posted: December 31st, 2019, 8:11 am
by monabri
"Petrofac announces today a new contract and the award of an additional scope of work with Petroleum Development Oman (PDO), with a combined value of approximately US$130 million."

https://www.londonstockexchange.com/exc ... 66816.html

Re: Petrofac Limited (PFC)

Posted: January 8th, 2020, 10:10 pm
by monabri
"Petrofac lands new North Sea deal worth $50 million

Oilfield services provider Petrofac has been selected by Petrogas NEO UK – a jointly owned company created by Petrogas E&P UK and NEO Energy, a portfolio company of private equity fund HitecVision – to establish its new North Sea operation following its recently announced asset acquisition."


https://mobile.offshoreenergytoday.com/ ... 0-million/

Re: Petrofac Limited (PFC)

Posted: January 16th, 2020, 7:05 am
by idpickering
PETROFAC APPOINTED FOR SEAGREEN WIND FARM SUBSTATIONS

Petrofac has entered into a Preferred Supplier Agreement with SSE Renewables to design, supply and install the HVAC onshore and offshore substations for the Seagreen wind farm project. The wind farm will be located 27 kilometres off the coast of Angus and once constructed will be the largest in Scotland.


https://www.investegate.co.uk/petrofac- ... 00049484Z/

Re: Petrofac Limited (PFC)

Posted: February 18th, 2020, 11:13 am
by ReallyVeryFoolish
A little bit of good news today from PFC. A significant project win in Abu Dhabi from ADNOC. It's extremely important this project win. Large jobs are really thin on the ground right now and competition from bidders is intense. I hope PFC haven't bought the work, though I imagine the margin will be wafer thin if there at all. However, PFC are well regarded in the UAE, have low costs due to extensive use of Asian labour and a good track record of adding value beyond the base contract scope.
https://www.petrofac.com/en-gb/media/ne ... a-project/

Re: Petrofac Limited (PFC)

Posted: February 20th, 2020, 10:35 am
by ReallyVeryFoolish
Another nice little job announced today -
https://www.petrofac.com/en-gb/media/ne ... t=20-02-20

Re: Petrofac Limited (PFC)

Posted: February 25th, 2020, 8:09 am
by ReallyVeryFoolish
More today from PFC -

Solid operational performance in all our businesses
Business performance net profit down 22% to US$276 million
Reported net profit of US$73 million post impairments and exceptional items
New order intake of US$3.2 billion; backlog (4) of US$7.4 billion at 31 December 2019
Net cash of US$15 million
Final dividend of 25.3 cents per share, maintaining total dividend at 38.0 cents per share

https://www.petrofac.com/en-gb/media/ne ... ntent=fy19