Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPetrofac Share News (PFC)

  • This share is currently suspended. It was suspended at a price of 10.50

Share Price Information for Petrofac (PFC)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 10.50
Bid: 0.00
Ask: 0.00
Change: 0.00 (0.00%)
Spread: 0.00 (0.00%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 10.50
PFC Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Petrofac shares soar on "healthy" trading and new Hitachi deal

Wed, 20th Dec 2023 10:43

(Alliance News) - Petrofac Ltd on Wednesday announced a mixed but robust performance this year, and announced a new contract with Hitachi Energy.

Shares in Petrofac surged up 38% to 30.96 pence each on Wednesday morning in London.

Petrofac, an energy infrastructure company with core markets in the Middle East and North Africa, said the project with Hitachi Ltd was its second under the six-project USD14 billion framework agreement with TenneT.

The agreement with Dutch-German transmission system operator TenneT aims to expand offshore wind capacity in the North Sea.

Petrofac said the new contract coincides with the confirmation that it has secured the performance guarantee requirement for the first contract, which TenneT awarded in March this year.

Petrofac's portion of the standalone contract is valued at around USD1.4 billion. It and Tokyo-based conglomerate Hitachi's Energy business will work to deliver the Nederwiek 1 under TenneT's two gigawatt programme.

John Pearson, Petrofac's chief operating officer of energy transition projects, commented: "The award of Nederwiek 1 continues our focus on the standardisation and harmonisation of design and execution that will be central to the 'design one, build many' philosophy of the 2GW programme.

"By aligning ourselves with TenneT's objectives, we are creating a blueprint for the rapid deployment of large-scale infrastructure projects crucial to Europe's energy transition."

Also on Wednesday, Petrofac said it expects its net debt for 2023 to be modestly higher than it was halfway through the year. Positive free cash flow generation, it added, has been offset by an increase in collateral required for guarantees.

Petrofac also expects approximately USD2.5 billion in full-year revenue, in line with guidance. For 2022, it had delivered USD2.59 billion in revenue.

"To further accelerate progress, my near-term priority, and that of our board and leadership, remains on improving liquidity and materially strengthening the group’s balance sheet, to deliver on our long-term potential," said Petrofac's Chief Executive Tareq Kawash.

Kawash added that "we enter 2024 with a high-quality backlog in both traditional and renewable energy of approximately USD8 billion.

"This provides us with good revenue visibility and demonstrates the continued confidence customers have in Petrofac's delivery."

By Emma Curzon, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
4 Dec 2023 09:41

Petrofac to fall short of FY cash targets

(Sharecast News) - Oilfield services firm Petrofac warned on Monday that it would fall short of meeting full-year cash targets after forward payments for multiple contracts failed to be received.

Read more
4 Dec 2023 08:19

LONDON MARKET OPEN: FTSE 100 edges lower as eyes turn to US jobs

(Alliance News) - European equities got off to a slow start on Monday, returning some of last week's gains, though gold's strong run continued as the precious metal notched a record high.

Read more
1 Dec 2023 10:13

SMALL-CAP WINNERS & LOSERS: Petrofac continues to slump

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.

Read more
1 Dec 2023 09:38

Berenberg places Petrofac 'under review'

(Sharecast News) - Analysts at Berenberg placed oil and gas business Petrofac 'under review' on Friday, stating the group was now "precariously positioned".

Read more
27 Nov 2023 17:08

LONDON MARKET CLOSE: Downbeat China data hurts exposed FTSE 100 stocks

(Alliance News) - Stock prices in London closed down on Monday, as underwhelming industrial data from China hurt Asia-exposed stocks and oil majors, while new homes figures in the US also disappointed.

Read more
27 Nov 2023 09:46

SMALL-CAP WINNERS & LOSERS: Petrofac slides again on weaker oil prices

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.

Read more
4 Oct 2023 09:09

Petrofac wins three-year contract extension with Repsol Sinopec

(Sharecast News) - Energy services company Petrofac has scored a three-year contract extension with Repsol Sinopec Resources UK valued at more than $100m.

Read more
3 Oct 2023 17:55

TRADING UPDATES: Marula Mining to acquire 70% interest in Future Gems

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

Read more
3 Oct 2023 09:35

LONDON BROKER RATINGS: UBS cuts Burberry; JPMorgan likes EnQuest

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more
3 Oct 2023 08:05

Petrofac secures EPC contract with ADNOC Gas

(Sharecast News) - Energy services company Petrofac has been awarded an engineering, procurement, and construction contract by ADNOC Gas for its Habshan carbon capture, utilisation, and storage project.

Read more
3 Oct 2023 07:41

LONDON BRIEFING: Greggs sales rise; boohoo cuts revenue outlook

(Alliance News) - London's FTSE 100 is set to fall further on Tuesday, after a sell-off at the start of the week, with hawkish words from a US central banker reinforcing the 'higher-for-longer' interest rates messaging.

Read more
15 Aug 2023 09:28

LONDON BROKER RATINGS: Liberum starts Tristel with 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more
10 Aug 2023 17:30

British equities rise as travel stocks rally after China lifts travel curbs

China eased travel restrictions

*

Read more
10 Aug 2023 16:57

LONDON MARKET CLOSE: Stocks up as US inflation data points to pause

(Alliance News) - Stocks in London were largely higher at the close on Thursday after a surprise US inflation print helped lift hopes that the US Federal Reserve's rate hiking cycle will soon be at an end.

Read more
10 Aug 2023 11:53

Petrofac posts interim loss; remains hopeful on contract wins

(Alliance News) - Petrofac Ltd on Thursday said it swung to loss in the first half, as activity levels fell.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.