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As per the annual report;
Pension Administration revenues rose 10% to £57.5 million (FY 2022: £52.3 million) helped by new client wins including Peugeot and BAA and a full year of our outsourced
contract with IBM. The wins saw the number of members we have under administration surpass the one million mark for the first time."
Yesterday's RNS;
"The Scheme covers nearly one hundred and sixty-five thousand members."
Assuming 1m members at the start of FY24, that worked out at revenue of £57.5 per member. Based on that yesterday's contract was worth ~£9.5m per annum.
Looks odds on to result in a further upgrade to FY24 expectations...
Why is gkp on an another planet compared to genl? They have had better rise and managed to sustain it.
More liquidity?
Low volume, and its up 11%.
you can see this has been played by this really small shorting companies (head count of only 10-50 employees) , probably a team of 10 people max looking at PFC.
hopefully they have made few PI's poorer. CAnt blame the game, but only the players, here PI's who has sold.
Yup 95p would be my buy
All these compaines Astaris HElikon etc have about 10-50 employees and have been established only in the last few years.
so defo there is something fishy happening with these firms.
How much shall I bet that these investment fund companies will be long gone in the next few years???
3 weeks running, MORE buys than sells.
Clearly and it is frustrating. I can only imagine what BOD must feel.
someone said here that perhaps PFC should do quarterly updates from now to sustain interest and fluidity.
PFC have been carrying on winning jobs and increasing staffs.
Last year they have been particularly focused on growing their middle portfolio to offset SFO issue and have shown that by winning ADNOC big contracts and partnership and employing local staff to strengthen their position as "go-to" EPC suppliers to middle east business. I think that is great strategy when coming to think that ADNOC have released approx $150billion budget for O&G projects in the coming year.
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.
These are some of the major contracts PFC have won in the last few months.
Surely people or instituions cannot be still focused on legacy contracts,
Company is looking forward and doing the right things.
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 have already secured the contract for landmark carbon capture, utilisation and storage project. which was huge.
This was big one in summer this year.
https://www.petrofac.com/media/news/adnoc-awards-petrofac-us-700-million-epc-project/#:~:text=The%20contract%2C%20awarded%20to%20Petrofac,a%20new%20gas%20compressor%20plant.
Recent contract win hasnt been RNS'd yet.
https://www.energyvoice.com/oilandgas/north-sea/538239/petrofac-repsol-sinopec/#:~:text=Petrofac%20(LON%3A%20PFC)%20has,pair%20of%20onshore%20oil%20terminals.
I’ve added here.
Lot of oilies are down.
Look at Petrofac, all time low. There is opportunity there
This defo wants to move. Only a matter of time
Added here too.
Someone from Middle East will just buy the whole company soon. Pfc has big presence in Middle East. They employ Arabs and hence why the been able to start winning these contracts. Lot more to come and I won’t be surprised if Arab nation just buys an old British company
Kawash reveals, “The two ADNOC projects, which have a combined value of more than $1.3 billion, see us extend our credentials in one of our home markets and deepen our relationship with one of our longest-standing clients. They are both decarbonisation related, one by increasing the production of lower-intensity gas, and the other by capturing emissions from operational assets. Also, a key factor is the Petrofac approach to in-country value, with a commitment to maximise local delivery, invest in the local supply chain, and develop local teams.
“The TenneT framework agreement, being delivered jointly with Hitachi Energy and valued at approximately $13.7 billion, is the largest in our history. So, it is significant for its scale and firmly positions us as a global leader in renewables and new energies. It also has an innovative approach to contracting and collaboration, which brings significant benefits to the client in a highly constrained supply market. This gives everyone forward visibility, and enables the delivery teams to plan ahead, secure resources accordingly, and implement a true ‘design-one-build-many’ methodology.
“Meanwhile, the $1.5 billion Algerian contract, being delivered as a joint venture with China Huanqiu Contracting and Engineering Corporation, is the first major petrochemicals project for both Sonatrach and Petrofac. For Sonatrach, it diversifies operations and reduces its reliance on hydrocarbon exports. For us, it extends a relationship with a key client, strengthens our downstream credentials, and demonstrates our ability to expand into adjacent sectors.”
Www.oilandgasmiddleeast.com/business/exclusive-petrofac-on-strategising-energy-diversification