Petrofac Share Chat (PFC)

No. "The sale has been agreed on a debt-free cash-free basis. The net proceeds from the transaction will be distributed to secured creditors in accordance with the intercreditor agreement entered between Petrofac and secured creditors."

I guess even Petrofac could get some contracts now in the Middle East

Does this mean anything for us poor shareholders

Petrofac sale to CB&I set to go ahead after HMRC drops legal challenge

Will a boom in the oil price be an unexpected and undeserved saviour of this company and its CVA

And not a single penny will be recouped by the investors let down by a negligent BOD.

CVA proposal issued

Strong buy on pfc you muppet

22% up now.

Big buys early doors I noticed. I know nothing of the trading pattern for PFC, so will keep watching. Something appears afoot though

Up 18%. Bid?

American company CB&I announced on Christmas Eve that it had entered into an agreement to acquire the firm’s asset solutions business, transferring 3,000 members of staff to its own payroll when the deal goes through, expected in the first quarter of 2026.

Pfc , have now been bought by another oil firm ?

Correction :

What to DO with Petrofac Shares

Hello,

I bought many PFC shares many years ago, I didn't follow my stocks since a few years...

Now delisted, what can I do to have some mony back ? Could someone telle me ? Thanks a lot.

Ya

Hi Stress free,

I am really sorry to hear about your loss. My loss was approx 40,000. No kidding. I feel that I was misled and duped by the BOD. My biggest loss ever. I have been lucky as was heavily invested in RR too and if I hadn’t have been, I would have been wiped out. The RNS’s from this company was were misleading and I cannot understand why the FCA don’t move to take criminal action against them. Take care.

I have lost 60k by investing in PFC. basically my pension , I am devasted, I worked on the Asfari’s jet for a few years and thought it was a solid company even with the SFO investigation, I didn’t think this would happen!

I did have skin in this game. Fortunately the loss was restricted £6k. PFC was one of my first forays into share ownership and you might see some of my posts if you were to page back far enough. I bought just before the SFO investigation was announced. It could have been a worse loss as I was invested to just over £22k but fortunately started to sell some shares down (It's a pity I didn't sell up entirely.)

Where did I go wrong?

1. First attracted by the yield on offer (at the time [2017]) without looking at the fundamentals of the business (which have always been poor).

------ fundamentals of the business (margins being the problem here...this was before the cost overruns were made visible)

2. Unlucky with the SFO announcement - things went South after that.

-------- So it was a case of investing first in something I knew bug ger all about! (That's the real cause) and bad luck.

Putting it Right

1. It was one of my first investments so the sum invested was small (having bailed to some extent)- that's the only blessing

2. I started to listen to other more experienced investors on The Lemon Fool

3. I educated myself (I actually pay for ShareScope - not cheap but hopefully it will stop any more stupid Punts)

4. I bought Investment Trusts (getting lucky by buying during Covid).

5. I kept on investing - Some individual success and some that are not so good.

I find that the more effort I put in - the "luckier" I get.

PFC shareholders have made a Capital Loss. It can be used against Capital Gains (eg sale of other shares on which a profit has been made / sale of property -). You cannot use it against Income from employment to try to reduce your overall tax bill. Whether Reeves restricts this in the next budget - have to wait and see.

LR would not recommend as that course of action would inevitably open up a can of worms. Best to take advice from an Accountant.

Yeah worry about it if you get audited...

A Capital loss can only be established if the shares have been sold. If shares are still held and now suspended, it is impossible to sell in the market and therfore establish a loss. If the shares remain suspended for a period of time, a request can be made to HMRC to establish a Negligable Value on an asset.

Details of the asset, it's current status etc is required. It is usual to show the asset is in the process of being wound-up with no dispoable assets. It can be a very long and protracted process especially as this share is only suspended, so an NVA would not be considered.

A Bio stock that ceased trading and administrators were literally bleeding any residual cash, delayed a winding up petition and the share remained listed, but suspended, took more than a year for HMRC to agree my NVA. So not quick

No this has come from Barclays direct

Be careful, it could be a scam, a type of phishing scam.

Does anyone no why peel hunt are offering to buy my shares in this company if the company has collapsed,I hold in a isa with Barclays

Whipmawhopma,

YOU ARE TALKING THROUGH YOUR THING YOU SIT ON :-)

So Denby gambles his money into a dying company which has been in the news for fraud for several years now. Loses his money and then considers claiming benefits... but throws an immigrant problem into the mix to feel extra sorry for himself.

Denby , pip payments are not means tested. Millionaires claim it.

Regards.

Thedetector reegards the pain or state of your body if you have savings you most probably will not be able to claim pip.

Also ,and lastly , before you fill in your application for pip. You should Google the question,

How to fill in a pip form. What to say and what not to say on a pip application.

If anyone has a problem with any questions on pip then try and approach a trusted member of your family or your GP surgery.Your GP surgery will give a supporting letter to aid application.

Regards.

Well, I guess ending with a £3k loss will have to put a close to this one!

"Personally I have lost just over £5k on Petrofac. I will be happy to lose it if it leads in some way to the administrators saving peoples jobs and livliehoods. Christmas is coming up and it will be great if those unfortunate to be in a psotion to lose so much more than my 5K can enjoy it with some peace of mind." Does not work that way. You have simply lost 5k. It is not indirectly going to someone else. Thinking of it like setting fire to 5K in your back garden.. not a charitable donation.

The infamous Mary b was all over this when it sub a quid claiming all sorts and how it would go up ! You won't see her here now off to the next carcass claiming to have bought at the bottom.

Let’s do Gathering we might get some money back

The original message was pointless, insensitive and a real insight into the sad idiotic moron that posted it.

Personally I have lost just over £5k on Petrofac. I will be happy to lose it if it leads in some way to the administrators saving peoples jobs and livliehoods. Christmas is coming up and it will be great if those unfortunate to be in a psotion to lose so much more than my 5K can enjoy it with some peace of mind.

5k seems a small price to pay to deliver that.

Well hearts (or should that be heartless) I am sure those same people are delighted that you showed up to gloat about their losses today.....

It takes a certain kind of tosspot to do such a thing, I hope you are very proud of yourself for delighting in others misery.....kindly think of all of the employees currently facing some difficult times ahead

The drama comes to an end as Petrofac gets delisted.

Once again it is us shareholders who pay the price, along with the workers.

The directors will just move on.

The end

Class Action Required!!

Got out at 20p with a small loss. Not surprised at all about today’s news. Warnings were there for a long time

Lufkin was the ‘fall guy’. He’s sitting pretty on his payoff. The rot was at the top. Hope Asfari loses every penny and gets a taste of his own medicine .

😂😂😂😂

This is all down to 2-3 senior directors who new and promoted the buying of contracts in Saudi and Iraq the the main man in marketing man Dave lufkin from the UK never went to jail. I have just lost £60k I hope he burns in hell!!!

Having lost over £40k to Petrofac incompetent management/fraudulent activity and knowing the board have no intention of looking after the small time investor which made up the majority of the shareholders, I hope they burn. I would rather see them go into liquidation then find a financial solution to take advantage of people like myself. TenneT is just another nail in the coffin. What goes around comes around and they deserve to lose there jobs. The company is a scam...

Big loss here , one were MaverickD was pumping from March 24 to Jan 25 then nothing .

Mary also on it .

scoredagainsteps another on it.

Reading this site can be expensive .

Double up 25/6/24 Buy 13p was a big mistake.

Oilfield services provider Petrofac said on Monday it has applied to the High Court of England and Wales to appoint administrators after grid operator TenneT's termination of its involvement in a major offshore wind project in the Netherlands.

Petrofac, which develops and operates infrastructure for oil, gas, refining, petrochemicals, and renewable energy, said earlier this month that its ongoing restructuring would leave existing shareholders with no residual value.

So what happens to the contracts in the pipeline awarded to the Petrofac entity-I don't recall the exact backlog figure. Surely the benefits flowing from those contracts can't just be handed over to a third party willy nilly. Also what about the thousands of Petrofac employees? Do they suddenly get the heave ho?

All a bit shambolic and a severe indictment of the capabilities of the BoD

I suspect what the RNS is aluding to is the possibility of the debt holders taking control of the company which will give them the authority to restructure the business, including spinning off (creating an independent entity from a division or subsidiary) or divesting (selling, liquidating, or otherwise disposing of) parts of it. This is a relatively common outcome in corporate restructurings. The Petrofac entity would cease to exist & therefore could not return to public trading unfortunately.

Thanks for your reply @Warthog4. Appreciated.

You're right, let's indeed wait to see what November brings?!?!?

Littleandy

Bit of guesswork here but Samsung and Saipem are not shareholders per se, at least I don't think they are. I THINK what the RNS is saying is once they have had their pound of flesh there will be sweet FA left in the pot to support any form of logical share price.

I may be totally off the mark of course-only end November will we know.

That’s it. There is sometimes a relief when all hope gone.

The SFO played a significant part in destroying what was once a very decent company. Management didn’t help either but the SFO investigation probably hindered recruitment a lot. Of course the disastrous taxation rules on O&G in the UK haven’t helped either.

As the US gets stronger and stronger our companies, especially smaller ones are going to the wall.

A sad saga. My first ever post was on this site. An investor at the time for a few years but did manage to be accused as a shorter as thought at the time the sudden share rise was over done. I should have listened to myself! Oh well we win some hopefully, and lose. Maybe will see some of you on Wood. Another 'exciting' week there.

We've lost money albeit did sell out last year. About the sametime as PCVet. Very sad for us but spare a thought for the staff. I am sure like me some of you filtered the trolls perhaps even the unashamed rampers who spouted just as much dangerous c..p. However I often think the views of some should be heard. Gives another side to things. Although thought Snapper was wrong kept his open. Snapper as you say job done.

Good luck to you all and whatever your views. It's been a fun ride at times, the day the SFO agreement sent the shares rocketing for a short time for example! The negs, will leave those in the bin. Bye.

It's as good as certain IMHO that it will be in Administration as of Monday. The restructure was a very long shot and depended on forward-looking contracts, the largest of which has been cancelled. Very sad news and I hope the jobs can be saved as the goodwill and assets get sold in Administration. No winners in this at all. Please DYOR but this share has been suspended for months and and the financials are beyond overdue so it's no surprises here.

No takeover..... No Assets Sales.... No Security of any value......12 Jun 2024 10:55

The banks in my opinion are holding the BOD and Executive Directors shares in Security including Asfaris.....therfore no one can jump ship.... No One.....

But this Security is not worth the paper its printed on... .the Banks have had this security since it had value....once upon a time.....

HMRC's are about to pounce... £130m debt and growing......

Published Accounts do not appear in their entirety. So I suspect they are not being signed off.....

The Black hole is I believe to be £2billion..... Could possibly be bigger......

Times up and me thinks that the death knell is in its final stages.....

No takeover..... No Assets Sales.... No Security of any value......

I think that about sums up where It is at.....

If I got it wrong or missed something some enlightened person can tell me.....

Up till now everything that has been forecast by myself for 4 years is now being proven 100% accurate.....

IMHO......

I can now retire fully satisfied my work is done…..

How the individual can destroy a multi National by simply telling the truth……

I would imagine the SFO will be back in when the administration is confirmed……

Maybe Asfari and Co should have listened 😂😂😂😂😂

So it looks like that’s it then.

At least it won’t drag on any more and we can all be put out of our misery.

So sorry to all of those who were still invested.

I genuinely hope the Board struggle to sleep for the foreseeable future and that they ultimately face some financial sanction for the car crash of a job they’ve done in killing the business.

Equally I hope those at the SFO who started the downfall with their protracted investigation reflect on how they’ve indirectly created this outcome.

I’m sure we’ll see Snapper and Tony pop up to flat at some point if their mums haven’t cut off internet to their respective basements.

To those of you who’ve been here on this board throughout the last 10 years plus…..I salute you, and may your subsequent investments pull back what we’ve all lost on this dog of a share.

Laura you do realise Sidara are attempting to takeover Wood not Petrofac!! 🤣👍

Sidara sadly did this on purpose

Drag out the "takeover " long enough for this to happen

Disgusting way to treat employees and shareholders

good analysis pfcvet. it is incredible that the tennet contract couldn’t save the company. when the rns dropped i was ecstatic. but i guess the shorts really had a grip by then and the investor base was a pi majority so expendable. still, you’d have thought that such news was good enough to have forced the sp up so an equity raise could have saved the company. how could the board not spin the news in to an opportunity to right the company is a mystery but maybe that is naivety on my part. the creditors may have smelled an opportunity to take the whole pie and it looks like they would but have now ****ed up.

since the pension funds left the ftse (and pi’s) have been at the mercy of predatory behaviour. reeves is trying to save it with a brit s&s isa which will be a way for the hedge funds etc to fleece more people and transfer wealth from the public to the mega wealthy. i really don’t believe in the uk market anymore. two lucky investments saving me in the face of a lot of anguish. pfc being a large part of that!!

What has happened to Petrofac is a salutary lesson in what is wrong with the way business is managed in our country.

The seeds of this failure were sown with the SFO case that dragged on for years, crippling the company and devastating share value.

Stupid loss making deals were agreed that have been a massive drag factor in driving profitability (Thai Oil being the worst example).

Inept management botched the recovery plans with huge deals mismanaged (remember the total value of the Tennet deal was £7bn + !!)

The courts then block the only viable restructuring plan using Petrofac as an opportunity to set a new precedent in corporate refinancing, effectively a death sentence for the business and 7000 jobs.

Hindsight is a wonderful thing but I wish I’d never made that first PFC share purchase back in 2014. A crippling mistake that grew to a £120k loss by 2022/3 when I finally pulled out.

Feeling sorry for those who stayed in until the death. I hope you get to sue the Board into oblivion….

Alliance News) - Petrofac Ltd's board is holding emergency talks this weekend as it has lined up Teneo for an administration process which could be confirmed as early as Monday morning, Sky News reported Saturday.

A potential collapse of the energy infrastructure company with core markets in the Middle East and North Africa could lead to the loss of over 2,000 jobs in Scotland.

One industry executive said a decision to file for administration was likely to be taken before the stock market opens on Monday, Sky News said.

On Thursday, Petrofac had announced that its planned restructuring was "no longer deliverable in its current form," adding that it was in close and constant dialogue with key creditors and other stakeholders as it pursued alternative options for the company.

This was after TenneT, an operator of electricity grids, cancelled a contract.

Petrofac shares have been suspended in London since May 1 as it has not published its 2024 results.

By Tom Budszus, Alliance News slot editor

It will be interesting to see if the BBC reports anything on this at all. The whole fiasco is just bad management but the potential loss of thousands of jobs is disastrous. The spin that the BBC will put on it will be interesting. They hate the oil and gas industry and small investors.

.

So how do we support this as i have 195,000 shares with PFC which I personally invested and not given as a former PFC employee.

Legal action against PFC. Imagine it is on going because as part of the restructuring you could claim compensation as long as you didn’t take legal action. A pittance was put aside to my memory.

https://www.foxwilliams.com/2023/05/12/fox-williams-files-securities-litigation-claims-against-petrofac-limited/

Would us shareholders get to put a claim in under any Class Action brought against Petrofac?

From Energy Voice.

Beleaguered Petrofac said that its restructuring plan “is no longer deliverable in its current form,” despite previous threats of insolvency.

The pair signed an offshore wind framework agreement for Petrofac and Hitachi Energy to deliver six 2GW grid connection systems, out of the fourteen that TenneT had planned.

“Since Petrofac has not been able to meet its contractual obligations, TenneT has exercised its right to partial termination of the contract related to the Petrofac scope,” TenneT said.

The UK High Court approved the company’s plans to raise $355 million (£280m) in funding in May, but this was met with opposition from Saipem and Samsung E&A over a clean fuels project at a Thai Oil refinery.

The Thai Oil arbitration served as a major stumbling block, as Petrofac claimed that other areas of its business were being impacted.

“It’s not just the supply chain, we have clients, and in particular TenneT, who are at the end of their tether if you’ll forgive that expression,” said Petrofac CFO Afonso Reis e Sousa.

He added that despite TenneT being understanding and affording the company deadline extensions, if the deal were to fall through, there would be “no prospect of a solvent outcome”.

At the time, the judge said the alternative to the agreed restructuring is not Plan B, but liquidation.

Hitachi Energy, meanwhile, stays on the TenneT project with a new contractor.

Gee I've just read the latest RNS. This company is done. I'm not surprised. The public look (not just to shareholders but also clients) of not publishing timely accounts is embarrassing. This latest time it smelt of manipulation on top of a restructuring that has turned in to a near two year farce/fiasco. TenneT have obviously not wanted to be associated with the mess and deceit. All the bond/debt holders have squabbled themselves in to oblivion. The management have also been useless. Reading their restructuring document, revealed they had come up with a hugely convoluted solution. The debt wasn't even that much in reality. I lost a mighty chuck on this but so glad I liquidated most at 8p. I feel for Asfari. I kept the faith and piled in as I was really banking on him having the inside track and connections to pull this through. Gonna be sold for a song to Middle East. The debt holders thought they could pull a fast one but instead it has been a slow death spiral. Shocking really. A UK based big, established (successful?) company gone to the wall while the BOD seemlessly move on to their next well paid position.

The drama continues......

There has been a change in circumstances relating to certain stakeholders, which impacts the timing and/or deliverability of this restructuring.

"Urgent discussions are taking place in relation to this change of circumstance, and the company will provide further details when it is able to."

Still doubt we will get anything out of this stock.