Member Info for PFCvetran

Im in a similar position to you Woodelf with a hard earned 124p average since the original 2017 crash. I’m staying in whatever now. The Hitachi deal was the game changer and outweighs all these short term shenanigans.
Let’s see what tomorrow brings…….

Those who are long here will know that results day has led to either an SP dip or a dive every time since about 2017.
Even though the recent RNS have put all of the bad news cards on the table, I can still see a dip happening tomorrow, UNLESS there is a contract announcement.
If there is then I think we will see the start of a relentless march North for the SP.
If there isn’t, I’ll ride the dip and continue to hold for that march North to start a few weeks later.
A recovery is inevitable now, just a matter of timing. It only needs to be to a fraction of PFC’s former glory and we are all going to make a LOT of money.
200p exit for me…..I can wait a bit longer if I have to.

Over the years I’ve found a sense of humour to be an invaluable asset in going long on this share.
A few thoughts….
1. Some posters are suggesting that Hitachi may have been caught out by this announcement and that the £13bn contract is now at risk. No chance. The liquidity question would have been number one in any due diligence assessment.
2. Staged managed release of information by the board? I think so. £13bn first, now the loss, next more new contracts (hinted at again in the RNS) & the new refinancing news. Hopefully on or before the 25th
3. This gets the shorters out of the mix. I think most will breathe a huge sigh of relief and close out rather than opening new positions when the outlook is so positive. Why would they take the risk?
4. I couldn’t understand why the sustained drift in SP after the contract announcement. This news explains it. I like that certainty.
So……all in all not a great day in the heat of the moment, but if we are seeing a sensible communication strategy from the new CEO then I’m still feeling confident. I suspect my 200p exit dream might now be 24 rather than 23 though. I can live with that.

It’s an odd period now for the PFC story.
1. A massive contract in the bag in a new expanding sector . The biggest in the history of the company.
2. Between £30bn to £50bn of O&G service contracts up for grabs in its traditional sector, where relatively few providers operate.
3. A share price, even with the recent bounce, which is still 30%+ lower than the worst days of the SFO investigation, the ADNOC lock out, the COVID crash and the dearth of significant new business for nearly 5 years.
If you look at the opportunity through these three lenses then the current SP makes no logical sense.
The tide of inevitability is pushing against the dam that is holding this asap back. You can feel it starting to creak.
If I was CEO or a part of the BOD I would be preparing to stage manage events around the EOY results on the 25th to break the dam once and for all and to send the SP flooding back to we’re logic dictates it should be.
Hold firm……the rewards for long term holders are finally, FINALLY coming this year!

Let’s be honest, there is no rational reason why we’re seeing a dip over the last few days other than market manipulation that we as PI’s will never be a party to. We can only speculate as to the machinations that are underway to mitigate shorters losses.
However, I have never felt better about this share. A HUGE contract in the bag in a sector that none of us expected AND still to come at the very least…..the £1.5bn of contracts where PFC are the preferred bidder.
Plus we have a new CEO in place with a wealth of experience and contacts in our core markets.
Ignore all the current frustrating b******* that none of us mere mortals can impact and hold. Commercial reality will have to hit the SP at some point now that there are real, tangible, HUGE deals in the bag.
Come on £2……by September please!

Despite the slight deep today I’m feeling better than I have done in years about PFC.
This is the first big contract award in half a decade and the first solid piece of actual chunky business to hit since the SFO case settled.
The last few months have been the worst in the near decade that I’ve been in on this share (I am looooooong!), but I feel 100% positive that my mortgage paying off target of 200p will be hit at some point in the medium term.
Obvious manipulation today to pour a little bit of water on the burning shorts, but I really only see one way traffic now……up up up

……is still alive!!!!
What a rollercoaster ride

Thank you Pokerchips.
I emailed the AGM email address on Monday but haven’t had a response. I’ll follow up if I haven’t heard back by the end of the week.
Thanks for the link to last year, I hadn’t seen that. Much appreciated!

Does anyone know how to go about attending the AGM in May?
Can a shareholder just turn up or is there some kind of booking process / protocol.
I’ve tried emailing the two Investor Relations contacts on the website, but of course no response.
I definitely want to go and express an opinion on how poorly the company has treated its PI’s over recent months in particular!

Reading the statement again, you could definitely read between the lines that there will be some kind of contract announcement tied in with results.
If there is then we’ll see an absolute rocket upwards.
Would you want to be in a deep short position going into that announcement or would you want to ensure that you’ve taken your profits beforehand just in case?
Let’s be honest, there isn’t much further to fall even if there is no contract update in the results so why would you take the risk if you’re a shorter.
I can see the shorter a divesting themselves of their significant export from the second week of April onwards, giving an inevitable recovery of some of the losses that we’ve seen in March.

Reading the statement again, you could definitely read between the lines that there will be some kind of contract announcement tied in with results.
If there is then we’ll see an absolute rocket upwards.
Would you want to be in a deep short position going into that announcement or would you want to ensure that you’ve taken your profits beforehand just in case?
Let’s be honest, there isn’t much further to fall even if there is no contract update in the results so why would you take the risk if you’re a shorter.
I can see the shorter a divesting themselves of their significant export from the second week of April onwards, giving an inevitable recovery of some of the losses that we’ve seen in March.

Well done on getting a response. Relations with investors are at an all time low and the is the very VERY barest minimum of response we should be getting.
The underlying message is good reading this so why not just put out a statement to that effect IR team? No rules would be broken and this slide would at least be stalled.

Nearly every company in the UK rents its office space.
It’s by far the most tax and Opex efficient method of operating the Head Office requirements of any large business.
Since 2000 the majority of trading companies holding freehold commercial property have disposed of these assets, with many leasing back the space from the new landlord.
Not sure what point you’re trying to make here?

It’s still a way off, but one way of registering our discontent with the current wall of silence from the company might be to submit questions for the upcoming AGM.
Here’s details of how to do it from the company website ……
“The Annual General Meeting (AGM) for shareholders of Petrofac Limited is scheduled to be held at 10:30am on Friday 12 May 2023.

The AGM is an important event for the Company, providing Directors with the opportunity to meet with shareholders and key stakeholders.

The Board is keen to hear the views of shareholders, so if any shareholder has questions they would like to pose to the Board, these should be submitted to the Chairman in advance of the meeting via agmquestions@petrofac.com. If a response before the deadline for appointing a proxy is required, to enable shareholders to make a fully informed voting decision, questions should be submitted by 2 May 2023.”

Not selling, but really concerned.
Small top up yesterday at 54p to take my holding to just over 100k shares.
My average is now 124p so I’m circa £70k in the hole.
My biggest concern is the radio silence. We could slip another 10-15p at this rate by the 1st of April when presumably we’ll get some kind of statement from the new CEO.
Any business that I’ve ever worked for would be putting out something / anything NOW to steady the ship. What if there actually is no good news and all the preferred bidder contracts have fallen away?
It’s strange isn’t it that you can feel the fear building and you know it’s part of the game….but you still hover over the sell button lol.
Holding. It’s all or nothing now.

Great to see the pro activity on the board over the last couple of days.
I’d also recommend that as many investors as possible email Petrofac Investor relations to raise your concerns about the lack of investor updates. James Boothroyd is listed as Head of Investor Relations with Lynette Otiti listed as Investor Relations manager.

I must admit even my iron strong resolve to hold firm whatever on PFC was starting to twitch when it hit 55p.
I haven’t topped up as I’m in too deep and being honest have gone all in on PFC winning those contracts.
I definitely would be filling my boots though if I were starting afresh.
Let’s hope the bounce holds, and that the new CEO brings tidings of great joy …..quickly !

Good to see 60p holding…..so far!
Somewhat regretting my chunky top up at 83p, although it averaged me down to 123p for break even. My 200p for paying off the mortgage target is looking more and more ambitious but I’m still holding on!
My worry is that if good news drops while we’re down at this level that the bounce upwards will be muted. Not much joy in jumping to 80p from 60p when it only puts you back where you were a week ago.
I’m hoping we see a repeat of the previous dip and climb organically back towards 80p + before any big contract news drops.
However, if we drop into the 50’s, I’ll be REALLY starting to worry…..

As someone else said earlier on here today, the doom posters are out again after a couple of bad days.
I’m not going to pretend that this share has been anything other than a disaster for us long term holders (I originally bought in at 900p+ !!) BUT you would have to be mad to exit now after so many years of pain.
I’ve averaged down to a place where if we hit 200p, I can pay off my not insubstantial mortgage.
With between £30bn & £50bn of new contracts on the table this year and preferred bidder status already highlighted for £1.5bn of this, it’s a medium term level of risk vs reward that is currently hard to match in other sectors .
I’m staying in, although I think it might be H2 before we really start to see the corner being turned.

Thanks Pokerchips.
It’d be great to see some beautifully stage managed announcement of a big contract between the 1st and results day on the 25th. Should get us back on track.
I fear that without it, we’ll see a now traditional SP tank post announcement, even though everyone already knows that the results for 22 will be pretty awful.