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Emmarald.
I see you are still basically repeating yourself. Albeit with a new quote about increased activity.
One problem with this one though....Petrofac don't do exploration in Uk. So them winning any work will depend on; first someone bidding and winning the licences; then drilling appraisal wells; hopefully finding a new field worth drilling; and then Petrofac bidding and winning the work.
That 100 licences may turn out to be one, two new developments...maybe none.
It could take 3-4 years before it gets feom licence to work PFC would bid into. Over 5 to get to the juicy EPC with material income.

They need to be winning some work today. Developments being put to FEED/EPC stage now. Get back to winning work in ME region etc.
Petrofac among the top 5 or so that would then bid on the work but no guarentees of winning....and t

Yes - but an awful lot is and it has to be something pretty out of the ordinary for it not to be limited by that clause.
Here's hoping it is much ado about nothing.

Many reasons for shorts not closing. Investors trying to pjt pressure on board. Hedging. Actually think they will still go down or have already made enough to keep it on the off chance.

Each of those are unique though.
Repeqting the same thing over and over is hardly an acomplishment!

Same old carrots.
Change the record or give it a rest!

It will not be 700million that's for sure.
These contracts all have limits of liability. At 100million, that seems the absolute max.
It sounds like this has been in the provisions for a while and should have a marginal impact even if they have only provisioned half that.

Bought some more today. Cant believe it is down here and just wish I had more.
Current market cap is less than a quarters revenue. Debt about to be significantly reduced and backlog increasing. Boggles the mind that it has dropped nearly 50% in a couple of months!!!!

I'm partially in a similar boat to Nacho.
I had PFC and used my ISA allowance on Wood at the start of April. I took profits (thankfully) and have been moving those back and forth between Wood and PFC. Then sold some PFC (kept my original holding again) to grab (what I thought was) a bargain when Wood dropped and PFC was on the rise.
Now heavily weighted towards Wood and watched as PFC outpaces PFC by a fair bit over past couple months for reasons I can't fathom.
But I certainly think there's more upside here at the moment....just look at the ratings. PFC targets only 50% or so up, while they point to double that for this.

So you keep telling us Carrots!

Nothing bad in there but hardly blown away by this new guy. Sounded a bit like he was still trying to get his head round dverything they do....and neither very happy and upbeat sounding.

And what have they been up to?! When I left, lump sum, being selective etc was all baked into the bid no bid scoring.
Sounds like someone in BD/board got greedy or careless and removed these safeguards.
If they return to big reimbursible contrqcts, this becomes a relatively low risk cash cow over coming years.

An options study. Probably worth pennies in the grand scheme.

But will NET debt decrease?
I'm unclear as to what this asset was on the books for. Yes, they get 1.6bn, but lose an asset from that side of the net debt equation.
So.....

has decreased slightly, which shows they are still not winning enough to replace the work they are burning through.
More required. H2 is here so we need to start seeing those big awards, especially in energy transition space.

I thought we'd have seen an update by now??

It's nor small, but not huge.
You have to remember that their revenue this year should be north of 2bn, so just to keep backlog from dropping, they need more than 10 of these in a year.
I've lost trqck a little at how much, so be interesting to see next update.

Pretty f***ing cheap.

They will always be the golden drip of P to me.

Poker. I was just going by fundamentals page here. Current liabilities - borrowing = 400mill + non current-borrowing =2.34bill?
Granted, I forgot to take into account existing cash in hand.

Fortissimo, I'm a little lost by your numbrs there. They had 2.3billion in borrowing, so to retain 500million of debt would mean paying out 1.8 of the 1.9billion, leaving only 100mill in cash.
What debt are you talkong about exactly and can you expand to explain what you mean?

Can anyone tell me what the sold division was on the book as in terms of asset value?

Johnp
I think that's a rather rose tinted view of the finances.
As of Devember 2021, they had 2.3billions in borrowing. 2.6 billion in other liabilities and 500mill of provisions.
The proceeds from the sale will not therefore make them debt free or have 300million spare.

They will also lose a substantial asset. So if you are talking net debt, I don't believe the sale will clear that either.
Or am I missing something?

Exploration? The world has enough proven reserves to power it for 50 years at todays demand rate. Due to net zero targets we are due to significantly reduce demand over coming decades, so those proven reserves could last more like 100-150 years.
Remind me, why do we need to find more?

And WG are not involved with exploration anyway.

I am hoping for a bounce somewhere in the 180s.
And wondering if we'll see some shorts closing out down here.
We know July update will be poor but hopefully priced in now at these levels.