Petrofac Share Price (PFC)

Friday sp movement not helped by Jeffries downgrade to hold, which will be water under the bridge by Monday ...

"Not a fantastic market reaction."

well they are only at the "gauging investor interest" level

the US Non-Farm Payroll numbers and OPEC decision has certainly created a positive reaction....
May see further gains next week

plus

" Kudlow says a trade deal is close, but Trump is prepared to ‘walk away’ if some conditions not met " - cnbc

so...all to play for

Not a fantastic market reaction.

It seems that PFC are fairly quiet on the contracts front and so we have had little movement on the SP.
I think the days of 100 - 200p swings over a few months are long gone.

This seems to be the new reality, baring external influences.

Petrofac Considers Offshore Oil Asset Sale in Malaysia
By Elffie Chew and Manuel Baigorri
December 6, 2019, 1:59 AM GMT Updated on December 6, 2019, 10:43 AM GMT
The firm has started gauging investor interest for the asset
Planned sale part of Petrofac’s strategy to stay asset light

Petrofac Ltd., the U.K.-listed oilfield service provider, is weighing a sale of its Malaysian assets for about $300 million, according to people with knowledge of the matter.

The company has started gauging interest from potential investors on the planned divestment, said the people, asking not to be named as the discussions are private. The assets that could be on sale include a stake in an offshore oil field development known as PM304, one of the people said.

Petrofac is the latest oil company looking to monetize its investments in Malaysia. Exxon Mobil Corp. is considering a sale of its offshore assets in the Southeast Asian nation which could raise as much a $3 billion, Bloomberg News reported in October, while Murphy Oil Corp. in March agreed to sell its portfolio in Malaysia for $2.13 billion.

Shares of Petrofac fell as much as 1.8% in early London trading on Friday.

Malaysia is an operational center for Petrofac in Asia Pacific, according to the company’s website. Besides the offshore oil field, it recently completed an engineering, procurement, construction and commissioning contract worth more than $500 million for a refining project in the state of Johor.

Petrofac’s plan is to remain a cost-efficient, capital-light business in 2019 after several divestments last year, its Chief Executive Officer Ayman Asfari said in an annual report. In 2018, the company raised $800 million via the sale of non-core assets that includes its interests in the Greater Stella Area development in the North Sea and stakes in its Mexico operations and in Chergui asset in Tunisia.

Petrofac has projects in 29 countries, its website shows. The British firm is looking to raise cash and to further strengthen its balance sheet through a transaction in Malaysia, the people said.

Sale deliberations are still ongoing and may not necessarily result in a deal, said the people. A representative for Petrofac said the company doesn’t comment on market rumor.

https://uk.finance.yahoo.com/news/petrofac-considers-offshore-oil-asset-015915011.html
Malaysia has the best quality oil in the world.