Member Info for SEA7

no ...tender was announced in june last year and in august last year, it was stated that only petrofac had bidded - but amount sealed.

bid opened on 22nd March, as tender closed on 21st March - appears only petrofac bidded and for 70mil ...so looks like they won it.

https://www.tenderboard.gov.bh/openedtenderdetails/?id=RFP/TWR/2021/118(TP-608-2020_1)&source=New

Petrofac submits lowest bid of $70m for De-Bottleneck Gas Distribution Network

https://www.saudigulfprojects.com/2021/03/petrofac-submits-lowest-bid-of-70m-for-de-bottleneck-gas-distribution-network/

UK based Oil & Gas firm, Petrofac Only one bidder submitted the proposal.

Petrofac submitted the price of BHD 26.3 million (USD 70.1 million)

six more trading days of this tax year left. Markets will be closed from friday 2nd April until tuesday 6th April for easter.

meaning we are also under the pressure of end of tax year sellers, offsetting losses elsewhere.

from that document -

the global decommissioning sector is estimated to be worth £270 billion from next year and the government’s plans will ensure the UK’s £1.5 billion industry maximise these opportunities. For example, Petrofac, a provider of oilfield services based in Aberdeen, has built a strong track record for decommissioning in the UK and the North Sea resulting in the company winning its first decommissioning contract in Australia

another day, another large buy at the end of the day - 750k shares bought - 3p

cape view moved up their short

a chunky 1m share buy after the close

as the trading update stated...

As a result, management continues to expect to report lower Group revenue of approximately US$4.0 billion and full-year profitability materially lower than in 2019.

.....

I am expecting the new CEO to "kitchen sink those accounts" as much as possible, to give himself the best platform to enhance his tenure...

low share price as he takes over and legacy issues to deal with - once those accounts are public and he starts talking his book, then expect some quick wins to see the share price move up, which will make him look good.

meanwhile...

petrofacs forward work plan north sea - dated Oct 2020

https://www.achilles.com/app/uploads/2020/10/Petrofac-2020-Oct-2020.pdf

Petrofac won orders in Oman recently, however, was not on the permitted list of players in Saudi and now UAE....

So...think further, beyond our pointless SFO excuse...

dated 05/01/2021

https://www.aa.com.tr/en/middle-east/saudi-arabia-oman-compete-for-control-in-yemen-s-mahra/2098447

Oman believes that the presence of the Saudi and Emirati forces in al-Mahra holds a threat to its national security,” Mutahhar al-Sufari, a Yemeni researcher, told Anadolu Agency.
..

They are squabbling politically and probably don't want same company in UAE now that OMAN has awarded them $300m of work.

dated yesterday...

Boycott facing Petrofac in the region demonstrates that state energy majors demand ethical and fair competition from both local and foreign business players.

https://www.meed.com/action-against-petrofac-displays-intolerance-for-foul-play

no snapper - lufkin may have built the "payments" into the overall cost of the job. The size of the payments seem large, but in comparison to the size of the contracts, they are easily labelled under whatever heading you want them to be.

It took someone who needed an edge, or saw an opportunity to advance their own interests for these crimes that lufkin pled guilty to, to see the light of day.

also - why has lufkin pled guilty - genuine admittance or damage limitation, for a fee or simply to prevent further investigations.

dark knight

sadly, whilst the hand wringing do gooders at the SFO are plodding along with their pointless and irrelevant case against PFC, the competitors in other countries are lapping it up. Less competition for contracts, means a cheaper entry price for them and all the SFO are doing is handing leverage to the competitors on a plate, by punishing a company for something former employees did or didn't do.

dated yesterday..

Adnoc ready to strike at Lightning subsea power project - here are the contenders State operator expected to shortlist two key contracting groups later this month.

Those believed to be among the contenders include

a grouping of China’s Offshore Oil Engineering Company (COOEC) with compatriot China Southern Power Grid Company,
a consortium of UK-headquartered Petrofac with Belgian player Elia,
another consortium of Indian engineering giant Larsen & Toubro (L&T) and Japan’s Kansai Electric,
and a fourth grouping of South Korea’s Samsung, Kepco Electric and EDF of France.

.....

Well, now that Petrofac has been banned from bidding for new work in UAE - this removes petrofac from the running and clears the way for someone else to have less competition

in my view, this has nothing to do with SFO as they have had two months to ban petrofac - this is about removing competition and once the objective has been achieved, petrofacs ban will suddenly be overturned - may take a few months, but it will be sooner or later.

https://www.upstreamonline.com/field-development/adnoc-ready-to-strike-at-lightning-subsea-power-project-here-are-the-contenders/2-1-976403

For more than 50 years, Niger's mining companies SOMAÏR and COMINAK have been developing value from the country's uranium potential by mining déposits located in the northwest of the country in the desert region of the Aïr. Since the 1970s, industrial activity generated by site operations has been a major asset for regional and national economic and societal development. Following the depletion of its resources, the COMINAK underground mine will cease production on March 31, 2021

https://www.orano.group/en/nuclear-expertise/orano's-sites-around-the-world/uranium-mines/niger/mining-sites

bobby - lot of effort for £200 profit before costs, although not to be sniffed at!

and again today - 250k at the bell

from last accounts

**Net cash after deferral of COVID-19 direct related payments and provisions amounting to £3.8m, the ‘normalised’ cash position would be £1.2m

MMCAP is a caymen islands based hedge fund run by Matthew Maclsaac