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Petrofac Limited (PFC)

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kempiejon
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Re: Petrofac Limited (PFC)

#457037

Postby kempiejon » November 10th, 2021, 11:16 am

I took up my allowance and I see Halifax are doing something on my accounts this morning.

daveh
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Re: Petrofac Limited (PFC)

#457075

Postby daveh » November 10th, 2021, 1:46 pm

kempiejon wrote:I took up my allowance and I see Halifax are doing something on my accounts this morning.


I've had an extra line for PFC since I took up the open offer last week. Shows the number of shares I've agreed to buy at 115p and all other entries are ***. Its been like that for a while though (the presence of the extra line). If there is a HSDL cheap dealing day soon I will probably sell them then. If it had been a rights issue I'd have let it lapse and just taken the cash for the rights, but as it is an open offer which would have lapsed with no value and the share price remains ahead of the offer price I decided to take it up.

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Re: Petrofac Limited (PFC)

#457800

Postby spiderbill » November 13th, 2021, 11:35 am

Having taken up the allowance with one of my platforms (who provides all the information needed electronically) but not the other (who sends stuff required to do so by mail to my UK address which I'm not currently at) I notice that my total holding is now 666 shares. I do hope that's not an omen! :shock:

daveh
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Re: Petrofac Limited (PFC)

#466271

Postby daveh » December 16th, 2021, 8:59 am

trading update:

https://www.investegate.co.uk/petrofac- ... 0023EROPW/


PETROFAC LIMITED

TRADING UPDATE

Petrofac issues the following pre-close trading update for the year ending 31 December 2021.



Continued strong performance in EPS but Covid-19 disruption continues to impact E&C project schedules and costs
Group net profit broadly in line with market expectations for 2021, supported by tax provision releases of US$17 million in H1 and approximately US$35 million in H2
New order intake (1) of US$2.0 billion in the year to date (increased from US$0.5 billion at half year) with EPS on track to deliver a book-to-bill of 1.0x for the full year
Comprehensive refinancing completed following resolution of SFO investigation
Year-end net debt (2) expected to be broadly flat versus Q3, at approximately US$0.2 billion
On track to deliver cost saving target of c.US$250 million by year-end (3)
Well positioned with a Group pipeline of US$40 billion for award in 2022, of which $7 billion is in New Energies


Seems to be up ~2% this morning, but still below the placing price of 115p

daveh
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Re: Petrofac Limited (PFC)

#486420

Postby daveh » March 14th, 2022, 9:01 am

If any one missed it, the Final Results are to be delayed a week:
https://www.investegate.co.uk/petrofac- ... 0005EEYAE/

Pursuant to advanced-stage negotiations relating to the close-out of two historic EPC projects, Petrofac will write down approximately US$5-10 million of claims previously recognised in relation to those projects.



This will be reflected in the Full Year Results for 2021 which will be announced on 23rd March 2022, a week later than previously indicated.



and Company Secretary and Address to change (to Jersey)

https://www.investegate.co.uk/petrofac- ... 3013EEFMC/

Change of Company Secretary and Registered Office Address

Petrofac Limited is pleased to announce the appointment of Ocorian Secretaries (Jersey) Limited, as Company Secretary with effect from 14 March 2022.

The registered office of the Company has also changed with immediate effect to 26 New Street, St Helier, Jersey, JE2 3RA.

daveh
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Re: Petrofac Limited (PFC)

#486922

Postby daveh » March 16th, 2022, 1:32 pm

Allowed to bid for work in UAE again.

https://www.investegate.co.uk/petrofac- ... 5125EDTUM/

Petrofac Ltd has been notified by Abu Dhabi National Oil Company (ADNOC) of the lifting of the suspension imposed on 15th of March 2021 and the reinstatement of Petrofac in ADNOC's commercial directory. Pursuant to this reinstatement, Petrofac is allowed to participate in all ADNOC's upcoming new tenders with immediate effect.


Which seems to have helped the share price a lot.

monabri
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Re: Petrofac Limited (PFC)

#486935

Postby monabri » March 16th, 2022, 2:11 pm

daveh wrote:Allowed to bid for work in UAE again.

https://www.investegate.co.uk/petrofac- ... 5125EDTUM/

Petrofac Ltd has been notified by Abu Dhabi National Oil Company (ADNOC) of the lifting of the suspension imposed on 15th of March 2021 and the reinstatement of Petrofac in ADNOC's commercial directory. Pursuant to this reinstatement, Petrofac is allowed to participate in all ADNOC's upcoming new tenders with immediate effect.


Which seems to have helped the share price a lot.


Some good news at long long last!

daveh
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Re: Petrofac Limited (PFC)

#488456

Postby daveh » March 23rd, 2022, 8:30 am

Full year results:
https://www.investegate.co.uk/petrofac- ... 0006ETKTF/

PETROFAC LIMITED
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2021



Significant progress on 2021 strategic objectives
Long term capital structure in place following capital raise and comprehensive refinancing
Business performance net profit of US$35 million(1)(2)
Reported net loss of US$(195) million(2) post impairments and separately disclosed items
Group order intake of US$2.2 billion(4)
Achieved targeted cost savings of US$250 million
Net debt of US$144 million(7) and liquidity of US$705 million(8)
Backlog of US$4.0 billion, of which Russia is 0.6%
Recently reinstated to ADNOC's bidding list for all upcoming tenders
Well positioned with a Group pipeline of US$37 billion for award in 2022, of which $7 billion is in New Energies



and

DIVIDEND

In April 2020, the Board cancelled the payment of the final 2019 dividend in response to the COVID-19 pandemic and the fall in oil and gas prices. The Board recognises the importance of dividends to shareholders and expects to reinstate the dividend policy in due course, once the company's performance has improved. Under the terms of the new debt facilities, the company will be permitted to pay dividends from 1 January 2023, subject to the satisfaction of certain covenant tests.


monabri
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Re: Petrofac Limited (PFC)

#490861

Postby monabri » April 1st, 2022, 3:10 pm

https://www.petrofac.com/media/news/pet ... -contract/

"Petrofac’s Australia team based in Perth, WA, has been contracted to complete Phase 1 of the decommissioning of the Northern Endeavour FPSO (Floating Production, Storage and Offtake) facility.

The contract, awarded by the Federal Department of Industry, Science, Energy and Resources, follows a stringent selection and due diligence process by the Government of Australia. The value to Petrofac of Phase 1 has the potential to be up to AUD$325 million (US$236 million)"

Shareprice still in the doldrums.

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Re: Petrofac Limited (PFC)

#491042

Postby Clitheroekid » April 2nd, 2022, 11:24 am

Let’s hope it’s not an April Fool! ;)

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Re: Petrofac Limited (PFC)

#491049

Postby BullDog » April 2nd, 2022, 11:42 am

Clitheroekid wrote:Let’s hope it’s not an April Fool! ;)

Sad to see the company so downtrodden. PFC hasn't really been very active in Australia, as far as I know. Certainly not one of their major client countries. I have no stake in the company. But I wonder why "usual suspects" weren't awarded the job? Very high risk of cost over run due to emerging unknowns. Maybe it's a cost plus contract and not a lump sum job which can go badly wrong.

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Re: Petrofac Limited (PFC)

#492157

Postby monabri » April 6th, 2022, 12:51 pm

https://www.energyvoice.com/oilandgas/4 ... l-and-gas/

"Petrofac (LON:PFC) has been awarded a further operations and maintenance (O&M) contract with Cairn Oil & Gas, India’s largest private oil and gas exploration company. Valued at approximately $60 million (£46m), the 60-month contract encompasses services and expertise to support Cairn’s Mangala Processing Terminal (MPT) located in Rajasthan."

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Re: Petrofac Limited (PFC)

#493192

Postby monabri » April 9th, 2022, 9:33 pm

https://www.energyconnects.com/opinion/ ... tch-homes/

"Oilfield services giant looks forward to robust growth in UAE following reinstatement to ADNOC’s bidding list"

"The successful installation of one of two 700MW offshore substations at a Netherlands wind farm and connecting the other to the mainland grid in the midst of a pandemic are major milestones for project contractor Petrofac and the UAE’s manufacturing capabilities, a top company executive told Energy Connects. "

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Re: Petrofac Limited (PFC)

#498593

Postby daveh » May 5th, 2022, 9:20 am

Petrofac win big decommissioning order in Gulf of Mexico:

https://www.investegate.co.uk/petrofac- ... 0017EQEEQ/

Petrofac, a leading provider of services to the global energy industry, and Promethean Decommissioning Company (PDC), a pure-play Decommissioning Operator, have formed an Alliance to decommission the South Pass 60, South Pass 6 and East Breaks 165 fields, offshore Gulf of Mexico.

The legacy offshore fields and assets include nine platforms, 200 wells and 32 pipeline segments. The scope includes the safe, efficient, and assured decommissioning of the fields.

PDC takes on the role of Decommissioning Operator and is responsible for fulfilling the field Decommissioning Orders received from the U.S. Department of the Interior’s Bureau of Safety and Environmental Enforcement in February 2022.

Petrofac has been appointed by PDC as the Decommissioning Services Provider in a contract valued at around US$200m in line with the BSSE (Department of Biosystems Science and Engineering’s) estimated decommissioning cost.



Nice to see them get some orders and the price has been on an upward trend recently.

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Re: Petrofac Limited (PFC)

#501518

Postby monabri » May 19th, 2022, 12:34 pm

https://www.offshore-energy.biz/petrofa ... rsk-decom/

"May 18, 2022,
Oilfield services provider Petrofac has grown its presence in Africa after having been selected by Tullow Oil to provide well decommissioning services in Mauritania.

The contract, with a potential total value of more than $60 million, involves the project management, engineering, planning and plugging and abandonment (P&A) of seven subsea wells on Tullow Oil’s Banda and Tiof fields."

monabri
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Re: Petrofac Limited (PFC)

#502397

Postby monabri » May 24th, 2022, 9:06 am

https://news.sky.com/story/cost-of-livi ... y-12620115

"A plea against a windfall tax on energy companies has been made in an open letter to the prime minister and chancellor...."

I see PFC are amongst the signatories.

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Re: Petrofac Limited (PFC)

#503131

Postby daveh » May 27th, 2022, 10:31 am

AGM statement, plus profits warning of sorts:

https://www.investegate.co.uk/petrofac- ... 0008EPXAL/

In an update to shareholders, Group Chief Executive Sami Iskander will comment: “I am pleased with the strategic progress we made in 2021 to establish a strong platform and I want to thank our shareholders, clients, and other stakeholders for their continued support as we position the business to capitalise on the multi-year upcycle ahead of us, underpinned by structural tailwinds from high energy prices.

“We are experiencing some near-term headwinds as we complete a number of EPC projects in our relatively small, mature portfolio, which will impact E&C’s 2022 performance. However, the outlook for order intake in E&C remains robust with a diverse and active bidding pipeline, giving us confidence that we will achieve our medium-term performance ambition. This includes achieving Group revenue of US$4-5 billion, including c.US$1 billion from new energies, with a sector leading 6-8% EBIT margin and a return to a net cash position. Delivery of these medium-term objectives will create significant value for all Petrofac stakeholders.”

“In current trading, Asset Solutions and IES continue to perform well, benefitting from the strong macro environment and our differentiated service offering across core and new markets.



Market doesn't like it as they are 11% down today in HYPTUSS from when I last collected share prices a couple of days ago.

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Re: Petrofac Limited (PFC)

#503254

Postby monabri » May 27th, 2022, 10:04 pm

https://www.offshore-energy.biz/bp-hire ... a-project/

"Oilfield services provider Petrofac has been awarded a new contract to provide offshore operations services for BP’s Greater Tortue Ahmeyim (GTA) project in Mauritania and Senegal.

As informed by Petrofac on Wednesday, the scope of work encompasses the provision of specialist personnel, plant and equipment to support offshore operations at the floating production storage and offloading (FPSO) and liquefied natural gas (LNG) hub in Mauritania and Senegal. The contract was awarded following a competitive tender."

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Re: Petrofac Limited (PFC)

#503663

Postby Clitheroekid » May 29th, 2022, 7:47 pm

monabri wrote:https://www.offshore-energy.biz/bp-hires-petrofac-to-provide-personnel-and-equipment-for-gta-project/

"Oilfield services provider Petrofac has been awarded a new contract to provide offshore operations services for BP’s Greater Tortue Ahmeyim (GTA) project in Mauritania and Senegal.

As informed by Petrofac on Wednesday, the scope of work encompasses the provision of specialist personnel, plant and equipment to support offshore operations at the floating production storage and offloading (FPSO) and liquefied natural gas (LNG) hub in Mauritania and Senegal. The contract was awarded following a competitive tender."

They seem to have been awarded quite a few contracts recently. Let's hope they aren't just buying work.

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Re: Petrofac Limited (PFC)

#510172

Postby daveh » June 28th, 2022, 9:58 am

Pre close trading statement:
https://www.investegate.co.uk/petrofac- ... 0005EUNFJ/

Petrofac issues the following pre-close trading update for the six months ending 30 June 2022.


    Trading and expectations in line with guidance provided in the AGM statement
    Given the improved macro environment, E&C is expected to secure strong order intake in the second half and deliver backlog growth year on year
    Continued robust performance and order intake in Asset Solutions; on track to deliver full year EBIT margin of 5-6%, in line with guidance
    Strong IES performance driven by higher production and stronger oil price
    Well positioned with a healthy Group pipeline scheduled for award in the next 18 months
    Net debt of US$345 million(4) and liquidity of US$507 million(5) at 23 June 2022, with net debt expected to reduce in the second half


Sami Iskander, Petrofac's Group Chief Executive, commented:

"We have made good progress in the first half of the year to position the business strategically to capitalise on the expected multi-year upcycle ahead, supported by a strong energy price environment and ambitious growth plans from clients in our core markets. Bidding activity in E&C is high and Asset Solutions has secured a strong order intake in the year to date. IES has delivered a significant increase in production and is benefitting from high oil prices. As previously reported, first half financial performance has been adversely impacted by delays and cost-overruns in our small and mature existing E&C portfolio.



“Looking forward, we expect Asset Solutions and IES to continue to deliver strong performance. Notwithstanding the short-term challenges in the existing E&C portfolio, we continue to expect the second half of 2022 to mark an inflection point for a sustained period of growth in backlog. We have a healthy 18 month Group bidding pipeline and we expect to grow the E&C backlog in 2022 and to secure significant new orders in 2023, underpinned by opportunities in the UAE and offshore wind.”


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