Member Info for RealitBites

Surely it's not about the quantity, but the price the trades happen at?

Ever the optimist on this one Poker!
If not invested or a staffer, you must be desperate for this to be a bargain!
I suspect that the rise was more likely as many thought the case would be done and dusted and were speculating on an uptick, others hopping on board thinking it had turned the corner. More still buying in blindly on other sector news as if I'm not mistaken, that was as the oil price was on the up.
But back below a quid again I see. if it gets to 50p (lol) I may take a gamble without any news, a small one albeit. Otherwise I'll keep waiting for news and try to get in before the resurgence. That's if it doesn't look too bleak by then and/or maybe if there's a sniff of a real change of ownership and management.

Hmm. Interesting. I wonder who might have reported the comments (Poker?) or if something else prompted them to take it down. Very suspect if you ask me.

What has happened to snapper 10 and his messages.?
Was he binned by the moderators or has he removed himself I wonder?
I was quite enjoying the ding dongs between him and Poker.
He may have had a chip on his shoulder, but equally, Poker has a very optimistic blinkered view of the whole situation and seems to have his rose tinted specs on when it comes to his view on most days. Obviously as he has skin in the game and can't bear the fact that some of what snapper said could come true.

https://www.theage.com.au/interactive/2016/the-bribe-factory/players/players.html
The bribes may have been paid in the middle east, but they were put through a British tax haven via a company based in Monaco. It all stinks and why I am not so convinced by your opinion.

Interesting opinion. Especially considering the number of UK based companies involved in the Unaoil scandal. Just saying!

You completely miss my point Poker.
Perception is the name of the game here. As many have stated before, markets don't reflect value, but a perception of the value. Some slate wiping would have been much better in this regard.
At the end of the day, he's been part of the financial group during the period under investigation and either chose to ignore it, wasn't privy to it, or wasn't able enough to spot it. That's how it will be perceived by those not under the hood of the company or investigation.
Perhaps as you say, the SFO have green lighted this as he is whiter than white, but that certainly isn't public knowledge or part of any press release I've seen to date regarding his appointment!

Poker, I know exactly what those roles do, having worked at a rather senior level within one of the top EPCs. Speaking almost daily with board of directors in my own role!
Stop assuming what others do and don't know!
I stand by my comment.

So he was there and part of the team during the years the SFO are interested in!
Oh yeah, great move to give markets confidence that they've cleaned up their act!
Come on guys! Need to wipe the stench before some will buy in and the price hopefully recover a bit!

I suspect it would. It wasn't about where the companies were registered as far as I know. More about the percentage of the UK market and number of such companies in Uk....I think!

Icounldntcomment if the third is true, the bid idea, then I suspect Wood would not be allowed to buy the UK part of the business. They were previously prevented from taking on the UK arm of AMEC (which went to Worleys in the end) due to concerns over a monopoly on the UK market.

Pokerchips - Pretty sure the board of directors don't put together the tenders and work up the hours and prices. Sign off on them yes, but they weren't the ones who ****ed up the Laggan estimate. I doubt the BoD spent more than an hour looing at it. That would have taken days of understanding the Scope of work and basis of design, then going through the estimate line by line to check. That's the engineers and middle managements job. I know a few stories about that one and the person who told me them, warned me when I decided to go there! Wasn't the only job to be badly estimated either, not by a long shot. Not many hours and lots of work left to do on most I saw. I can understand why another ex employee snapper10 (no idea who he is, so not a clue if we were there at same time or if I know him in real life btw) is so negative about the company. Especially with the SFO stuff. He may be on the far end of the spectrum and I'm guessing would be slating them if they were 10p, but I get his points and in the past would have loved to see their share price tumble....and it has, so now I see a potential bargain! Maybe, only maybe!. Gone are the days of reimbursable jobs, when they got away with crap estimates and poor engineering. Bailed a few of the engineering houses out over the years has reimbursible jobs lol. I remember the Barracuda Caratinga one which stopped another firm from entertaining lump sums after it almost sent them under. Big downsides, cut throat so not much upsides. Until they stop lump sums, the industry itself will become more and more dangerous as people cut corners to bring jobs in under their estimate. Them's the days we live in! Sad state of affairs.

Wondering if people think the ongoing issues in Afghanistan have the potential to impact Petrofac and the share price? I realise there isn't much work for them in that country, but is the potential to spill over to countries they operate in realistic? I just wondered if this was why the share price has dropped since 6th and is now below £1 again? Is it time to buy in or is the SFO going to see the end of this company in it's current form?! Glad I didn't buy in yet but still think this could be turned around and be a good buy, equally it could....

Walttortoise: The IEA, Energy Systems Catapult, national grid and a host of other organisations have now released reports on what net zero really means and could look like. And it's not pretty and lots of work which is great for some. Engineering and Construction activity will be huge as we head in that direction, whether we like/make it or not. O&M following on. Will those contracts go to (at the moment under serious investigation )Petrofac is the question. Companies 'like' Petrofac will indeed have a big part to play , emphasis on like!
They are going for it which is good, so will be interesting to see how much they pick up and how well they do. There'll certainly be enough work to go round if they can survive the damage and turn the golden drip green.

@lilo I have no idea if they will be charged. The area they work in is full of dodgy dealings, especially out in the middle east.
Prior to working at Petrofac, I had spent time at a competitor managing bids for the region. I saw no evidence of corruption there at the time, but anything like that would have been going on at the level above me (director level) and I always wondered. As a graduate, there were certainly rumours of contracts/subcontracts going to the companies the prince of the country had a stake in etc etc. I guess I didn't stay long enough to find out.
I certainly know plenty of good guys at Petrofac and hope they weren't up to no good. But it certainly seems suspect and not surprised the SFO are taking so long to dig.
I should say, I was only at Petrofac for one year, as I had been away from O&G for a while and didn't really want to be back. I jumped for renewables at the first chance I got. They were busy fighting over small fixed price jobs, which they were doing relatively poorly and generally were always scrambling to find hours to finish. The 2015 downturn was tough on some of these companies and morale was pretty low across the sector.
I believe they are much better on the O&M side, but that's just basically body shopping and people can change boiler suit pretty easily these days.

Medium to long term, I'm still on the fence and watching the price, this board etc for that reason. I half suspect they could transition and do well. But there's a lot of work to do to get there first. For a start, they need to rebrand and to clear the SFO stuff and the resulting stench.
It partly depends what happens with the energy transition and which technologies find favour in a net zero world. There skills are better suited to some areas than others. Will they be able to steal the contracts from the people working in these sectors as they scale up? Maybe. Will the companies already working in these sectors scale up themselves and hire the people working at Petrofac? Equally plausible.

Typoe: has little to no experience or projects in this area

I've heard it all now. They are scrambling to pick up any work by entering a new market as their old one started drying up.
This is self preservation, not some crazy desire to save the planet. I used to work there and know half of them give not a stuff about climate change and have fought against renewables. PETROfac. Their logo is a golden drip of pee (oil). Not renewable or greenfac. Not a green company and his to no experience or projects in this area. Just a contractor short on work and fancying a transition to something it think it's skills can fit.
They'll have a battle as they are far from the only people chasing these contracts.

Thanks for your thoughts Poker. Interesting point on SFO spite, I hadn't considered it that way.

With that in mind, I guess I'm being a bit harsh on him personally by assuming he is guilty without any insight into the matter. Your right in that if he is innocent, some would say it's a shame to lose your fortune due to the actions of another. That said, he was in charge during, so shows a bit of poor management and governance, which may merit some kind of punishment.
But operating in that region and knowing what I do about it, it does look hellofa dodgy, which is in fact one of the main reason I'm not in here already.
If he got out, it would certainly encourage me to get in as I suspect that would in due course, get the SFO off it's back.
I guess I'll just wait it out a bit longer and hope I get in before it's too late.
Give where this was a few years back and assuming their brand doesn't ruin their chances of renewables work, they may just have a fighting chance of getting back up to those levels that's for sure!

Would the fact Mr Asfari still owns a large chunk of shares be an issue? Might this fly if the CEO in charge during SFO case, wasn't a major shareholder any more? Just a thought. Not an expert here but still watching with baited breath, thinking about what might give me the confidence to buy in here.

@denby69 Sorry, but that's not right. The company won contracts on the back of bribes. They claim innocence but the SFO must investigate fully. If Petrofac have a claim against anyone, it is Lufkin. He is the reason the SFO are there (allegedly) and therefore, the reason for shares are suffering.