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So appears delay in advanced payments is due to Petrofac not being in a sound enough position some months ago to secure BG's for their clients. it's no good winning contracts if they can't be executed.
Hopeful that they can resolve this by selling of assets but buyers of said assets will know the precarious position Petrofac are in, hope they don't give it away. If they can't resolve this then likely get sold off cheap which clearly isn't what any long-term holders want.
I'm in for the long haul and did pick up a few this morning and will pick some more before the 20th to bring average down incase it is sold off.
GLA
So appears delay in advanced payments is due to Petrofac not being in a sound enough position some months ago to secure BG's for their clients. it's no good winning contracts if they can't be executed.
Hopeful that they can resolve this by selling of assets but buyers of said assets will know the precarious position Petrofac are in, hope they don't give it away. If they can't resolve this then likely get sold off cheap which clearly isn't what any long-term holders want.
I'm in for the long haul and did pick up a few this morning and will pick some more before the 20th to bring average down incase it is sold off.
GLA
PFC Vet,
Like you I'm going to am going to pick up some more hopefully around the 17p on Monday morning and also later in the week depending on how things go. This will bring me to around 100k shares and my average down from just over a quid to about 75p all going well.
Aside from all the opposite sided views on these forums I can't find anything of substance in the public domain which has changed what was an improved outlook for this stock from a few months back, so I'm ignoring all the noise and seeing this as a buying opportunity for the longterm, don't get me wrong, I'm still nervous about situation.
ATBLTH
This isn’t the actions of a company that’s about to go under.
https://theedgemalaysia.com/node/691939
had a look at astaris capital website and they say they seek “catalyst driven” investments (speculators). their below blurb fits the petrofac situation i guess. hopefully come 20th dec they get their **** handed to them.
“credit and equity markets operate in information silos characterised by a lack of communication. this leads to dislocations between corporate debt and equity valuations”
It’s behind a paywall but from what I can see Goldman seem to think the German government will get the Tennet deal across the line.
https://www.bloomberg.com/news/articles/2023-11-22/goldman-lures-hedge-funds-to-bet-on-22-billion-german-grid-deal#xj4y7vzkg
PFCVeteran, I feel your pain, take comfort in the fact you are not alone.
I first got into this stock when I had a few bob left over from my last disaster (Imagination Technologies). My initial entry was 466p but fortunately only a few hundred, however it's what got me started, my lastest was on Monday at 41p and has bought my average to 106p, currently sitting on 55k shares.
I'm based in Aus so most of the action is overnight for me, waking up lately to check on price isn't much fun, has to come right, failure isn't an option, the Mrs will kill me :-)
GLALTH
I think there could be some big announcements coming during or on the back of COP28. However the SP really needs a good trading update in December as contract wins don't seem to shift the dial for long.
https://www.zawya.com/en/projects/oil-and-gas/petrofac-is-eyeing-more-projects-in-the-middle-east-says-top-executive-vghx5sv2
Sorry, meant ADNOC.
Also it may actually be a different project that Wood Group picked up? Petrofac may still be the font runner in this project?
https://carbonherald.com/adnoc-close-to-awarding-500m-deal-for-major-carbon-capture-project/
Looks like we weren’t the front runner unfortunately.
https://www.oilandgasmiddleeast.com/news/adnoc-awards-major-engineering-contract-for-gas-facilities-expansion
They’ve added the Trading Update to their Financial Calendar for Thursday, let’s hope it’s a Short busting wrecking ball.
https://www.petrofac.com/investors/financial-calendar/