Member Info for E_AL

Jan 19, 2021

Oil services firm Petrofac is readying its defence against the looming threat of an opportunistic takeover as its ­battle.

"Oil services firm Petrofac is readying its defence against the looming threat of an opportunistic takeover as its ­battle. City sources say that a refreshed squad of advisers will be undertaking a forensic study of the firm’s true value as a pre-emptive strike against a hostile takeover following a sharp slump in its share price. Petrofac has been left exposed to the possibility of an unwelcome swoop after its stock market price crashed to 114p after David Lufkin pleaded guilty in Westminster Magistrates Court to another three counts of bribery in charges brought against him by the Serious Fraud Office (SFO). Lufkin offered and paid bribes of around $30m between 2012 and 2018 to steer contracts toward his employer Petrofac in the United Arab Emirates The SFO is investigating whether the company secured service contracts by paying bribes, which it suspects was acting as a “middleman” in deals across the global industry. Both Petrofac and Unaoil have ­denied wrongdoing.

Ayman Asfari, the group’s chief ­executive and largest shareholder, is also battling personal insider trading allegations made by the Italian authorities. These are also allegations that he denies. Even though Petrofac has managed to snap up a string of lucrative ­contracts in the Middle East and Russia, its share price has remained at stubbornly low levels. Sources say this makes the firm a tempting target. Petrofac’s share price has crashed 51pc since the start of the year. Its position looks more precarious following a wave of deal activity in the oil services industry. In recent weeks Wood Group completed a £2.2bn merger with Amec Foster-Wheeler, while Canada’s SNC-Lavalin snapped up UK-based WS Atkins in a £2.1bn deal over the summer. According to industry insiders Mr Asfari is committed to turning the company around and is unlikely to welcome an approach. He currently holds over 18pc of the company, posing a ­serious hurdle for buyers, the price would need to be in the 400p region to gain success A spokesperson for Petrofac said: “Petrofac keeps all of its advisory relationships under regular review as part of its ordinary course of business.""

https://www.smallcapnetwork.com/Oil-services-firm-Petrofac-is-readying-its-defence-against-the-looming-threat-of-an-opportunistic-takeover-as-its-battle/s/via/56850/article/view/p/mid/1/id/16/

Number of trades since the opening 1,373

Vol. Sold 780,841
Sold Value £887.04k

Vol. Bought 2,018,778
Bought Value £2m

demark, PFC share price trend follows the main oilers & the main oilers follow Brent's oil price .. simple!

Brent & FTSE/AIM Oilers are up

"For the tenth year running Petrofac is among top four EPC Contractors in the Oil & Gas Middle East magazine's Top 30. "

https://mags.itp.com/OAGME/2020/1610_OAG_OCT_2020/#page=21

Oilers are moving back up :)

Brent was $40 back in October........

"I think there is a wall of money just sat waiting to be thrown at this by investors once we reach the bottom."

Already pouring in:

# Trades 3,096

Vol. Sold 1,787,813
Sold Value £2m

Vol. Bought 3,402,598
Bought Value £4m

Why you don't sell then?

BP*

Oilers are climbing back up (BO, Shell RDSA , TLW , PMO, etc)

# Trades 1,704

Vol. Sold 1,046,698
Sold Value £1m

Vol. Bought 2,163,407
Bought Value £3m

Make what you want out of this ;)

Brent is bouncing back up ($55 atm)

The SFO’s statement was a confirmation that they've squeezed out the last piece of information out of David Lufkin as part of a settlement deal before announcing the sentence mid of next month. If you noticed SFO didn’t ask the public this time to provide relevant information which means they are satisfied with the amount of info which they already have.

Another important note, [No current Board member of Petrofac Limited is alleged to have been involved.] which likely means the case will result in David Lufkin convection, otherwise I can’t see why the sfo wouldnt accuse new suspect(s) (never did!) with the same charges to sentence them all next month along with David Lufkin! (Petrofac confirms that no charges have been brought against any Group company or any other officers or employees. A small number of former Petrofac employees are alleged to have acted together with the individual concerned, although none have been charged.)

Anyway, the outcome of Petrofac’s investigation is likely to be similar to Unaoil’s verdict, the company ended up not paying any penalty, instead the sfo had sentenced 3 corrupted (former) employees to around 3 years in prison.

“ Basil Al Jarah, former Unaoil executive was sentenced to three years and four months’ imprisonment for paying in excess of $17m in bribes to dishonestly secure approximately $1.7bn worth of contracts in post-occupation Iraq.”

https://www.wired-gov.net/wg/news.nsf/articles/Former+Unaoil+executive+sentenced+for+paying+bribes+to+win+$1.7bn+worth+of+contracts+09102020123300?open “

The sp drop was overdone last week because of a drop in FTSE & oil prices & I'd like to believe that it will bounce back up soon (easy 15-20% profit from here)

“ I think once the courts have proved a crime was committed and bribes where given to award Huge Contracts , they will come back to Petrofac and a Large fine will almost certainly be on its way “

“They will be back and a large fine will be forthcoming, “

*Petrofac case is very similar to Unaoil, both were investigated by the SFO under the ‘new bribery Act 2010’ and if you read my previous post you’ll notice that similar to Petrofac, the SFO only charged & convicted former Unaoil employees who committed the bribery and sentenced them to years in prison, the SFO did not impose a fine on Unaoil.

“ lets not forget what the SFO said about PFC when they where investigating,

"In their opinion Petrofac was less than Cooperative in assisting the SFO"

*I believe this was in 2017 and since since they havnt used such language in their statements, clearly not in last Friday’s statement

I see the SFO’s statement as a confirmation that they squeezed out the final piece of information from David Lufkin as part of a settlement deal before announcing the sentence mid of next month. If you noticed SFO didn’t ask the public this time to provide relevant information which means they are satisfied with the amount of info which they already have.

Another important note, [No current Board member of Petrofac Limited is alleged to have been involved.] which likely means the case will result in David Lufkin convection, otherwise I can’t see why the sfo wouldnt accuse new suspect(s) (never did!) with the same charges to sentence them all next month along with David Lufkin! (Petrofac confirms that no charges have been brought against any Group company or any other officers or employees. A small number of former Petrofac employees are alleged to have acted together with the individual concerned, although none have been charged.)

Anyway, the outcome of Petrofac’s investigation is likely to be similar to Unaoil’s verdict, the company ended up not paying any penalty, instead the sfo had sentenced 3 corrupted (former) employees to around 3 years in prison.

“ Basil Al Jarah, former Unaoil executive was sentenced to three years and four months’ imprisonment for paying in excess of $17m in bribes to dishonestly secure approximately $1.7bn worth of contracts in post-occupation Iraq.”

https://www.wired-gov.net/wg/news.nsf/articles/Former+Unaoil+executive+sentenced+for+paying+bribes+to+win+$1.7bn+worth+of+contracts+09102020123300?open “

The sp drop was overdone last week because of the drop in FTSE & oil prices and it will bounce back up tomorrow early morning (easy 15-25% profit from here)

I think the SFO’s announcement yesterday was the final piece of information they managed to get out of David Lufkin as part of a settlement deal before announcing the sentence mid of next month. If you guys noticed the SFO didn’t ask this time for people to provide any new information to help with the investigation which means they are satisfied with the amount of info which they already have.

Another important note, [No current Board member of Petrofac Limited is alleged to have been involved.] which likely means the case will result in David Lufkin convection, otherwise I can’t see why the sfo wouldnt accuse new suspect(s) with the same charges to sentence them all next month along with David Lufkin! (Petrofac confirms that no charges have been brought against any Group company or any other officers or employees. A small number of former Petrofac employees are alleged to have acted together with the individual concerned, although none have been charged.)

Anyway, the outcome of Petrofac’s investigation is likely to be similar to Unaoil’s verdict, the company ended up not paying any penalty, instead the sfo sentenced 3 corrupted (formal) employees to around 3 years in prison.

“ Basil Al Jarah, former Unaoil executive was sentenced to three years and four months’ imprisonment for paying in excess of $17m in bribes to dishonestly secure approximately $1.7bn worth of contracts in post-occupation Iraq.”

https://www.wired-gov.net/wg/news.nsf/articles/Former+Unaoil+executive+sentenced+for+paying+bribes+to+win+$1.7bn+worth+of+contracts+09102020123300?open “

Date:
“Friday February 08 2019, 12.01am”

Pockerchips,

I checked the publishing dates of these articles and cross checked them with the shareprice trend (+/- 1 day). Sp didn’t drop after the newspaper published those 3 articles

Checking the sp trend, it didnt drop after the guardian published those articles......