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Gilljoe,
the only reason the ADNOC and ARAMCO lists exist was because of political pressure they had to show they were doing the right thing Just sit back and watch over the next six months,
Chill out
The investigation involved ex petrofac staff, I strongly suggest you get your facts right, there are no current employed petrofac staff involved with any ongoing investigation.
DENBY,
I wasn't referring to further investigations of PFC staff! That is all done and dusted as we all know. I was referring to the likelihood of investigations being carried out by the clients of PFC into the conduct of their own staff in view of the wide publicity generated by the SFO cases. If such a process is indeed ongoing then PFC would probably get back on the approved list only after conclusion of those processes. The SFO settlement covers only the PFC half of the matter. Again it is also possible that the clients may turn a blind eye to all the goings-on of the past and reinstate PFC without wasting time. At this moment we simply don't know when PFC will actually get back onto the ADNOC and ARAMCO lists!
"....who did take or agree to take bribes offered by a couple of rogue PFC employees."
Get it right Gilljoe. In that part of the World bribes, sorry , inducements to do business, are asked for as a matter of course. If you have any sense you don't offer a bribe if you feel you can win the business without it.
Any road up as Denby says, quite rightly, the SFO debacle is over and remedial action taken so drop it please.
Gilljoe,
the SFO HAVE GONE AND THINGS ARE IN PLACE TO STOP IT AGAIN GET OVER IT SHORTER
No guarantees at all!! Which is why it is of vital importance that the higher management and PR teams of PFC carry out a very thorough, quick, efficient and effective work of cleaning up the mess created by the SFO investigation! While the PFC side can be presented now as a new refreshed outfit we have the opposite client side who did take or agree to take bribes offered by a couple of rogue PFC employees. Obviously there may or may not be ongoing investigations into the involvement of individual/individuals into the relevant cases. This investigation delays could in turn cause harm to PFC since every added day of delay in getting back on the green list allows competitors to walk away with prized contracts!!
"The SFO penalty is comprised of the following elements: a confiscation order of GBP 22.8 million payable by 3 January 2022; a fine of GBP 47.2 million payable on 14 February 2022; and the Serious Fraud Office's costs of GBP 7 million payable on 14 February 2022."
..they may well not receive a lifting of the bidding suspension until after that time ....time will tell
"Resolution of the SFO Investigation removes many of the uncertainties that have influenced order intake, financial position, customer relationships and reputation, as well as constraints that have limited Petrofac's ability to win work, compete with peers, retain key talent and deliver its strategy, and as a result is expected to instil confidence in existing and potential customers in the Group's ability to undertake major projects in the coming years. It also presents a critical opportunity to re-engage with key customers in the Group's traditional markets"
"MSCI's ESG ratings upgraded the Group to "AA" in March 2021, denoting industry leadership, with the Group's "robust business ethics policies driving the upgrade" and rating the Group's business ethics policies "strong" relative to peers, its corporate governance practices as "leading those of peers" and highlighting improvement since 2020."
" The Group has a strong bidding pipeline which includes significant opportunities in new energies, and contract awards are expected to accelerate in 2022."
"Good order intake in Q3 and well positioned on several material opportunities in Q4"
"Contract awards are expected to accelerate in 2022, following a period of underinvestment by the industry during the COVID-19 pandemic"
"The Group has received positive feedback from clients following the resolution of the SFO Investigation in October 2021. "
"Order intake in EPS is expected to be strong in the remainder of 2021, and this momentum is expected to continue into 2022."
"Petrofac has a Group pipeline of US$46 billion scheduled for award to the industry by the end of 2022, which comprises US$32 billion in E&C and US$14 billion in EPS."
" The large addressable market in 2022 supports Petrofac's recovery trend and includes a fast-growing pipeline of new energies projects, which currently comprises US$7 billion of opportunities in offshore wind, carbon capture and storage, hydrogen and waste-to-value."
"In 2020, Petrofac ranked as number 20 in Engineering News-Record's list of top 250 international contractors worldwide, and secured first place in Refining and Petrochemicals Middle East magazine's Top 30 EPC Contractors listing."
2022 is all to play for...everything is in place to take the opportunities available
The quiet before the storm, shhhhh don't wake the trolls up.
It's a fair question. One that I brought up a while back.
Typically the tenders ask about any such charges in past X number of years. So for the next X years, there's a cloud hanging.
My take on it....
Had the charge been actual corruption, it would have been a big deal and they'd be unlikely to get any work for a while.
But the charge wasn't. It was failing to prevent rogue individuals within the company from misbehaving.
Those individuals have been sacked.
The company has new management and tighter procedures to avoid any such thing happening again.
SFO investigated for over 4 years!!!! and found no wrong doing by the company or any signs of such things going on today.
As such, there's a much higher chance of it being looked upon favourably.
Basically, they had a problem and they fixed it and improved the company as a result.
Also, some of their main competitors were also tangled up in the Unioil stuff.
So also have some explaining to do when asked this question.
Not ideal and indeed, some may not look at it the way I am.
But given the lack of experienced and skilled companies doing what they do, and all of the above, I think they will start picking up work again quite quickly. They just need to do a good job of explaining all of this in response to such questions.
I always wandered that, what guarantees the the 3 major countries will open up to PFC bidding on their projects. It is not an automatic thing . We still have to see.
"Thebeerstalker".. Thank you for your words of wisdom. Nice to see a logical description and the purpose of this BB which is a good reminder that every persons (sensible) post / view may be relevant since we are here to exchange ideas and inform each other of any useful knowledge we may have.
Regards: Jaffjoon
Oil has dipped again, so lets just see where we go........market will pull back
Plenty of tenders won and plenty to come, once shorters and bargain hunters have moved on this will move up fast.
Why do you think contract bidding opportunities are now available following that their admission of guilt rather than when they were just under investigation? Never got this logic.
@quetta86
Most posters on bbs like this have an agenda to influence one way or another. Many of us read the posts so we can see some of the arguments for and against. If someone tells you a price is going to be £x by Christmas, that is about as useful as a prediction of a football score next Saturday. If someone is commenting upon something current on a company’s agenda, then that is an opinion that may be worth reflection upon, as to whether it is well informed, soundly based, relevant, and something that might affect SP.
What I have taken from this bb is that PFC, should be over it’s corporate governance issues, has raised the money to pay its fine, and a lot more for development, has a new management team in place and should have contract bidding opportunities open to it moving forwards, that were closed during SFO investigation. So what does that mean? - the chances of the SP improving look promising. When? - not certain; days, weeks, months - who knows? Is it a shorting opportunity? - wouldn’t seem to me to be on any level; therefore I’m long on it, and accept I will need to be patient. Day trading is very high risk, as the market doesn’t do what it is meant to in the short term. If it did, we’d all be loaded. Be patient, and it appears to me this should prove to be a good opportunity. DYOR - GLA.
Oh dear.
If you are walking down your local high street, hear someone saying that the 'end of the world is nigh' and thus decide to invest all your money in a company that builds nuclear fall-out shelters and that goes under within a year - the man on the street didn't 'cost you money' - you did that all by yourself.
I think 'troll' best describes your account.
Also was £2.04 on 4th October so you had your chance to sell over the 2 pound you keep on about gla regards jack
Quetta prehaps you should have listened to esecallum who sees 9p with holders losing their houses and jumping off tall buildings also advised us to stock up on cardboard boxes I have a few spare if you would like them gla regards jack
I don't think Q is a real person who has actually invested in PFC. The comments are too silly and repetitive.
Quetta, I do not post often but follow many boards, I'm staggered to say you are possibly one of the most clueless people I have come across! If you are willing to invest your hard earned cash on someone's say so on discussion board then more full you. Nobody is at fault for your investment apart from you! DYOR!
Only when you sell, you crystallise your loss.
No-one told you to buy, you got greedy with the hype, who's fault is that.. Ours ?
Investing is long term, you've been told many times, you're becoming boring
You sir, are an absolute helmet. And i mean an absolute grade A one. Joke on you plum.
When is this share price going to rise to 2£ and above.... According to the experts on here prior sfo it should have been!!!
Im just here to notify new investors to be careful of the know it all's on this board...
You guys have cost ne alot of money!!! Not happy