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. . . yawn . . . anything new to say?
Very interesting correlation between bond prices (being driven down) and stock price activity (lots of trashing the company, BoD, even investors in the company) - all without a whiff of an update.
If something materially impacts the value or going concern of the company, the management are legally obligated to update the market.
If they don’t, they could go to jail.
So all the trash talk is just that, trash talk. And belongs in the bin . . .
. . . Trawling through the financial statements and cutting and pasting isolated sections where is mentions “risk” into the chat is a bit daft isn’t it.
No investment is risk free. What you’re trying to say is “There’s risk in them thar hills - don’t invest!!!! You fools”
Where in reality everyone is quite aware of the risk and made their own judgements when they invested.
True, new facts come to light, but the new management have “kitchen sinked” the risk elements in the most recent statement (as I would if I were new into role) to ensure that there is a bright line between what they have inherited vs what they will be accountable for delivering in the future.
Your absence of explanation of this point indicates either a lack of understanding (probable) or wilful intent to mislead (most likely) in order to deter investors . . .
This is very poor form and you should cease and desist
PMSL at their increasingly laughable attempts to intimidate / influence holders to sell . . .
Wondering how much their short positions are losing them at the moment.
Quite, quite sad . . .
. . . can I have some of what you’re smoking Tony? Must be the good stuff. . .
Re the SFO investigation “Petrofac Limited’s conviction and sentencing brings to a conclusion the investigation into suspected bribery and corruption as far as the corporate entity (and its subsidiaries) is concerned. The investigation into the conduct of individual suspects continues.
Page published on 12 May 2017 | Page modified on 22 Oct 2021”
Contract wins - well read the recent announcements. . .
Cash flow position and forecast has been disclosed in recent market update.
As for the rest of the drivel you wrote, it is well, just that, drivel.
Actually, you obviously don’t know what you’re talking about.
They are referring PROVISIONAL acceptance certificates not partial acceptance certificates . . .
1. PROVISIONAL ACCEPTANCE
Provisional Acceptance is a conditional acceptance which means that the client has accepted the project but performance needs to be verified or confirmed under operational conditions within an agreed period. The client issues a Provisional Acceptance Certificate to evidence this step. This is when the warranty period starts.
2. FINAL ACCEPTANCE
The Final Acceptance is when the final condition of the completed work is verified or confirmed, which usually takes place after the necessary tests have run. if any defect or deficiency is identified, the contractor has to make corrections. This is also the end of the warranty period. After this date, the contractor has limited liability for the operation of the facility, depending, of course, on the applicable laws and the agreement of the parties.
. . . and what don’t you understand about the words “substantially complete”?
You’re obviously on here to instil fear and doubt in investors’ minds to influence them to sell . . .
So I take everything you say with a large pinch of salt.
“ To the unitiated that means Not Compete……..”
These are your words, you’re lying. Stop lying.
And there’s absolutely no need to be offensive.
This is being toyed with to gain control.
SP and Bonds being driven down by some pretty manipulative behaviour in behalf of an interested 3rd party IMO to make any offer seem more palatable
Those updates are audited up the wazzoo.
There is no way the auditors would let Petrofac state that contracts are complete if they’re not.
Stop lying.
Think that there’s nervousness about the ADNOC partner exiting the sourgas project but should get deal away for PTT soon and then we should be right
One piece of good news about contracts and we’ll be away again
Nah, not shorters.
Everyone saw my comment saying looking positive and decided to take their money off the table . . .
Looking positive
Quite liking the slow but steady improvement in SP over the past week or so.
Check out the indicators on tradingview dot com
Very nice . . .
. . . think it may push on through this resistance point . . . 3 month future prices are on the march again north of $160 . . . October could be a very interesting month
Fitch Ratings - London - 27 Sep 2023: Fitch Ratings has revised Petrofac Limited's Outlook to Stable from Negative, while affirming its Issuer Default Rating (IDR) at 'B+'. Fitch has also affirmed the group's USD600 million senior secured notes rating at 'BB-' with a Recovery Rating of 'RR3'. A full list of rating actions is detailed below.
The Stable Outlook mainly reflects improved revenue visibility in Petrofac's engineering & construction (E&C) segment, supported by strong new orders in 1H23 and a healthy pipeline of prospects. However, the rating remains constrained by weak operating profitability and high leverage metrics for 2023-2024. We expect significant backlog growth to help gradually improve the group's weak operating profitability, which has been affected by low activity and ongoing completion of the legacy projects disrupted by the pandemic.
Rating strengths are Petrofac's improved business profile, expected neutral-to-positive free cash flows (FCF), sufficient liquidity and a long-dated debt maturity profile limiting short-term refinancing risk.
Looking promising . . .
We need contracts to be confirmed.
Also an update on status of historic contracts wouldn’t go amiss either. . .
We need assurance that the legacy contracts are bottomed out and that future contracts will be profitable.
Then and only then will proper cash backed profit be guaranteed and dividends back on the table.
Frustrated watching this company drift in the doldrums - it’s better than this.