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Here, were exactly did i state that companies don't announce renewals??? I CLEARLY made the point that there is a BIG difference between a contract renewal/extension and a NEW contract awarded by a NEW client. Especially one worth hundreds of millions
Due diligence has been performed and the new client has enough confidence in Petros future to invest 300mil into them. That speaks volumes to me
LOL.... @tony99999 you are spot on! :-)
I take it you broke my cryptic code not that it was a very difficult one... ;-)
Last paragraph of the RNS needs some thought.
For the latest update on Petrofac’s review of strategic and financial options, please refer to the Group’s announcement dated 12 April 2024.
Nothing has changed until they actually announce the D4E deal.
You encouraged the Bombshell to invest in PFC? I suspect like many others’ partners here she’ll be leaving you in short order. Not sure how easy it is to escape your self-imposed Noby Re prison island though haha.
Company has a great future, just timing for the SP. Chill 😎 everyone. Patience will out.
I am sorry, but that is simply not true. A company can, and often does, announce contract renewals.
When a company is under financial difficulty, I would suggest it is actually beholden on the senior management team to do everything that it can to show the market what it has and continues to have etc. Not just new work wins.
You are probably going to enjoy a rise in the SP today and good luck to you.
This actually increases the mistrust I now have in the management here, how they presented the last RNS etc, so am not tempted to jump back in, even for a quick punt.
This lot feel like they might rug pull at any given second IMO and a sudden and ruinous D4E deal announcement intra-day would annoy me more than missed profits here might do.
As a scenario only, not suggesting such a thing will happen etc. GLA.
18 APRIL 2024
PETROFAC SUPPORTING NATIONAL OIL COMPANY
OF EQUATORIAL GUINEA
Petrofac, a leading provider of services to the global energy industry, has today been awarded a Technical Services Contract by Compañía Nacional de Petróleos de Guinea Ecuatorial (GEPetrol), the National Oil Company of Equatorial Guinea, to support the operation of the region’s Block B asset.
Under the contract1, valued at around US$350 million over five years, Petrofac will deliver technical services across onshore support bases, an FPSO and a platform on behalf of GEPetrol, the Operator. The contract draws on Asset Solutions’ core services, including operations, maintenance, asset integrity, integrity management, marine services, well engineering, project delivery and supply chain services.
This follows Petrofac’s initial scope supporting the transition of the asset from Mobil Equatorial Guinea Inc (MEGI). Valuing local capability, staff and contractors that were previously in place will continue in various roles, retaining valuable expertise and knowledge of the assets. Petrofac will manage the contract from Malabo, supplementing support from its technical hub in Aberdeen, UK, sharing its extensive Duty Holder expertise.
Nick Shorten, Chief Operating Officer of Petrofac’s Asset Solutions business commented:
“We look forward to developing our relationship with GEPetrol further, collaborating to extend the life of the field to build a legacy of energy independence and sustainable growth for Equatorial Guinea.
“This award is an excellent example of our strategy in action: selectively growing our geographic footprint and driving value for our clients through late life asset optimisation.
“Africa is a key focus for our Asset Solutions business and we are pleased to build on our operations in Ivory Coast, Ghana and Senegal and Mauritania with this opportunity in Equatorial Guinea.”
Antonio Oburu Ondo, Equatorial Guinea’s Minister of Mines and Hydrocarbons added: “Our vision is to create a fully capable nationally-operated oil and gas company to manage our assets. Today, I am proud that our vision is becoming a reality.
“We will grow our economy through diverse partnerships and investment in our people. Combining our strong indigenous capabilities, with Petrofac’s global expertise and experience, we will deliver significant value for our country.”
Teresa Isabel Nnang Avomo, Director General of GEPetrol commented: “Today’s contract signing marks a key milestone in our journey to becoming Operator of Block B on 1 June 2024.
“We are excited to grow our partnership with Petrofac. By unlocking the huge potential of our indigenous national workforce, we will build with Petrofac’s assistance, an organisation for the long-term management and development of our country’s oil and gas assets.”
For the latest update on Petrofac’s review of strategic and financial options, please refer to the
The make the point of including this "For the latest update on Petrofac’s review of strategic and financial options, please refer to the Group’s announcement dated 12 April 2024."
They could just as well have written, this contract changes nothing Debt 4 Equity swap will be announced soon.
*share
It's a brand new contract is why. Extensions are to a degree, to be expected and not news worthy. New contracts however are a completely different kettle of fish
All part of their price manipulation to suit shorters/mm/aa/take over
Simply... Wow... !!!
Petrofac won't release an RNS regarding the BP contract extension which coincidentally happened while they wanted the share price down... Guess that want it up again!!!
I bloody hate this year. Does anybody have any real idea what’s going on with it? Another decent little RNS Following the trash one the other day. Absolutely bloody bizarre
As an investor here, what can you do? Solid good news re contracts versus other RNS riddles????
Don’t have full access to this article but googled Petrofac and it came up, so possible has something for them, if anyone has access be good to know what is says.
https://www.upstreamonline.com/field-development/adnoc-fires-starting-gun-on-strategic-offshore-gas-development/2-1-1628246
LOL... @Badvoc good to see some humor on this board. My response would have been in a similar sarcastic manor :-)
Here's a cryptic tweet that will back up at least some of what I am saying...
My wife is a beautiful Blonde Bombshell... Before she became a stay at home Mom she worked as a nurse for one of London's top Private hospitals which is where I met her in my role as Regional Director of the Private Healthcare provider. Her claim to fame is that she nursed David Attenborough back to health post hip replacement surgery. It was during this period that David recommended to her that we travel Madagascar as it is favorite country in the world because of it's rich diversity. We took up his advice and the rest as they say is history...
After 11 years of focusing her attention solely on the Children she too wanted a new challenge so I encouraged her to set up a share trading account and start investing in shares. PFC was the 1st share she ever bought and needless to say she is very passionate investor who I can guarantee you knows more about this share than most.
Her passion often results in her posts on the Petrofac social media account on X often being removed by Petrofac. However there are still a few that remain on the Petrofac X platform..... She refers to our family as Hillbillies...
I am pretty sure that most of you will figure out how to find her and you will see enough to recognize that I am speaking the truth, all I ask is that you respect her privacy...
I'm pretty sure that once you have figured out that I'm speaking the truth you will have more confidence in what I'm saying so let me know if you managed to come right?
What I would also like to point out is that my wife is my everything and I will do what it takes to ensure that her 1st investment is a winner no matter the cost!
Enough banter...
Best of luck all & have a great day!
Wow TotAlLies, that's my exact story also, I was retired also at 39, and live on an island called "where the f88k are we"
My military background has aided me in life and investing (My full record is available in Call of Duty 5 chapter 4), I don't like to talk about it but here goes..........I was part of a Special Forces team who was imprisoned for a crime they did not commit; we escaped to the Los Angeles underground and today this we survive as soldiers of fortunes, oh and investing. we are out to clear our names.
For all mercenaries, please contact my PA known as Face Man ....
Pitty him really … bottles it when it counted most. Aw well he prob has broad shoulders taking a loss of £124k is a phenomenal hit to the best of us. I know I couldn’t stomach that.
@ge0rge123 perfectly acceptable to ask that question and you can choose to make your own decision based on my answer.
I am a 46 year old South African born British Citizen, Both my parents are British and they emigrated to South Africa 52 years ago. I spent the 1st 14 years of my life in South Africa before returning back to the UK where I studied and later worked my way up the ladder into a Director Role on a FTSE 250 business. While I was involved in that business I was heavily involved in the import arm and I recognized a opportunity to import Fruit & Veg from South Africa into Europe. I later sold that business to a listed company for more than PFC's current market value.
I retired at 40 moved to a small Island off Madagascar called Nosy Be. Where I have now lived with my wife and 2 children for the past 6 years. One would think that this is the ultimate dream the truth is you can only sit and stare at the beautiful sea for so long before you get bored. I have a mentor that is widely regarded as one of the best CEO's in the UK and he encouraged me to look for something to do to give back, so I created a very small fund which includes a few retired ex-CEOs that wanted to make a difference by investing in struggling business that have the potential to make a difference and it go's without saying that PFC fits the bill.
Why am I telling you this? It's certainly not to blow smoke up my own ass that I can promise you... I have a bigger plan which will later include all of you PI's (shorts included)... because if there is one thing I have learned during my time that we have been invested inPFC is tha PI's get the ass end of the stick more often than not and I have a plan that will turn the Odds in our favor.
You see it would be a risky business for me to come out and tell you all of this if I couldn't back it all up, especially considering I have told you my agenda...
Vet was a legit guy. Got priced out I suppose, shame it came to this. Many more will profit in his spirit, however. GLA
Yesterdays news - keep up guys- one of the shorters prob works for fitch so it’s toilet paper at best.
Up from here. Got in 19p for top up - 40p/60p by end of month
For all shareholders Please have a look and read what rampers have been telling whole day.
https://www.fitchratings.com/entity/petrofac-limited-91460297
Spot on Poker
Of short positions are closing then they expect a spike. They therefore expect positive news. Of you can get away with market manipulation why not manipulate it? You buy a few shares to push it up a bit. Then crash it and buy a ton of them as the PIs and day traders bottle it. Then sit tight and wait for some totally unexpected good news: an asset sale as well as upfront payments and legacy payments have saved the day but to cap it all there is talk of a takeover or joint venture and a couple of billion in new contracts! I mean, if you can buy 1,000,000 shares for £200k one week and two weeks later flog them for £600,000 who wouldn’t? That RNS served a purpose and that purpose was to make someone a ton of cash.