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Walttortoise: The IEA, Energy Systems Catapult, national grid and a host of other organisations have now released reports on what net zero really means and could look like. And it's not pretty and lots of work which is great for some. Engineering and Construction activity will be huge as we head in that direction, whether we like/make it or not. O&M following on. Will those contracts go to (at the moment under serious investigation )Petrofac is the question. Companies 'like' Petrofac will indeed have a big part to play , emphasis on like!
They are going for it which is good, so will be interesting to see how much they pick up and how well they do. There'll certainly be enough work to go round if they can survive the damage and turn the golden drip green.
Talk about corruption, SFO should be looking at the SP since 2.30!!!
To be honest RealityB I'd take more stall in hearing from current Petrofac employees as they are generally very engaged people working for a very responsive company. I'd love someone to explain to me what a "net zero world" actually means?
If we take a better look globally, the population graph is what rally matters and the only country who've tried to do anything about it are China, "the bad boys", with their 1 child, two child and now relaxed to 3 child family policy..
https://populationmatters.org/sites/default/files/Historical%20human%20population%20growth%20-%20no%20logo_3.png
Whether we like it or not, companies like Petrofac will have big role to play for a long time yet, at least that's what I see as reality.
@RealitBites. Thank you for your explanation. I knew also good people who worked there but not anymore. They do need all the chips to fall in place to stage a comeback for sure.
I wouldn't rule out a merger or acquisition once the sfo case has concluded.
My post on Tue 11:48, was actually made 'tongue in cheek', not truly serious, but just to make a point re the SFO and length of trial procedures, and the damage that it causes to viable companies. The investigations, conclusions, and any subsequent sentencing should NOT take four years or more.
@lilo I have no idea if they will be charged. The area they work in is full of dodgy dealings, especially out in the middle east.
Prior to working at Petrofac, I had spent time at a competitor managing bids for the region. I saw no evidence of corruption there at the time, but anything like that would have been going on at the level above me (director level) and I always wondered. As a graduate, there were certainly rumours of contracts/subcontracts going to the companies the prince of the country had a stake in etc etc. I guess I didn't stay long enough to find out.
I certainly know plenty of good guys at Petrofac and hope they weren't up to no good. But it certainly seems suspect and not surprised the SFO are taking so long to dig.
I should say, I was only at Petrofac for one year, as I had been away from O&G for a while and didn't really want to be back. I jumped for renewables at the first chance I got. They were busy fighting over small fixed price jobs, which they were doing relatively poorly and generally were always scrambling to find hours to finish. The 2015 downturn was tough on some of these companies and morale was pretty low across the sector.
I believe they are much better on the O&M side, but that's just basically body shopping and people can change boiler suit pretty easily these days.
Medium to long term, I'm still on the fence and watching the price, this board etc for that reason. I half suspect they could transition and do well. But there's a lot of work to do to get there first. For a start, they need to rebrand and to clear the SFO stuff and the resulting stench.
It partly depends what happens with the energy transition and which technologies find favour in a net zero world. There skills are better suited to some areas than others. Will they be able to steal the contracts from the people working in these sectors as they scale up? Maybe. Will the companies already working in these sectors scale up themselves and hire the people working at Petrofac? Equally plausible.
RealiBites. Your insight is well appreciated. Do u think PFC will be charged and will they be able to bounce back in the mid to long term ?
Typoe: has little to no experience or projects in this area
I've heard it all now. They are scrambling to pick up any work by entering a new market as their old one started drying up.
This is self preservation, not some crazy desire to save the planet. I used to work there and know half of them give not a stuff about climate change and have fought against renewables. PETROfac. Their logo is a golden drip of pee (oil). Not renewable or greenfac. Not a green company and his to no experience or projects in this area. Just a contractor short on work and fancying a transition to something it think it's skills can fit.
They'll have a battle as they are far from the only people chasing these contracts.
crytpolife, the new Business Development director has been taken on to encourage and obtain further business opportunities in the renewable energy sector, such as wind, carbon capture usage, etc. It's all there if you want clarification. Green energy is what is being brought on with vigour, to encourage a healthier environment. The fact that PFC are not hesitating to bring their expertise to this sector is very encouraging.
Dear SFO
It would be very short sighted to punish, in the form of continued delay of resolution and consequence of the trial of Mr Lufkin, a company that is set on improving the health of the world. Enough said.
Petrofac makes senior appointment to support new energy growth
15/06/2021 10:33 (UTC)
Dear Subscriber,
We have just published the following news:
Petrofac makes senior appointment to support new energy growth
Petrofac, the leading international service provider to the energy industry, has made a senior UK appointment to support the continued growth of its offering in the new and renewable energy sectors.
Anne Haase, who joins Petrofac as Business Development Director, will spearhead the Group’s Operations and Maintenance focus for new and renewable energy. Anne will build on Petrofac’s Operations and Maintenance (O&M) capability in Wind, Carbon Capture Usage and Storage (CCUS), Hydrogen and Waste to value.
You can find the full release here.
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PFC mentioned again.
https://en.trend.az/business/economy/3437421.html
Do you know what the potential outcomes of a direction hearing? i.e. There won't be any explicit sanctions against Petrofac right, it's just an update from the SFO on the scope of the investigation?
For those interested in the direction of the sector should look at "VanEck Vectors Oil Services ETF (OIH)"
The sector has been on a downward trend for years (same as PFC)
Recently this trend has broken & now has a yearend forcast is for 700.
PFC has not broken it's downward trend yet but it is only a matter of time.
it's not even a court case. It's a direction hearing which will direct PFC's share price skyward!
well if drops to £ even before the court case will top up 30% of my current holding!