Member Info for kirti12shah

https://m.marketscreener.com/quote/stock/PETROFAC-LIMITED-4005555/news/Petrofac-inks-new-EPC-contract-for-Lithuanian-refinery-upgrade-43701552/

https://stockcharts.com/h-sc/ui?s=PFC.L

Shorter’s are always tried before result day and after result for increasing shorting to keep pressure on share price on lowest level. Yesterday after result they do not have any reason to hold shorting as they know that BOD are going to buy the shares from Market to give further clarity of the company prospect and future and that make difficult for shorter to recollect shares from market.
Within two weeks I can see the share price are going to bounce back to 1 GBP plus. In the result No Right issue that will clear doubt from the market.
Fingers crossed & good luck to long time holders.

https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4285620&lang=en-GB&companycode=uk-pfc&v=

Copy from Advfn Board
hTtps://www.shorttracker.co.uk/company/GB00B0H2K534/
Now they are playing between them as they don't want to lose the shares in market.
By the way trying to hold share price this has been done since 20th April 23
One more trading day has been left and that might be busy day
DYOR

https://www.petrofac.com/media/news/oci-global-and-petrofac-announce-exclusive-partnership-for-gasification-based-green-methanol-programme/

Still they're playing ping-pong game as one reduce other's are increasing. It happens two or three times. Just playing with the retailers investors to sell them @ cheaper rate for closing shorting. Otherwise it is pointless to increase the shorting after the dust has been cleared from the sky.

https://www.shorttracker.co.uk/company/GB00B0H2K534/
This is why last week shares price was holding after bank facility RNS was issued. They require time to close the shorting
Good luck

@ Gilljoe
"In March, TenneT awarded an initial package of contracts to three consortia: Hitachi Energy/Petrofac, with six projects; GE/Sembcorp, with three projects; and GE/McDermott/Sembmarine, with two projects. The total came to $25 billion worth of industrial activity. 
On Thursday, TenneT awarded an additional $8 billion worth of work for the last three systems to Hitachi Energy/Petrofac, GE/Sembcorp, GE/McDermott and Siemens Energy/Dragados. The core components of TenneT's proprietary 2GW power transmission system will be built in Europe".

Thanks for the post.
We can see the bounce back on Monday and contract win RNS plus shorting reduction. Price increase will be bonus
Good luck

In March, TenneT awarded an initial package of contracts to three consortia: Hitachi Energy/Petrofac, with six projects; GE/Sembcorp, with three projects; and GE/McDermott/Sembmarine, with two projects. The total came to $25 billion worth of industrial activity. 

On Thursday, TenneT awarded an additional $8 billion worth of work for the last three systems to Hitachi Energy/Petrofac, GE/Sembcorp, GE/McDermott and Siemens Energy/Dragados. The core components of TenneT's proprietary 2GW power transmission system will be built in Europe.

In March, TenneT awarded an initial package of contracts to three consortia: Hitachi Energy/Petrofac, with six projects; GE/Sembcorp, with three projects; and GE/McDermott/Sembmarine, with two projects. The total came to $25 billion worth of industrial activity. 

On Thursday, TenneT awarded an additional $8 billion worth of work for the last three systems to Hitachi Energy/Petrofac, GE/Sembcorp, GE/McDermott and Siemens Energy/Dragados. The core components of TenneT's proprietary 2GW power transmission system will be built in Europe.

"PARIS, April 19 (Reuters) - Air traffic is on course to break above pre-pandemic levels buoyed by a rebound in Chinese traffic after extended lockdowns, Airbus Chief Executive Guillaume Faury said on Wednesday.

"The reopening of China is proving to be a strong driver of air traffic as it progressively recovers, and all regions should now converge towards normalised levels or even higher levels than before COVID," he told a shareholder meeting monitored by webcast.

The head of the world's largest planemaker voiced disappointment, however, with the speed of recovery of supply chains, telling shareholders Airbus had not been satisfied with deliveries that fell below company forecasts last year.

Company chairman Rene Obermann kicked off the Amsterdam meeting urging European nations to "get their act together" on their quest for strategic autonomy amid the conflict in Ukraine.

France-based Airbus is a major European defence contractor with a stake in Eurofighter combat jets as well the future Franco-German-Spanish FCAS air combat system.

Russia's invasion of its neighbour in February 2022 has fuelled extra defence spending and rekindled a debate over Europe's dependence on the United States for its security.

Airbus named former Rolls Royce aerospace division chief Tony Wood to its board, mirroring a similar position held by former GE Aviation chief David Joyce at Boeing.

Analysts say the two planemakers are increasingly aligned with their respective wide-body engine suppliers, though engine makers supply multiple platforms and GE has a key role on both narrowbody brands through a joint venture with Safran. (Reporting by Tim Hepher Editing by Mark Potter)"

https://www.shorttracker.co.uk/company/GB00B0H2K534/
Further reduction.

https://www.shorttracker.co.uk/company/GB00B0H2K534/

https://m.marketscreener.com/quote/stock/IOG-PLC-14424335/news/Drilling-Update-43526707/

They have played ping-pong game.
Once they reduce other shorter appear and when other shorter has closed the deal they increased shorting.
Basically they just trying to maintain pressure on shares price. But they already lost the control on share priced. Now how to collect the shorted shares from market is a question for them. They get one week before to reduce the shorting before 25th April 23 update?

https://m.marketscreener.com/quote/stock/PETROFAC-LIMITED-4005555/news/Hitachi-Energy-and-Petrofac-secure-landmark-offshore-wind-agreement-worth-approximately-13-billion-e-43415238/

Liquidity

Net debt at 31 December 2022 was USUSD349 million (3), with liquidity of USUSD506 million (4).

Petrofac remains focused on ensuring the Group has sufficient liquidity to support its strategy, including unlocking the significant working capital balances built up over the period of the pandemic, as well as collecting cash advances on new awards.

The Group has made significant progress in extending its borrowing facilities, having reached agreement in principle with its lenders to extend all three facilities by 12 months to October 2024. We will update the market following the signing of the extension agreements.

Liquidity

Net debt at 31 December 2022 was USUSD349 million (3), with liquidity of USUSD506 million (4).

Petrofac remains focused on ensuring the Group has sufficient liquidity to support its strategy, including unlocking the significant working capital balances built up over the period of the pandemic, as well as collecting cash advances on new awards.

The Group has made significant progress in extending its borrowing facilities, having reached agreement in principle with its lenders to extend all three facilities by 12 months to October 2024. We will update the market following the signing of the extension agreements.

Shorting reduced 3.08%
https://www.shorttracker.co.uk/company/GB00B0H2K534/