Member Info for E_AL

The daily RSI is 16% (oversold).

We should see SP rebound shortly

@wildtiger RR is @260 today :)

I've noticed that Petrofac’s bonds decline ended last week and it has been slowly recovering since. Despite this, Petrofac’s share price dropped by over 33% since last Tuesday. I think hedge funds find it easier to manipulate the share price lower rather than continuing to short the bonds, which can be more expensive & harder to buy in decent volumes and of course come with higher risk (different to buy in volumes if quickly needed) and of course impossible to nakd short sell unlike shares. The bonds are mainly owned by IIs & Banks. The minimum purchase unit for bonds is 200k, but on the other hand shares can be purchased in any volume and short positions can be increased in smaller increments. In my view, this appears to be a coordinated short attack, creating fear in the market to triggering stop losses and load up on the cheap while they can.

I can see a meaningful rebound before the trading update.

https://www.boerse-frankfurt.de/bond/usg7052taf87-petrofac-ltd-9-75-21-26

Form the same RNS which you have quoted from:

Aug 2023:

- We remain focused on closing out legacy contracts, with five of the remaining eight contracts expected to be completed(5) during the second half of the year or early in 2024

-Bidding activity remains high with a total pipeline scheduled for award in the 16-months to December 2024 of approximately US$44 billion, of which US$8 billion is scheduled for award in 2023.

-Asset Solutions has secured revenue of US$0.7 billion for the second half of 2023. The business is expected to continue to perform well, with revenue growth driven by focused geographic expansion and new order intake in Well Engineering & Decommissioning. We expect EBIT to be second half weighted, with a healthy full year EBIT in 2023, albeit lower than 2022, reflecting the roll-off of certain high margin contracts and a higher proportion of pass-through revenue.

-At Group level, we expect cash flow to be broadly neutral in 2023. In the second half, we expect a positive tailwind from cash advances collected from new E&C awards won in the first half, coupled with an unwind of working capital.

False information.

Last update to Patrofac short positions record from Friday 24 Nov 2023 by Helikon Investments Limited increasing their position by 0.12%

Price: 29.40

No Opinion

RE: SellToday 12:56

False information.

Last update to Patrofac short positions record from Friday 24 Nov 2023 by Helikon Investments Limited increasing their position by 0.12%

I sent them an enquiry email & I would recommend you should do the same: https://www.petrofac.com/investors/investor-relations-contacts/

False information.

Last update to Patrofac short positions record from Friday 24 Nov 2023 by Helikon Investments Limited increasing their position by 0.12%

Article date: 18 Oct 2019 ........

No

Two chunky buys just gone through:

27-Nov-23 15:05:03 32.3023 300,000 Buy* 31.74 31.94 £96.91k

27-Nov-23 14:46:02 31.901 275,000 Buy* 31.32 31.60 £87.73k

Today's has experienced the highest trading volume per day this year reaching around FIVE times the average daily volume.

Shorters are trying to exhaust private investors to sell to enable them to cover their short positions on the cheap before upward movement.

Some of the chunky buys going through at the moment

27-Nov-23 13:33:39 32.336 250,000 Buy* 31.54 31.88 £80.84k

27-Nov-23 13:29:22 31.816 135,119 Buy* 31.02 31.62 £42.99k O

27-Nov-23 13:27:39 31.62 50,000 Buy* 31.00 31.62 £15.81k O

27-Nov-23 13:27:34 31.6563 110,521 Buy* 31.00 31.62 £34.99k

Today's has experienced the highest trading volume per day this year reaching over three times the average daily volume.

With COP28 just three days away (it's worth noting that the ADNOC CEO is the president of COP28, and ADNOC awarded a $615 million contract to Petrofac last month for constructing the largest carbon capture projects in the MENA region ahead of COP28) and trading update in three weeks, I believe shorters are trying to exhaust private investors to shake the weak hands to cover their short positions before upward movement. The recent stabilization and modest recovery of Petrofac's 2024 bond drop suggest a potential rebound from the current levels as well

Today's trading activity has experienced a substantial increase, reaching approximately three times the average daily volume. With COP28 just three days away (it's worth noting that the ADNOC CEO is the president of COP28, and ADNOC awarded a $615 million contract to Petrofac last month for constructing the largest carbon capture projects in the MENA region ahead of COP28) and the impending trading update in three weeks, there are indications that hedge funds are making a strategic move to accumulate stocks at lower prices to cover short positions and likely in preparation for an anticipated upward movement. Furthermore, the recent stabilization and modest recovery of Petrofac's 2024 bond drop suggest a potential rebound from the current levels.

Trades 537

Vol. Sold 1,043,954

Sold Value £342.96k

Vol. Bought 1,903,960

Bought Value £627.06k

# Trades 162

Vol. Sold 294,043

Sold Value £98.55k

Vol. Bought 609,834

Bought Value £205.76k

A graduate training program that's been St for the last few years we've had we've hired over 100 new graduates and we're also working on the training and upskilling of our current staff and trying to improve also our retention rate in the in in our company so we're people are our assets I mean we don't have any other fixed assets other than people so we really invest invest in our people and that's the key to our successful delivery

-Well talk that's really great to hear and all the best for the busy times ahead thank you very much

Be here is going to be the backbone of of the company going forward big cap expend here in the area and we'll continue to invest in in our delivery here in the in the Middle East

-Yeah absolutely and you have mentioned you know working in the energy transition what about the energy transition you know what Peta position itself in that area with more demand for customers on the the energy transition side you think

-So we look at it like in three aspects for for us so the first aspect we have a business uh the asset solution businesses that's moving into decommissioning so that's kind of taking facilities out and we're we're that's a big growing business and uh it's it's started off in the North Sea we've moved over to Australia uh Gulf Coast of Mexico so that's one part of it the other part of it is to design and build lower carbon intensity hydrocarbon facilities which is a which is uh some of the projects we're working on in the north sea side in uh of the business and the third part is really the new energies the energy transition part which is the new energies focused mainly on hbtc today because that's where the big cap expend is but we're also have a very strong technical capability working on uh projects for example in green hydrogen and uh carbon capture uh uh waste of value and other aspects so really excited about that side of the business

-That's really interesting to hear and you know what about petrofac itself in terms of do you have your own plans and programs um in place to decarbonize yourself

-Yeah absolutely so so part of the the the focus is also to reduce our carbon footprint so uh when we go out and build projects we we're working very uh hard to to reduce our carbon footprint and there's a lot of programs in place to do that and that's not only in the way we engineer or Constructors works all the way through our supply chain and you know busy times for you which also means you know

-Going into 2024 what's your outlook then so the markets are we've got in our home regions here in the Middle East there's the big capital investment programs which you probably heard about here today at adipe uh so we're well positioned for that uh our asset Solutions business which is focused on the opic side we're growing that geographically into areas like I said before is West Africa Australia so outside outside of our home Market there which is in North Sea and the energy transition projects there's huge capital expenditure in the offshore offshore wind but also uh we see some of these other projects in energy transition like waste of value and others going into final investment decisions in the next two three years

-So where I see the company in the next three years really to capitalize on this to rebuild our backlog and also to grow our talent pool I mean one of the areas which we as an industry uh need to do better at at is is to attract more people to this industry and uh so we're hiring we've started

Transcript:

-I'm thrilled to have sitting with me in the studio T kawash group executive at petrofac T thank you so much for joining me

Thank you hank you for having me now let's start off with the good news the announcement that came today with adnoc could you tell me bit more about it and the significance of it.

-Absolutely so uh great announcement really happy about the the award uh it's for it's project for adnoc carbon uh carbon capture and it's the largest carbon capture project in the Middle East region it's going to take out about 1.5 million tons of carbon it's an EPC project so we're building the carbon capture facilities all the associated infrastructure the pipeline to allow the the uh collection of the carbon and the injection back in the field so really great so this kind of combines our experience in the energy transition with our Middle East execution EXP experience so really happy about that

-What a great start to day two of adek um now you took over as group CH executive in April this year um how have the first six months been um and where do you want to take Petrofac

-I joined on April 1st so uh been uh so six months and uh uh it's been it's been busy it's been exciting um so uh you know I've been 30 years in the industry so I've been my previous employee and all that so a lot of the clients and the locations working in are similar uh great team at Petrofac so uh uh really really strong people uh it's been through uh uh kind of a a down cycle so we're looking at the Up Cycle so big focus on rebuilding the backlog rebuilding the brand in the region and I must say in the first four to five months uh we're able to increase our backlog significantly lots of new Awards diverse Awards so uh like the the award for for ADN that's the second adnoc award uh this year so over a billion dollars of backlog just without that not in total just over $5 billion of awards and that's a combination of traditional hydrocarbon business uh our Opex business which is the asset Solutions business as well as uh uh the energy transition projects which is really on the back of uh the big award from tenant for the offshore hbdc stations well

-That's really good to hear talk and so it ties into my next question why do you feel you're such a strong Market in the MENA region.

-It's our home Market I mean uh Petrofac has been here over 30 years delivered many projects for all the national oil companies and all their Partners here in the region um we're very strong in in in each of the countries it's great great track record uh for example here in the Emirates we've got our big execution office over a, three 300 or, 400 people uh we're able to uh achieve very high local content we hire a lot of uh local talent I mean just in today in in in our office we have over 100 emiratis working for us uh and they've been uh you know deployed on on the the new projects so great great history here is going to