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The two reports contradict, someone needs to clarify.
It sounds like someone checked with Petrofac today and they are sticking with their version of the story.
SFO haven't said anything further but their announcement sure sounds like they are still looking into Petrofac.....albeit, I'll grant it doesn't say that specifically, just vague language around them still investigating the case.
I have directly asked the SFO if they are still investigating Petrofac, so.... I'll wait for their response.

I doubt it will get to £3.50 by the time they reply, so hopefully I won't lose out by confirming which is true.

Why wait til tomorrow? Email sent to SFO asking for clarity on two points. 1- Whether Petrofac are still under investigation. 2 - If they are still being investigated, will the SFO release a statement saying that this is no longer the case once any remaining investigations are complete.
I'll be sure to post their response if and when I get one.

SS17 - where does it say there that they have stopped investigating Petrofac? It doesn't even imply it!
That just saysthat the fine for this charge shouldn't take out the company.
Given that they were only pleading guilty for failing to prevent it, that seems sensible.

Market sentiment changed for the better on the assumption this would be THE end. I'll perhaps think again if the SFO confirm back that it is, but for now, I'm happy to sit out the action until this is clear. Even if that means missing another leg up in the short term....and being called a troll or deramper! That does make me laugh!

So why do the SFO say otherwise? Read the last sentence....
https://www.sfo.gov.uk/2021/10/04/serious-fraud-office-secures-third-set-of-petrofac-bribery-convictions/

For info, I will be writing to the SFO tomorrow to ask if they will confirm when they end their investigation.

As for directors, you have a point, someone is telling porkies and one of the two parties need to own up. Otherwise, one is misleading the shareholders and could be liable as a result!

Ha! Johny, you have me so so wrong. But hey, spend all your time speculating on shares and I'm sure you can't help but speculate on people.
I did indeed put an extra 500 in on top of the bigger chunk I put in when the news broke. But then didn't trade it once and sold it with the rest today.
Coming back against the comments of escallum with those points when he was spouting absolute fantasy about a 20:1 reduction is hardly the smoking gun you think as to me being a 'ramper' or deramper as you seem to think! LMFAO!!!!!!
You'll never believe me, but my comments are all open and honest. Letting others sitting reading like I did see what others are thinking. It doesn't all have to be shiny and up, up and away on this board, although some seem to think it should be. I even gave Escallums comments the other day consideration albeit all for two seconds, before those responses you pull up.
I'll confess, I hadn't spotted the last line of the most recent SFO statement til today, pondered it for longer than I should have given the moves today, then got out.
Good luck anyway mate. Despite you being a bit of a prick with these comments, I wish losses on no-one, especially those long term holders and in particular, some of the staff guys I met there who had bought shares out of their hard earned salary.

I certainly won't miss the idiots on this board who can't help but be patronising!
Day trader! Don't make me laugh. The other shares I have, I've had for years and this is by far the shortest time I've ever held any! Next shortest was Nokia a while back, which again, I bought hoping for a long term investment due to them hooking up with Microsoft in the mobile space. That relationship was a failure and never took off, so sold when I was up slightly and Microsoft bought them out.
I know this sector (oil and gas / EPC and O&M) inside out, having spent the first half of my career in it and a short period at this company.
I have watched this for months, waiting for news, as I knew this could be a good investment and planned to hold for the long term. I may yet be back in if they really are in the clear, ADNOC allow them to bid etc. THis could go to 2x, or 3x times pretty quickly if that's the case.
But hey ho, I am obviously more risk averse than yourselves and got spooked.

It could easy be oilhead. These things always a bit of a gamble and I did say, I may regret this. I have muliples pegged for this share once they start to pick work up again and accounts improve. A few things played into my decision, potential lack of news, potential for a drop (equally a jump) caused by the accounts and the wording of that SFO release. They specifically say they are continuing to investigate. Amazed Petrofac agreed to plea without some cast iron guarantee that they would leave it there.
I may yet contact SFO for clarity and as I say, if something comes out confirming matters, I'll be back in.

I may regret it, but I've just sold up. If the SFO really are still hovering, this could yet go back to where it was. Will be back in again if SFO/Petrofac clarify that there really has been a line drawn under this period, but hate to say it, I agree with Snappers interpretation of the SFO release.
It was fun and enjoyed the chat over last couple of weeks. I may continue to chime in as I'll still be following, but given my current outlook, I may stay tight lipped for fear of sounding negative and being called a deramper!

Still feel Escalldum was just trying to get some more positive comments in response to his extreme views .
Nobody could have been that stupid. He was just making sure nobody took him seriously and others talked up the company. Revere psychology I suspect.
Either that or he is now a pancake at the bottom of a tall building, next to snapper!

I just ignored Sharefalls advice and stuck a few extra pennies in to play with. Keeping the bulk in for the long term, but I can well afford to lose a little even on that, so why not have a dabble and see if I can make (or lose) a few extra on the peaks and troughs.
For me, the fine is a total red herring, unless it magically increased to $500 million, this is still going one way......eventually! Expecting a dip at some point, maybe due to any refinancing or the accounts, but suspect it will happen from a much higher point than it is at present. And even if it dips below my buy in level temporarily, I am confident it will more than recover come time. This company was consistently picking up significant amounts of relatively low risk work before, making hundreds of millions every year.

And literally lol at the thought trading as 'hard graft'! Hard maybe, stressful, maybe, hard graft? Not by my definition!

Esecaldumb,
The boy who insists you can't have cash in the back and be in debt.
Here, you might find this interesting and realise you are talking absolute rubbish. This is from their latest update....
Gross liquidity of US$0.9 billion as at 24 June 2021 consisted of US$0.65 billion of gross cash and US$0.24 billion of undrawn committed facilities US$250 million costs savings are gross cash cost savings relative to pre-pandemic levels.
So you think they'll be going bust? A company with literally billions of orders already and that is likely to start picking up work again now that SFO is resolved.
No wonder you've no shares, you probably lost it all with your lack of basic financial knowledge!

They swung to a 180million loss before making 250mil of savings! lol
Revenue dropped off during COVID and due to SFO making it hard for them to win work.
But still a healthy revenue of 4bn!
And although backlog WAS depleting, this news will allow them to secure more new work and that will start to increase again.
They have 300million in existing debt, but a 700million overdraft already approved. So space for another 400million of borrowing.
And despite you claiming they have nothing in the bank, last years accounts showed 680million!

What a numpty. Wish I knew which firm you were with so I knew never ever to give them any of my cash!

Yeah - Schroeders, who already owned 10% decided to go to 16% in August.
It does stick in my throat despite being a good sign.
With a 10% holding, they will presumably have had good sight of what was going on and the accounts.
Done their due diligence etc.
Which is also why the deals smacks to me of insider trading!
Hard one to prove, but it would certainly hint that they knew what was coming.

Lol. Put all the negative numbers and forget to add up the positives.
e.g. 684 million in bank.
250million in savings due to internal changes such as pay cuts and pay offs.
300million in COVID loan + refinancing
700 million refinancing of existing debt.
You say you think.
You could check you know that that number is wrong.
Shows how much attention you pay to the detail.
As they stated before.....
in February 2021, preserve the Group’s strong liquidity position which was US$1.3 billion at 31 March

So are you up for that trade? How many shares you got, better check my piggie bank will stretch!

Esecallum, you obviously have no clue about how this company operates, or its financials.
What do you base a 20 to 1 dilution on?
A good chuck of PFCs revenue is based on body shopping, contracting bodies int the oil companies. Most of the guys they hire are on short term contracts. If there's no work, the company lays them off and they just make a little less.
You seem to think they need to raise over 500million despite them having 600mill in the bank at end of last year.

Tell you what, I'll buy any shares you have right now for 1.74 if you are so sure it will tank. Up for that trade?

This is a total no brainer for me to hold existing/buy new now. I'm with Paddy and Mary.
Lets say they need £100million and decided to dump more shares onto the market to raise the cash, at todays £1.74 that would require circa 60million shares.
Now, assuming the same market cap as today, that would mean a price of roughly 1.50 which initially sounds rubbish for us holders. Despite me getting in a fair bit below that number on Monday morning :D
But, the analysts who have come out with targets since the news, predict a £3, £7, more even share price.
I am somewhere in that range as I see this flying as they start to win work again and the oil market recovers.....more if the new energy markets pick up further down the line. We may not see £17 anytime soon, but it could go a long way towards that figure eventually.
Those £3 and £7 targets equate to a market cap to 1billion to 2.4billion.
Even if we take the lower 1billion , with 400million shares in circulation after dilution, they'd be @ 2. 50.
The £7/2.4billion target would be more like £6 a share!
And that's with dilution. So at todays price of £1.74, people will be snapping these up!
Me included ! And especially if there's an initial drop below the £1.74 price of Friday!

And that's all worst case, they'll more likely get a refinance deal on their existing debt as others have mentioned, which i guess would be less of an impact to share price as by then, they should have a few new contracts in the bag and have plenty to pay for any resulting increase in financing costs.

Win win. Congrats to all the folk on here who got in early and hold tight those who bought in higher, your time will come and you may yet get back into the green!

Reads to me like they were in and out and the page with the court status just hasn't caught up yet.
Blomberg article came out roughly 10-15 mins after the case started, so suspect Bloomberg have someone there and released the news.
Could be wrong though, it does say, for sentence. Maybe that's Lufkin rather than Petrofac. Time will tell.

All you day traders trying to make a quick buck. This is a long term play.
The big things as others point out, is being clear of the investigation and being able to win work again.
That's why their price has slid so far and why once clear, it will slowly climb again.
Mid to long term, this is still at bargain prices.
The dips and peaks are both getting higher and that will continue for months. Despite you boys dragging it up and down, thinking the news will spike or crash it.

Dan, you maybe bought Paddy's shares lol. He sold out too soon today it seems. If he gets back in, it won't be for the same number of shares at lower price as he'd hoped. Steady climb all day is a good sign.

That looks at the past trend and I'm guessing uses some kind of rolling averages. Hardly takes into account stuff like the SFO case! Just projects the past trends forwards. Hope you don't base all your investments on such crude measures!