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Hi Snapper do you have any shares? Is there anything that you could recommend?
"And do I give Flying Fu#k what others think....Not really "
and do you think anyone gives a Flying Fu#k what you think ?...Not really !!!
😂🤣😂🤣
Made in IRA
Simple Carillion was winning work right up to the Recivers arrived ......
And PFC are simply buying turnover contracts at the cheepest margins.....
Loss Makers
And do I give Flying Fu#k what others think....Not really
DYOR.....
I have a few simple questions in reply snapper…
1. Why don’t the companies placing these contracts wake up and stop placing them with PFC at such risk?
2. Why are the shares continuing to be bought such that the share price has increased over the last couple of days?
3. Why do you spend so much of your time on this board helping us make a decision to sell our shares when you obviously don’t want or have any of the shares yourself. If I had no shares I very much doubt I would be here.
Thanks…
Shahz
BECAUSE SERVICE CONTRACTS DONT NEED PG BONDS.....
ITS A SERVIVE CONTRACT BUT EPC DO.......LIKE TenneT.........
Last Weeks RNS
"While the Company continues to face challenges in securing new performance guarantees, it is progressing discussions with credit providers and clients to find solutions with respect to the guarantees required for its recent contract awards."
For some reason PFC can not get APB or PG bonds.... Why Credit History... Bonds History being called....
APB and PG are the tools of a contractors trade......
PFC WILL BE IN BREACH OF CONTRACT FOR FAILURE TO PROVIDE THE REQUIRED BONDS UNDER CONTRACT AWARDS......PFC OWN ADMISSION ......UNTIL IN PLACE CLIENTS DONT PAY CONTRACTORS.......ITS HOW THE EPC BUISNESS WORKS...
FFS WAKE UP......
This is what i took from RNS
No performance guarantees are required to be posted in relation to this contract.
Today and yesterday people are buying……
In spite of all this, Petrofac have been awarded a new 300 million dollar contract. They obviously don't read your posts..
So if you had not maxed out thr credit facility.you go to a bond Company ask for the requred APB and PG anf pay the arangement fee...
For some reason PFC can not get APB or PG bonds.... Why Credit History... Bonds History being called....
APB and PG are the tools of a contractors trade.......
Its Bad Very Bad
" it does not immediately mean that they have max'd out the facility limit, indeed they may only be in hock for a small proportion of the total credit limit. "
maxdba
you need to review the H1 Report (page 33) where you will see that the RCF has been fully drawn down at US$162m
Snapper10 - wouldn't it be the case that to get a revolving credit facility that they would have had to give some security, but that the security would have needed to be worth perhaps double the credit facility limit and that said security could not have a charge over it to somebody else ?
Also, as it is a credit facility, so not a loan, it does not immediately mean that they have max'd out the facility limit, indeed they may only be in hock for a small proportion of the total credit limit.
An RCF is quite expensive to run compared to an ordinary loan and are best used to fill a cash flow hole, rather than as a long term loan.
Not sure but this was quite a few years ago they purchased their share of the field when Petrofac were doing good and had a share price of over £10/share.
And how much do you think this is worth?
And dont you think Banks will not have security over it.....
Solentskier - As of 17th Feb 24 PFC still has a finger in the pie. https://www.offshore-technology.com/data-insights/oil-gas-field-profile-cendor-west-desaru-conventional-oil-field-malaysia/?cf-view
As an ex Petrofac employee i think they still have assets in Malayasia to see off Cendor field maybe or has this been sold last year?
The 10% $750 million upfront payment TenneT that acts as the "Magic Pill".... And convinces Clueless Investors that the Cash Flow problem doesn't exist......
In realityTenneT could be the ultimate nail in the coffin for PFC.......
The TenneT Sub Contractors see the state of affairs that PFC are in and will only mobilise on Cash positive Contracts and Upfront Mobilisation Contracts.....Instead of Cash Coming in its going out with the same Tide..........
In the meantime PFC are trying to refinancing on a issued Auditors Report that highlights "Financial Mismanagement " who's kidding who.....
On top the Black Hole shouts even louder.....
PFC Don’t have any assets to sell only other Parts of the Business and any case they are so crooked the company’s are inseparable…You cant unpick one because they are banking at the same well…and Everything else is Pots and Pans…No Multi Story Properties worth Billions…..Its Leased…..
The BOD can spout Propaganda about New Contracts……..
But when you have Legacy Contracts Which are costing your company money then you are not addressing the fundamental’s…
PFC has a history of major losses on these contracts……….and lied about the same losses in the past.
If the Alarm Bells are not ringing now... Investors must be Deaf and Blind.......
Its all contained in the PFC Accounts......
Https://www.petrofac.com/media/i4khgz50/hy23-group-accounts_final.pdf
If there is no Black Hole...But there IS... Believe ME…..
There would not be a Problem because PFC would continue to Fleece The Banks and Shareholders......
The Black Hole stops any returns and exposes the Bankers to losses whose fall back was always the over inflated Security of the pledged Shares....that’s why this will now fail........ The Shares Pledged to the Banks at £17 each is a worthless pledge.
And the Auditors realise that the Black Hole will potentially get bigger..........December trading Update will have been compiled so Auditors will have had there say........... And the End of Year Results fully will reflect this......So something has leaked along the way......IMO
They have drawn down US$252m , due October 2024.... there "may" be an option to extend the facility beyond that date... no decision has been made I suspect, at this stage. But its fair to say the answers NO…..
I don't think "May" is a option ..........The Banks like the Shareholders have been promised "Jam Tomorrow" and its never materialised so its over with the banks.........
The "Black Hole" of £3.0 billion is in my opinion conservative.......Its what PFC have hidden from the Auditors that should be your worry.....PFC have a very recent history of Financial Mismanagement as stated in the 2022 accounts by the auditors.......
On LT PFC convinced the Auditor that they were in Profit of £50 million in 2012.......... Yet everyone on LT new the shortfall to be at least £500m I certainly had put that in Writing.........It is how PFC work.... and the same BOD was there in 2012......Again The Auditors don't add statements like "Financial Mismanagement " to a PLC lightly.........I certainly don't think it came from PFC....
And the words "Financial Mismanagement " protect the Auditor when he advises the further discoveries about to be announced in the in 2023 figures IMO........
Your kidding yourself on if you are waiting on a bid for PFC........
The Accounts supports a Black Hole of at minimum £1.2 billion...... last year
And come 2024 PFC have to repay the banks so there is another £500 million.......or find other banks.......
And the legacy contracts continue........
So the spiral down is accelerated..........
It's all in the accounts you only have to have half a brain and be able to read........
And there will be New Legacy issues IMO........
Loss making contracts will only accelerate the inevitable......
DYOR