Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
ANOTHER £20MIILION WIN in July 2023.
Following the sale of the vessel to CNRI, around 110 personnel currently supporting the FPSO, including those onshore and on the vessel, will transition to Petrofac from BW Offshore and the transition of people and operatorship is expected to complete before the end of July.
The company underlines that this contract builds upon its existing relationship with CNRI in the UKCS, which has centred around the provision of operations and maintenance services. The deal will be managed from Petrofac’s technical hub in Aberdeen.
Nick Shorten, Chief Operating Officer for Petrofac’s Asset Solutions business, commented: “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.”
The FPSO works on the CNR International-operated Espoir field off the Ivory Coast and has an oil production capacity of 45,000 bbl/d. The production at the field started in 2002 while the oil produced from the Espoir East and West reservoir is processed, stored, and offloaded from the FPSO located between the two wellhead towers.
This latest award builds on Petrofac’s 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.
Lets remind yourselves with these.
This article was in July. I wonder how many more contracts PFC have won since then. ITs not all doom and gloom like the SP. I think BOD are not phased because they are delivering contracts.
https://www.oilandgasmiddleeast.com/news/petrofac-backlog-hits-6-6-billion-after-strongest-period-of-new-contracts
PFC bond is not due until 15/11/2026 , bond is not an issue. Shorters made some rumours https://www.spglobal.com/marketintelligence/en/news-insights/blog/the-big-picture-2024-energy-transition-industry-outlook
Look at him, very poised and collected.
This video was released last month. CEO sounds positive. Highly recommend watching it.
No doubt being manipulated. No doubt once the RNS lands, PFC will double in an instant.
Video link: https://www.energyconnects.com/videos/video-interviews/2023/october/petrofac-set-for-growth/
$6.6 billion order book/backlog
Debt around $400m
MCAP $120m
Dropped significantly due to covenant risk which today has been clarified as very low.
Being leaked, and the shorters knowing something we didn't. the pis were baying for an rns to steady the ship, and pfc did that by putting all of its bad cards on the table and asking if it justifies the current sp.
we asked for an rns saying there's no reason for the drop and this is what a legally watertight version looks like: yes, of course we have some cashflow issues while we close out the legacy contracts and move to the new ones; we'll certainly need some time and (inevitably) to refinance as the big money come in... but please **** off and leave the sp alone already, cause the company is on the right course and doing perfectly fine thank you very much.
i'm glad i topped up on friday. too bad i didn't wake up earlier this morning to do the same at 8:01.
OOpsie Daisy
hell of shorters 7% to close. Nobody closed yesterday.
Contract news may drop before 20t too.
PFC was 40p.
Ride the way up people.
Shorters looking around and at each other...LOL
Has anyone looked into his previous directorships… It’s a bit of an eye opener, particularly if you also take into consideration his “success” at Babylon Healthcare and their share price.
absolutely,,,been researching all morning. Looks like quite a NEAT CHAP!!
The next RR in the making
RR at 288 today! From 40p a couple of years ago!
YOU ARE SILLY BUYING. Let the shorters buy them BACK you fools.
Our averages are closer to 100p than 40 or 60p :(
at 80p i could cut my losses but it will atleast £30k so will have to wait till 2024/2025 onwards to get breakeven.
atleast now there is some clarification and than being quiet!
$6.6 billion order book/backlog
Debt around $400m
MCAP $120m
Dropped significantly due to covenant risk which today has been clarified as very low.
We would've been in 40 by now.
Dont sell, dont buy, JUST HOLD till 20th and buy these puppies for next 2 years for 3 digits.
Rolls Royce PART 2 in the making for me :)
Being leaked, and the shorters knowing something we didn't. the pis were baying for an rns to steady the ship, and pfc did that by putting all of its bad cards on the table and asking if it justifies the current sp.
we asked for an rns saying there's no reason for the drop and this is what a legally watertight version looks like: yes, of course we have some cashflow issues while we close out the legacy contracts and move to the new ones; we'll certainly need some time and (inevitably) to refinance as the big money come in... but please **** off and leave the sp alone already, cause the company is on the right course and doing perfectly fine thank you very much.
i'm glad i topped up on friday. too bad i didn't wake up earlier this morning to do the same at 8:01.
Absolutely agree.
There will be less posters and deramping posts from now..i can guarantee you that!!!
thank heavens.
All the emails have gotten to them and they had to release this statement.
Its clearly now any old RNS stating "we dont know any reasons for the fall".
It is a calculated RNS tied with 20th Dec also. With CEO and CFO involved to review the RNS before release, good effort although late.
THis RNS is the best thing that could've happened to PFC.
They have literally said all the bad things that they could say on 20th Dec.
Happy suprises on 20th Dec.
If shorters dont reduced or exit by then, they are in real trouble