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Makes sense Dark - Night
well explains the massive drop back down, the useless vulture shorter who work like a packs of wolfs
i can tell you this from my experience with the uae, they are compliance obsessed these days and there is no way they would give a contract unless they were going to get cleared of the sfo case no chance.
i was thinking that is this not one of the country's we are said to be banned on bidding in. not been keeping up to speed on pfc just bored with the manipulation going on in the markets at the moment.
Surely the case has to be dropped when UAE is awarding such large contracts, huge contract.
PETROFAC AWARDED US$1.65 BILLION CONTRACTS FOR ABU DHABI MEGA PROJECT
not holding here but been watching, crazy how it shot to 393 and dropped back. The fact that the UAE have given a contract shows that the SFO is likely not to charge PFC. No case imho
until they beat it back down with a large stick.
and so begins the fightback,
haliluliah. ????????
PETROFAC AWARDED US$1.65 BILLION CONTRACTS FOR ABU DHABI MEGA PROJECT
Petrofac Emirates has been awarded two contracts, together worth around US$1.65 billion with Abu Dhabi National Oil Company (ADNOC) in the United Arab Emirates.
The engineering, procurement (including novated long lead items), construction, transportation, offshore installation and commissioning contracts are for ADNOC's Dalma Gas Development Project. The work scope encompasses offshore packages at Arzanah island and surrounding offshore fields, located around 140 km off the north-west coast of the Emirate of Abu Dhabi.
The first package, valued at US$1.065 billion, is for gas processing facilities at Arzanah island. Under the terms of the 33-month lump-sum contract awarded to Petrofac, the scope of work includes inlet facilities with gas processing and compression units, power generation units, utilities and other associated infrastructure.
For the second package, valued at US$591 million, Petrofac is leading a Joint Venture with SapuraKencana HL Sdn. Bhd. Abu Dhabi. Under the terms of the 30-month lump-sum contract, the scope of work includes three new well-head platforms, removal and replacement of an existing topside, new pipelines, subsea umbilicals, composite and fibre optic cables.
The Dalma project is a key part of the Ghasha ultra-sour gas concession which is central to ADNOC's strategic objective of enabling gas self-sufficiency for the UAE.
George Salibi, Chief Operating Officer - Engineering & Construction, commented: "Petrofac has a strong track record in the UAE, with a presence here since 1991 and around 3,000 staff in country. We are fully committed to supporting continued and sustainable investment in Abu Dhabi's oil and gas industry through our strategic focus on maximising local delivery, and are pleased that our approach will generate substantial In-Country Value for the local economy. These latest contract awards build on our existing relationship with ADNOC Group companies and we look forward to delivering this mega project in a safe, successful and sustainable manner."
Established in the UAE in 1991, with operational centres in Abu Dhabi and Sharjah, Petrofac has executed 11 major EPC projects in-country to date. Recent projects include the Upper Zakum UZ750 project, Qusahwira Field Development Phase II, the Satah Al Razboot (SARB) Package 3, the contract for expansion of compression facilities at the Bab field and development of the Bab Habshan-1 project.
Ends
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Results next week 25th Feb. Cross your fingers guys.
Volume is pathetic today
Volume is pathetic today
Thank you very much for the detailed response. That's interesting that their operations in those two countries have been heavily restricted since, and it certainly sounds like the trial will be a major catalyst for the SP direction in the future.
Hopefully we will see a favourable outcome in the case, and a future boost to oil prices (though I see the latter unlikely in the next 1-2 years).
They might have been able to bid but certainly they are out of favour at the moment. You can see no new contracts lately in those 2 regions. I hope once the court case is over with , they can regain those 2 markets. Their projects intake has shrunk from over 5 billion to 3 billion in 2019.
Is that right LILO? “PFC pipeline of jobs intake has shrunk as they are not allowed to take contracts in those 2 important regions.”
I know they have been unsuccessful bidding but understood that was more sentiment than a prohibition?
Hi dber 123.
I bought PFC back when it went public. It has done very well over many years as they were a young company which went on an expansion programme. The company is accused of paying bribes to secure contracts in Saudi and Iraq through an agent UNAOIL. Currently UNAOIL is under investigation and a trial in in process, I believe 3 of its employees. PFC pipeline of jobs intake has shrunk as they are not allowed to take contracts in those 2 important regions. The price I believe is built in but it all depends of the outcome of the trial . Should PFC proved innocent and can rebuild their pipeline projects, the SP will definitely improve marginally. None of PFC employees have been charged yet , however one of their x employees have admitted guilty and have caused tremendous harm to the share price. PFC is still well positioned to get back where they were years back when this nightmare is over. I believe it is a matter of time.
Hello,
I bought this share a while back and am currently 36% down. For various reasons I haven't followed it closely in the last year or so, and am wondering what some opinions on this are.
From what I understand the main issue holding it back is the current court case at present? Does anyone know when we expect this to finish? I know oil prices have also been falling voer the last year and so am sure this hasn't helped.
Also, I would be interested to know people's views on this going forward. Do we think the court case is currently fully priced in? What are people's views on the potential upsdie going forward?
Thanks in advance