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https://www.petrofac.com/media/news/petrofac-awarded-epcc-contract-in-bahrain/
“Through our engineering and project execution capability, Petrofac has been supporting Tatweer Petroleum to deliver a number of key upstream gas projects in the Kingdom of Bahrain. We again look forward to applying our skills and expertise to safely deliver this critical infrastructure, which underpins the supply of energy to Bahrain.”
Petrofac has been present in Bahrain since 2015, following the award of an EPCC contract to supply a new gas dehydration facility by Tatweer Petroleum. The project was successfully completed in 2018, and additional scope of work was then secured by Petrofac for the engineering, procurement, and construction of several gas wells, to be connected to the facility. In June 2020, Petrofac was awarded a new multi-million dollar EPCC contract by Tatweer Petroleum for an upstream gas project that includes well hook-ups, associated pipelines, and tie-ins for several new gas wells that the company is planning to drill as part of its gas delivery strategy in the Bahrain Field.
Petrofac awarded EPCC contract in Bahrain
The Engineering, Procurement, Construction, and Commissioning (EPCC) scope of work includes high pressure gas pipelines and fibre optic cabling. The underground pipelines will run through sections onshore and offshore below the seabed in support of gas supply to the Kingdom and will be designed for full interchangeability.
Petrofac awarded EPCC contract in Bahrain
I think one of the items that need to be announced is the situation regarding the Covid Corporate Financing Facility which gave them £300m until Feb 2022 , and what is their decision with regards needing that/returning it/re-financing it in some other form ?? Does the "capital light business model" mean that ideally they do not need it ...with the extended banking facilities in place, at present ??
The short position declared (over 0.5%) indicating continued current sector concerns , already acknowledged
Wood Group - 4.9% ( currently retracing a recent share price lift ) - https://shorttracker.co.uk/company/GB00B5N0P849/
Petrofac - 4.51% - https://shorttracker.co.uk/company/GB00B0H2K534/
snapper10
i have no shares at present ..no... i sold a 95p trade at 107p..I told you so... I am waiting for the H1 Report ..I told you so...
I am aware of the company issues, the sector issues and the current market uncertainty in general...however I deal with my market trading and investing in a calm manner ..I do not have a tendency to act like a headless chicken... which I realise frustrates you..
" Its called a balanced view....."
you have no balanced view Snapper10...you have nothing but contempt and anger for this company and anyone within it ...
It is clear you need someone to listen to you...you seek attention... however I don't think here is the place where you should be displacing your anger and hatred ...... maybe you should consider putting it all down in a blog or something....you clearly have a lot of issues boiling inside you....
Pokerships
You said that twice..........
whoa showing double distress......Boo Hoo and you don't have any investment in PFC .......aye right!!!!!!
Snapper clearly either has a short, or is mentally unstable from his time spent "working" at PTC. My view is, this rather unsavoury character has a short and is underwater. Why else would someone dedicate so much of their time on this?
Snapper claims he is on a quest to fight against bribery and corruption; why only Petrofac? Most companies at some point have had charges laid against them, recently Rolls Royce, Shell, Bab****, O2 to name a few. Rolls Royce were fined, and yet they are still making engines right?
I am all for balanced objective views, and anyone who invests in PTC should be aware it is high risk, however Snapper's opinion is very biased and one sided.
"Some think everything in the Garden of PFC is wonderful......."
Snapper10
That is where your sad mind cannot see outside of your own head...
All this b*ll**** you talk about in terms of my "propaganda" is evidence of your twisted nonsense
You CANNOT STAND IT ..that we can take the issues and challenges that PFC faces in a calm manner
You CANNOT STAND IT that people haven't lowered themselves to your floor level
STOP all this utter nonsense about believing everyone BUT YOU knows the issues and that everyone else is somehow ill-informed..
For F*CK SAKE ..calm down.....go the doctor...get some chill pills .... get a grip will you...
"Some think everything in the Garden of PFC is wonderful......."
Snapper10
That is where your sad mind cannot see outside of your own head...
All this b*ll**** you talk about in terms of my "propaganda" is evidence of your twisted nonsense
You CANNOT STAND IT ..that we can take the issues and challenges that PFC faces in a calm manner
You CANNOT STAND IT that people haven't lowered themselves to your floor level
STOP all this utter nonsense about believing everyone BUT YOU knows the issues and that everyone else is somehow ill-informed..
For F*CK SAKE ..calm down.....go the doctor...get some chill pills .... get a grip will you...
Snapper10, your reply to my post says it all. It's called shooting yourself in the foot. Your own words say all there is to know about your yourself as a person, and there certainly is nothing accurate in your appraisal of PFC. It is only ever in the negative perspective. Judging by your rudeness and aggressive tone, I would say I have touched a nerve with the suggestion that you need help. There is no point in communicating with you any further.
Wocraps
Its called a balanced view......
Some think everything in the Garden of PFC is wonderful.........
Unfortunately I don't see the same view.........
But thanks for thinking about my health it could not be better by the way
I would have thought in 5 years PFC share price dropping would have been of concern and investors were interested in it how it could recover?
In my view you need to address the problems that inhibit you from moving forward,and that its better to solve a small problem than a large one,is that not the case?
In PFC the Problem is not resolved and in my humble opinion its growing.............
But therefore I am seen as Bitter and Twisted because I state the Blindingly Obvious ............tut tut
Snapper10, your posts have now become so bitter and twisted, it's become evident that you need to seek help. Sad, but please do it. Anyone who constantly dwells only on the negative and never the positive is in trouble in life.
Pokerships
What has Sami achieved so far?
The SFO continues and shows no signs of ending,I thought that would have been task No1 on day 1.
Future work is drying up until the SFO is resolved and without work you meet overheads that are costing you money you do not have?
New Markets are even harder to break into especially the "Green Market" which is driven by woke philosophy and how does the baggage of bribery and Corruption sit with any new Green entity ............
The Half Year results will need to be signed off by Hans Cristian Anderson LLP to be taken seriously as most intelligent people will see through right away and realise it is stalling trying to buy time thats not there...........
I have seen it before at SCL the guy got 12 months and was shot for everything that he inherited ,Its a Pig no matter how its dressed and looks worse when its got lipstick on.......
Please continue your propaganda maybe Boris could give you a role.......
Snapper10 " Is he really going to deliver......lets wait and see shall we........"
" Sami joined Petrofac I am sure, knowing full well the challenges he was going to face ...his outlook and review will indeed be interesting to read ...and see what he has managed to achieve so far "
yes Snapper10 ...as I suggested earlier ..that is the idea .....as with any CEO ....
Snapper that is an 8 month old article. It might have been helpful 8 months ago. Is your short position 110?
Pokerships
https://royaldutchshellplc.com/2021/02/04/is-former-bg-group-shell-exec-sami-iskander-carrying-any-reputational-baggage/
Interesting Read.......
Is he really going to deliver......lets wait and see shall we........
"As expected, new orders are likely to remain depressed in E&C in the current year, "
Snapper10
That has already been disclosed ..it is a known-known ...
I appreciate that you prefer to post in a more panic laden style ...I have the same information at hand... but tend to discuss it all in a more calmer manner ....the awareness of the situation is the same.. I just tend to be somewhat calmer about the situations that need to be discussed ...than yourself
Am I correct in reading Schroders have increased there stake to up to 16.5% of the company
from 10%, that seems a very significant increase.
Wheres the large $1 billion EPC work coming from to sustain existing staff,
yes Snapper10... there are several projects that were 80% complete as the December 2020 results ...so..yes...that is awaited in the Update.... that is what Sami has to detail.... he is obviously aware of the situation..as is everyone else
Thank you for ONCE AGAIN raising the question
Snapper10
yes..I am fully aware of that...I merely wasn't going to discuss that separate issue in that post ..."putting it aside for one moment"
Thank you for JUMPING in so quick to point that out...it was highly expected ..and you performed ...on queue
Pokerships
"Putting the SFO situation to one side , for one moment ....as that has to be down to a SFO decision on any outcome"
Its the Elephant in the room.
Until resolution one way or the other Petrofac are toxic .The SFO are in the driving seat and its them who set the pace its not suddenly going to disappear......... waken up and stop trying to defend the Indefensible......
Wheres the large $1 billion EPC work coming from to sustain existing staff,
Six month results need show confirmation of large contracts and resolution to SFO or its just bluster for a other six months.......
Needs the H1 Report and Update...for sure......but the recent pre-period close update gives a reasonable idea of H1 events ....
* Strong growth in the EPS division and new energies
* Continuing impact of Covid-19 on E&C project schedules
* On track to deliver our targeted US$250 million cost savings, which is significantly improving our cost-competitiveness and productivity.
* making good progress in new energies, where early-stage positions in key target market project have been secured
* Net debt (4) was approximately US$290 million as at 24 June 2021
" We expect late 2021 to mark the start of a sustained recovery period for the industry, with a return to pre-2020 capex spend levels by 2023." " As expected, new orders are likely to remain depressed in E&C in the current year, "
The COP26 Environment Conference is from 31st October – 12th November 2021.....one wonders whether the industry in general will "awaken" as a result of that and as a result , some key project investment decisions get made across the energy sector ready for 2022 and beyond
Putting the SFO situation to one side , for one moment ....as that has to be down to a SFO decision on any outcome
.... the current CEO, CFO and COO do appear to have the strength of role experience to adapt the balance sheet to the current economic situation and manage their way through the downturn period ...adjusting the company into a lower debt, lower capex expenditure , and more cost-competitive business for any return of growth in new contracts within E&C
Will also be interesting to see what that investment in digitalisation, automation and process efficiency is achieving
The ROCE fell dramatically last year to 7% ..so..an update on that would be useful
The shareholder equity at the end of 2020 was US$433 million or £312m - MCAP currently £367m
Sami joined Petrofac I am sure, knowing full well the challenges he was going to face ...his outlook and review will indeed be interesting to read ...and see what he has managed to achieve so far
Slift, this has been on my mind too. Not a lot of news re order book. The half year results are delayed and I wonder if PFC is delaying them for a reason. The Lufkin outcome and progress with SFO, big order to big confirmed, etc.
The SP has been pretty static these last few weeks so no overall pressure either way.
Basically, keep figures crossed time.