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Petrofac secures integrated services contract for FPSO in Africa with CNR International
in International Shipping News 08/08/2023
Petrofac, a leading provider of services to the global energy industry, has been awarded a facilities management contract by CNR International (CNRI) offshore the Ivory Coast, West Africa.
The initial three-year, multi-million pound, contract will see Petrofac’s Asset Solutions business providing integrated services for the Espoir Ivoirien Floating Production Storage and Offloading (FPSO) vessel. Around 110 personnel currently supporting the FPSO, including those onshore and on the vessel, will transition to Petrofac from BW Offshore following the recent sale of the vessel to CNRI. The transition of people and operatorship is expected to complete before the end of July.
The contract builds upon Petrofac’s existing strong relationship with CNRI in the UKCS, which has centred around the provision of operations and maintenance services. The contract will be managed from Petrofac’s technical hub in Aberdeen, using decades of experience in the mature and highly regulated UKCS market.
Nick Shorten, Chief Operating Officer for Petrofac’s Asset Solutions business, said:
“I’m delighted that we are continuing to grow our presence in Africa with this latest contract from CNRI. We bring our considerable global FPSO experience to the Ivory Coast, adding to our portfolio of service contracts in Africa. Petrofac is expanding across the continent, providing local jobs, developing local skills and collaborating with local partners.
“We look forward to deploying our expertise and working collaboratively with CNRI and our new employees to effect a safe and seamless transition through to operation of the asset.”
This latest award builds on contract successes achieved throughout 2022, including decommissioning in Mauritania for Tullow Oil, operations and maintenance for Tullow Oil in Ghana and the provision of offshore operations services for bp’s Greater Tortue Ahmeyim (GTA) Project, including an FPSO, in Mauritania and Senegal.
Source: Petrofac
Woeful volume and the share trades within a narrow range. It is impossible to know if the shorters and the algos are trying to control it. However the 10% ( from memory) undeclared shorters are still here. There are always shenanigans around reporting time ( for years now) and much will be made of legacy losses if there isn’t a bullish statement going forward.
I have had a suspicion for some time that Tony is the alter ego/ schizophrenic alias of another poster on this and other boards because of some inexplicable coincidental posting. It is a reminder to treat all posting with caution.
Oil is well down today and traditionally the E&P companies follow. In fact most of these companies including Schlumberger have got nowhere near their highs since the pandemic. Despite the fact that PFC is keeping its head above water, sentiment is poor - that and a few hedge funds manipulating the price to limit big moves.
https://mail.shorteurope.com/history_company.php?selskapsnavn=Petrofac%20Limited&land=united_kingdom
On the same site you will find this page. This one has not been updated yet to reflect the price rise
Finra has published a new list of companies which do not need to report from Jan 1st They are considered to be exempt if they trade mainly outside the UK. Petrofac is not on that list but it is possible that its Jersey registration is now considered. A company may also be temporarily removed if information held is considered inaccurate.
I could not disagree more Pokerchips. Buying represents a positive endorsement however it is accomplished. A shorter always has the option to walk away.. If the retail investor is permitted to buy and sell shares, that investor has the right to protection from increasingly dark arts. It is almost impossible to counter the loss of sentiment and panic that sophisticated algorithmic shorting, often accompanied by innuendo and false rumour creates. Petrofac may not be flying high but the company has yet to tell us it is in trouble. I do not know what a fair price for Petrofac is but surely it is up to regulators to create a fair market for everyone
https://oilreviewmiddleeast.com/industry/petrofac-wins-new-oman-business