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Petrosaga - No need to say sorry as I am the one should say that. I should have read the article carefully and double check before dissemination , instead of just looking at the date (18th Apr 2024)
Petrofac awards carbon capture sub-contract
https://www.meed.com/petrofac-awards-sub-contract-on-adnoc-carbon-capture-project
Sorry 3rd of October
Great but awarded on the 4rd of October 2023 from previous RNS
Https://www.meed.com/petrofac-awards-sub-contract-on-adnoc-carbon-capture-project.
Agreed- then 35p by the week after. Exciting times for pfc just hope we’re not taken over cheaply as this is a £1 in a years time. GLA
25p end of play tomorrow.
Hi Snapper do you have any shares? Is there anything that you could recommend?
I’m not sure why they keep running away from this pile of money predicted for them by a few people. 10.33% now. Very confusing???
Shorts appear to be down again
"And do I give Flying Fu#k what others think....Not really "
and do you think anyone gives a Flying Fu#k what you think ?...Not really !!!
😂🤣😂🤣
Made in IRA
Simple Carillion was winning work right up to the Recivers arrived ......
And PFC are simply buying turnover contracts at the cheepest margins.....
Loss Makers
And do I give Flying Fu#k what others think....Not really
DYOR.....
I have a few simple questions in reply snapper…
1. Why don’t the companies placing these contracts wake up and stop placing them with PFC at such risk?
2. Why are the shares continuing to be bought such that the share price has increased over the last couple of days?
3. Why do you spend so much of your time on this board helping us make a decision to sell our shares when you obviously don’t want or have any of the shares yourself. If I had no shares I very much doubt I would be here.
Thanks…
Https://www.meed.com/petrofac-awards-sub-contract-on-adnoc-carbon-capture-project
Shahz
BECAUSE SERVICE CONTRACTS DONT NEED PG BONDS.....
ITS A SERVIVE CONTRACT BUT EPC DO.......LIKE TenneT.........
Last Weeks RNS
"While the Company continues to face challenges in securing new performance guarantees, it is progressing discussions with credit providers and clients to find solutions with respect to the guarantees required for its recent contract awards."
For some reason PFC can not get APB or PG bonds.... Why Credit History... Bonds History being called....
APB and PG are the tools of a contractors trade......
PFC WILL BE IN BREACH OF CONTRACT FOR FAILURE TO PROVIDE THE REQUIRED BONDS UNDER CONTRACT AWARDS......PFC OWN ADMISSION ......UNTIL IN PLACE CLIENTS DONT PAY CONTRACTORS.......ITS HOW THE EPC BUISNESS WORKS...
FFS WAKE UP......
This is what i took from RNS
No performance guarantees are required to be posted in relation to this contract.
Today and yesterday people are buying……
In spite of all this, Petrofac have been awarded a new 300 million dollar contract. They obviously don't read your posts..
So if you had not maxed out thr credit facility.you go to a bond Company ask for the requred APB and PG anf pay the arangement fee...
For some reason PFC can not get APB or PG bonds.... Why Credit History... Bonds History being called....
APB and PG are the tools of a contractors trade.......
Its Bad Very Bad
" it does not immediately mean that they have max'd out the facility limit, indeed they may only be in hock for a small proportion of the total credit limit. "
maxdba
you need to review the H1 Report (page 33) where you will see that the RCF has been fully drawn down at US$162m
Snapper10 - wouldn't it be the case that to get a revolving credit facility that they would have had to give some security, but that the security would have needed to be worth perhaps double the credit facility limit and that said security could not have a charge over it to somebody else ?
Also, as it is a credit facility, so not a loan, it does not immediately mean that they have max'd out the facility limit, indeed they may only be in hock for a small proportion of the total credit limit.
An RCF is quite expensive to run compared to an ordinary loan and are best used to fill a cash flow hole, rather than as a long term loan.
Just imagine this new contract RNS had been released after the price jumped to 32p the management new it was coming without rushing one out about D4E. By now I could have been out at
a profit.
Not sure but this was quite a few years ago they purchased their share of the field when Petrofac were doing good and had a share price of over £10/share.
And how much do you think this is worth?
And dont you think Banks will not have security over it.....