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Course it is mate.
And that comments isn't squeezed from sour grapes either!

For me, they missed a trick with the recent announcements and their strategy severely lacking.
It was basically, we will keep chasing the sectors we are already chasing.
I'd like to see some more about how they were planning to chase, what were they working on to prepapre systems, specs, designs....who were they working with, what technologies are they supporting. If the finances were a little steqdier and had bagged a few years of profit, maybe taking a punt on some investments of their own....buy something exciting etc.
But....very bland...yeah, everyone speaks about this ccs stuff and hydrogen....lets chase that then....joon the club and queue then....or get proactive! I had similar complaints while there. Last couple of CEOs used it more of a safe cash cow...but in danger of milking her dry!

Lol. No actual rationale....just been "informed..by who for a start? And on what basis?
Now have cash in hand to service loans. Order book somewhat reduced but still decent.
And the big one for me is the shift back to reimbursible work. Low risk, albeit small margins. Many of the EPCs felt backed into a corner and loosened their rules and bid low on lump sum work during the downturn. Bad idea!

I almost asked him that but just left it.....then someone else did and he doubled down on dumb. If it went down 8 times what they were worth, it looks like I now owe Wood £70 for each of my shares? pmsl

Snapper was the ultimate in disgruntled ex employees. I forget if he qdmitted to being sacked or just went quiet when I asked.
But....he does have some valid points.
They have a better reputation for O&M than E&C and the team I was exposed to had cronic issues. Mostly these were caused by downturn, lack of hours and no real modern systems for controlling the work. As for middle management, they were pretty pants and probably why they were having issues. Lower level directors not doing much or adding any value. Over reliance on contractors etc.
SFO did some major harm to their cash flow, debt and assets.
Had they bagged 1 or 2 biggies by now, this might be a different story.
86p average now and very small holding which could go either way at this point. I'll HODL with the rest and use the swings between this and JWG to try and avoid my losses getting too large!
PFC are just a tax dodging, money funneling body shop.
But those can be successful.

P.s. the job of the EPC is to do the job correctly and safely. Not fit the budget of the client.

Was that lump sum work or reimbursible? Using a single example like tht is dangerous. May not have wanted it, especially if lump sum. Maybe didn't have time to estimate, so threw in a safe punt....
Cookie cutter job in oil and gas perhaps...not as cookie cutter as a flowline but get the point that the work required was roughly known. I'd still like to see what it came in at in the end and whether the others nailed the client with variations kff the back of unchecked assumptions.

You hear complaints like this from ex (and some current) staff of every EPC.
Interesting to know what the job cost in the end.
I often see very large difference in the prices for our ITTs. Cheap isnt always best. Sometimes (often in fact) it is because the cheap guys missed half the scope or bought it due to lack of work and to avoid pay offs.

The strategy (or lack of it) was pants though.

Pmsl...orcadian energy. A conpany owned by people in London (not Orkney) according to companies house that is. Have peanuts in revenue, assets etc.
And it's an MOU, not a contract. A bit of paper saying we want to pley to together and this is how we think we could do it. Nonsense!

Lol @ deadly. I was thinking same.
Then Scott420 came along and took that crown lol

Anything to do with new CEO?

I suspect he is quite happy having recetly moved a chunk of shares across to WG.
Question is, will he shift some back and if so when?

I did similar after losing faith a wee while back. For the first time have increased here and cashed in some WG bought in the 130s.
Still think WG is a better buy now that they have sorted liquidity and reduced their debt. Next week going to be interesting indeed!

Nope. Just nope.
Extend your horizon and you will see that both have collapsed since their highs. Wood group more so. Put on the 6 month graph and you will see that it is Wood who have been playing catchup as they fell much further than PFC did. If Wood rises another 10% or so versus PFC, they will have caught back up.

I do seriously worry at this point.
That lack of awards is troubling and not only tough on financials. Their backlog may even be down again.
I was starting to lose faith a while ago.
Still got a small holding but siphoned the majority off and now losing most of my money on WG (but that will hopefully change if current moves continue).

He just wanted to leave the breadcrumb trail for the future investigation into insider trading.
Sure hoping he didn't buy before posting that gem! lmao!

Bizarre most days with this one!!
I just can't get my head round the scale of recent falls.
I get that financials were a bit precarious but now cash flow looks good. Backlog healthy and looking like a return to and then slowly increasing profits going forward. Sector will do well over next few years due to energy crisis and have positioned well in the energy transotition space .
Wish I had some spare cash to average down again as it looks like this could be a while til it gets back to my average!

Pound is tanking

Broch
There's no requirement to announce RNS for contract wins and Wood have been winning work. You can tell by their backlog and revenue numbers. If they weren't, the backlog would be dropping by roughly the value of revenue for same period....and it's far from it.

"Collaborate to develop"..so no actual work or income. Just more positioning.

Any value attached to that Serica one or details of scope. I am assuming the two posts are not related to same contract.

I was actually just thinking that you would be smiling today Paddy.
Nice bum indeed but on what? Is there an announcement imminent?