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6 weeks since Sami could hardly contain his excitement about the up coming awards and so far centre of donut delivered . I have listened to the Q&A again and you can feel his enthusiasm, come on petrofac land a whopper .

No just general market moving north . To break this trading range we need a big contract to land. Let’s hope one does soon

Good bounce today along with the wider market . Contract news then the brakes come off . Almost 6 weeks since the last RNS . Let’s hope next week we start to see some positive news . Remember the Q&A where Sami could hardly contain his excitement.

4th august since the last contract news update of any worth . I am not saying we can’t go on a great run but it needs to happen soon. Fingers crossed

Starting to think the Far East mega ship has sailed without PFC onboard . I hope I am wrong but there has been almost nothing in the last 6 weeks . The mega projects in Far East are getting kept in house at the moment . I will let it run another few weeks but I would have expected something big by now for sure . I was convinced the fact the suspension was getting
Lifted meant there was work on the horizon.

I agree I think it is between Petrofac /Samsung and China engineering company . Hopefully some of the contract bids translate into wins.

Not Q2 2nd half 2022 . Long day

Q&A on results 16 minutes from the end worth a listen . CEO Confident Petrofac will significantly grow there back log in Q2 . Hopefully September gets us going . There is no doubt we have moved higher on hope and promises before this time we need the awards to drop . Several billion up for grabs before year end as detailed in Q&A and Petrofac are down to the last two in many of them awards.

It is important to remember Wood strongly deny this and can factually back this up . As per RNS

Not hard to find the court papers on line . Extract below . “Based on these allegations, Enterprise sued both Foster and Amec, alleging Amec is liable for negligent misrepresentation, for “string-along” fraud, for breach- ing the contract, and for “gross and professional negli- gence” in the mismanagement the PDH Project. And Enterprise seeks over $700,000,000 in damages” again we will need to wait and see .

At the bottom of the RNS .
In April 2022, the trial for the lawsuit related to the chemical plant litigation commenced and concluded in July 2022. This litigation relates to one of Amec Foster Wheeler plc's subsidiaries, that Wood acquired in 2017, contracted to engineer, procure and construct a chemical plant for a client in Texas. The alleged actual damages total $695 million, including an alleged $317 million in lost revenue from delayed commercial operation.



The Group believes that the claims lack legal and factual merit but provided for an amount representing the fair value of the exposure upon acquisition of Amec Foster Wheeler. The Group has denied the claims and has strong legal and factual defences. Except for gross negligence, wilful misconduct, and warranty claims, overall liability is capped at 10 per cent of the contract price (or approximately $100 million).



A verdict is expected by year end. It is not possible to predict the ultimate outcome of the case at this point, but the Group remains open to a reasonable settlement. Due to likely appeals processes available to both parties, in the absence of a settlement it is not expected that an outflow will occur within the next 12 months.

Says it all troops the group is open to a reasonable settlement.

I must admit I was unaware of the size of the asbestos cash out flow each year and now this . Lack of homework on my part . Live and learn

I am concerned about the exposure to 700 million claim from Enterprise , Court ruling due by year end ?? IC seemed to mention a settlement which unnerved me even more . Thoughts ?

Taken from IC “ Another regulatory headache that has popped up this year is also around a former Amec project, a chemical plant in Texas. Enterprise Products is after $700mn from Wood, and the group said a trial verdict was expected by year end. A settlement could still be reached, however. ” secondly the 40 million a year cash outflow for asbestos.
Can anyone shed any light on the Enterprise story ??

I think the brakes are on until at least one of the big contracts drop . Q&A confirmed there is several billion up for grabs before year end and Petrofac are absolute in the hunt . Waiting game until the contract news drop

Yesterday” 24-Aug-22 Barclays Overweight 320.00 320.00 Reiteration” then today JPMorgan do to not rated . Very strange and I would love to know why. We can all speculate but considering it is 2 days after results I would hedge my bets they are linked .

Wood and Petrofac stuck whilst almost every other energy stock moves up. Until the big contract RNS drop then the market will keep us here. On confirmation the backlog is up we will move. Billions of dollars up for grabs by year end patience is key . Both stocks are due some good news

Patience is needed but when the first big contracts get announced Wood and Petrofac will motor north . Not until then the market will want some results first . Worley and Aker have bounced massively in the last couple of weeks we can’t be far behind .

positives are the oil price still high and as JP Morgan says the the market is awash with contracts . The overall momentum is in Petrofac and Woods favour thankfully after some very dark times. I expect a steady climb back up purely based on this . Let’s get the contracts and ensure the margins are better and protected

These numbers are on track what is causing the confusion is they are without the environmental business .