Member Info for onwardsnupwards

Good post NicetoMichu. Bit like ADNOC’s investment in Fertiglobe/OCI

Agree Racks and don’t buy into insider info spreading to shorters. If asset sale then the O&G publications will know before London hedge companies and cannot see a bank running off to tell 5 Italian tosspots at Helikon the deal PFC are striking. Millenium may be more in the know than others but you’d say that about Marshall Wace and they’ve already left the party. They are gambling pure and simple and Saint Paul I think you are wrong.

wild tiger, you’re going on the green list as you’re boring the absolute t i t s off me today. fair value 20p today and £1-20 in six months time.

cheerio you clown and enjoy swimming in the pond with the rest of your scum pals.

p.s. it won’t stop you but you’re blocked. being the ****** you are i know you’ll post a reply but it’ll be futile and you basically talking to you.

Mary, for your sanity block the tool.

We’re in long term though looking forward to good news short term. A disgrace the board allows it but at least spares Twitter from another 💩head spreading their hatred and poison on there.

I’m not knocking it mate, just wished they’d make a bigger song and dance and issue an RNS unless a millions small change these days 😂

Good sourcing of the article btw 👍

CheshireLad, if it’s a billion dollar 3 year contract then Investor Relarions have definitely undersold it.

Suspect it’s for a lot less than that but all wins are good wins especially if your partners a BP or as already won ADNOC’s.

Comments based on the notification comments and can’t really work out the value of the contract won.

Nick Shorten, Chief Operating Officer for Petrofac’s Asset Solutions business said:

“Having supplied operation services for the floating production storage and offloading vessel and liquefied natural gas hub since 2022, and developed operational procedures in 2021, this additional scope demonstrates bp’s confidence in Petrofac and supports our selective geographic expansion strategy.

“We will continue to drive excellence, supporting bp to operate safely and responsibly through its ongoing operations.”

Rebecca King, VP Production, Mauritania and Senegal, bp, commented:

“Petrofac already supplies the GTA project with deck crew services. This award to supply mechanical handling services across our nearshore and deepwater facilities can only strengthen our relationship.”

As I posted the last day or so Mary, the oil majors will not want PFC to fail given they don’t have the resources to do the work themselves (non core effort for them).

The O&G business is a very close family across the supply chain and when they see one faltering they step in and help. There aren’t enough resources to deliver what business the cash rich majors want to get through without an 8,500+ FTE Petrofac folding.

I have zero doubts on PFC’s future and gonna be a busy next couple of weeks.

Again the reason for appointing the new CEO Poker.

I would reckon the Thai contract was a desperate win from the company suffering from being locked out of Middle East and its key customer ADNOC.

Look now and the big contracts are with trusted partners (ADNOC/Governments with TeneT). I think that’s why he’ll want to be making a clear message on short/mid/long term future with removal of all doubt on financing. Trading Update was clear;

- we are working on finance restructuring

- we have won big awards

- we will win more from a big pot of business planned

- we will close legacy

- we won’t provide running commentary

Message was clear, issues will be resolved and I’m in charge now of a tight ship.

My basis. CEO first year anniversary. Everything sorted financially, legacy clear and concise statements on status and timeline for closure (and whatever financial impacts +/-) and then here’s our order back, expected performance for 24/25 and the past is firmly closed.

He must surely want to draw a line under the past (prior to his tenure) and be very clear on where PFC is positioned going forward unhindered from constant “financing” chat. As I say, just my opinion but have never seen a CEO want to sit exposed year in year out or be distracted from their vision and strategy. I think both the latter are clear and just the finance Q’s to be killed off. This year and prior year losses? Already baked in on previous updates and nothing he could have really done to alter that and ultimately why he was brought in a year ago. Progress is closing out financial issues alongside the already huge influx of new business win in 2023 with more to come 2024.

MyIPA, without doubt sorted before FY results which would be around end of April. My opinion but CEO would want to lay out last years performance and a clear short/ling term PFC strategy on completion of his first full year. No doubt he’ll want as positive message as possible so given Aiden’s been in 4-5 weeks now (if not already consultant prior to TU) then I’d reckon all done within a month allowing time for a PR run prior to FY results. No idea what final solution looks like and nor does anybody else on here unless you’re on the board, the restructure team or banks involved.

I can smell BS from StockNor or is it Snapper, Dogger, Plugbutt, who knows. Another added to the blocked list

Agree Chippy, some news from them would be welcome. But I support them getting on with sorting it out rather than endless days commentating on it. They’ll drop it when it’s water tight I guess.

I also forgot to say, PFC, WG and the other players in this sector are also very good at what they do and are valued by the majors. Yes, they get things wrong, budgets over run and milestones are regularly missed but the majors understand the reasons why and how hard their jobs are. As long as work is delivered safely and delivers on objectives that generate revenue for the majors then they remain on the list for awards. ADNOC case in point post SFO investigation. Once finished and fine paid PFC on the list and winning contracts. That tells you all you need to know. These providers are bloody good and take on all of the risk the majors don’t want including financing.

Reason the PFC’s and Wood Group exist is because the Shell’s and BP’s don’t want the hassle of recruiting and delivering in the services space. Also why the likes of Shell and BP never want to see PFC or WG go bust.

That’s why I’m a LTH because there will always be work and they’ll always be looked after. Your charts don’t tell you that story and why I think the shorters are in risky territory. My opinion but one based on being close to both Petrofac and WG in 37 year career with Shell.

Think it’s exactly what you state MyIPA. They need 100-200 max a that releases a whole raft of monies they can kick on with. They’ll know the numbers and have 2/3 options to take and guess Aidan’s job is to land on the one that ultimately doesn’t lead us down this road again. I for one would celebrate that as November to today on here has been tiring. Land the solution, make it one fit for the next 2-3 years, get on with delivering and winning new business. I’m certain that’s Aiden and the Boards aim, particularly a CEO that will want a mega positive message to his stakeholders come his one year anniversary in role (times with end of year results).

You accrue the revenue based on supply of service/product or agreed milestones and is therefore an asset stated in the books. In terms of a company not paying, that would show in ageing of receivables and be subject to provisions for write off against ageing or known contractual issues and companies going bust would be written off either in full or not (dependent on said companies ability to pay its creditors from its assets though in most cases 90-100% write off).

So, in terms of Petrofac and the recent update (4th Dec)

- revenue has been booked per supply/completion of milestones

- customer insolvency has been accounted for (12mln written off)

- receivables have recognised bad debt (Thai + other legacy provisions stated in H1 and 4th Dec Trading Updates)

- cash impacted due to none receipt of advance payments

All of above known and reported. Thai could still refuse to pay but highly doubtful as would any material provision or write off over and above already reported.

I’ll state again, cash is its only requirement short term for reasons endlessly spoken about on here

Are they brain stupid, no, but neither are Petrofac, last time I checked 8,500+ global organisation with 8bln order book pitted against Helikon, 5 Directors and some notice board mongrels.

Saint Paul, what the LTH’s are saying is they’re staying put and their shares are going nowhere. Based on a very large order book, an industry that’s looking to spend and transform and banks that will want to lend/extend lending with rate cuts very much on the near term horizon. Beyond the charts and the games the shorts play is a business that long term looks very healthy and short term needs expertise in guiding them through liquidity issues, addressed by the appointment of Aidan into his role. Why the feck would they be looking to give their business away for peanuts with a huge order book and basically a couple hundred million in debt due in NINE months time.

Agree entirely and two great posts: PFCvetran & simplyme 👍

Exactly where I’m at and have no concerns on the future of PFC

They’re blocked so can’t see them but assume Dogger, Tony and the rest of the doom crew have been triggered today after Saint Paul Curtis failed yesterday in convincing PI’s to gift their shares.

From the sainted to the f##kwits all in the vain hope they can scam you of your shares.

Be bold and hold.. shorters 💩 it and know there’s know way out now the dingle berries have been identified and eliminated.

Go get the coffee in Tony you useless sap.

P.s. repeat! blocked and pointless replying to me but saves time for you to wash the cups for once you mongrel