Member Info for SEA7

1 million share trade gone through 3.28p - took the price down

lufkins actual sentence may be only known to the judge, but I am talking about any implications for PFC going forward - that aspect might be working its way through the channels.

as lufkin is due in court day after tomorrow - word may be leaking out about what the outcome is and the stock is moving accordingly

josh ..give it up mate, your boring.

after hours or pre open used to be the preserve of major institutions, however, using an ECN, which you need to find a broker that provides access to it, you will be able to trade in these sessions.

After hours trading can help you take advantage of more trading time, price swings, and late-breaking news.

and yes it can affect the next days price.

no, it is the post close trading session. There is limited liquidity during extended hours which can cause increased volatility, larger spreads and greater price uncertainty. Earnings reports and other significant news are typically announced after regular trading hours end. This can lead to major price swings in after-hours markets.

Extended Trading Hours are sessions before and after the official trading session during which trading can be conducted electronically. Pre-market trading and after-hours trading generally have less volume than during the regular trading hours.

there are rules around post close and pre open sessions.

yes it can - the london stock exchange after hours trading session is from 4.40 until 5.15

the trade printed at 5.07pm

the trade was conducted off exchange

late buy of 510,000 shares at 3.4p at 17.07 showed up

three things....

1. I have seen trades of mine executed in batches and i have been left with a single digit amount to obtain to complete the order - this is one reason why a single digit trade will show up. I see the confirmation of this, when my contract note arrives, which states "average price" for the transaction, even though i got a fill and at a price no more than the limit order I submitted.

2. algo trading often splits larger buys and sells into smaller segments to spread out the trade, to avoid a price change that can alert other investors.

3. large banks are in on the game now, using segmented orders as well

Gone are the days of round lot trades!

leaky ship

i see cape view are back up to 0.65% on their short as of yesterday.

summing up - petrofac has been overly cooperative, has engaged at every level, has made changes and worked tirelessly at putting in place better programs. Which could mean that the company may not even be fined at all, just lufkin going down for it.

The guidance highlights that when investigating any organization, the SFO will need to assess the
effectiveness of the organization's compliance program.

Such an assessment will inform decisions as to:
• whether an organization may have an "adequate
procedures" defense under section 7 of the Bribery
Act 2010;
• whether a prosecution is in the public interest;
• whether an organization should be invited to enter
into DPA negotiations and, if so, what conditions
should be attached to any DPA; and
• the sentence to be imposed in the event of conviction.

The SFO stresses that the key feature of any program is that it needs to be effective and not simply "a paper exercise." It must work for the organization in question, taking into account the field in which that organization operates, and be proportionate, risk-based and regularly reviewed.

SFO Guidance...

https://www.shearman.com/-/media/Files/Perspectives/2020/02/LNDOCS011188444v4UKBusinessCrimeReview2020.pdf?la=en&hash=D2BAAFC7B34DF3B02E7D8E34A383AA4D8FB875A5

page 7

The SFO will also take into account any changes that may be made to a compliance program going forward. An organization who has adopted a genuinely proactive approach to implementing remedial actions is far more likely to avoid immediate prosecution and may, in some circumstances, even avoid being the subject of a DPA.

What malcy said back in october...

https://www.malcysblog.com/2020/10/oil-price-serica-petrofac-and-finally/

I’m sure that Ayman would have preferred to step down after the ludicrous SFO investigation is concluded but he has decided now to watch from a non-exec seat at the board.

fyi from equinors 3rd quarter statement last year....

Claim from Petrofac regarding multiple variation order requests performed in Algeria (In Salah) Petrofac International (UAE) LLC (PIUL) was awarded the EPC Contract to execute the ISSF Project (the In Salah Southern Fields Project which has finalised the development of four gas fields in central Algeria). Following suspension of activity after the terrorist attack at another field in Algeria (In Amenas) in 2013, PIUL issued multiple Variation Order Requests (VoRs) related to the costs incurred for stand-by and remobilisation costs after the evacuation of expatriates. Several VoRs have been paid, but the settlement of the remaining has been unsuccessful. PIUL initiated arbitration on 7 August 2020 claiming an estimated amount of USD 533 million, of which Equinor In Salah AS holds a 31,85% share. Equinor's maximum exposure amounts to USD 170 million. Equinor provides for its best estimate in the matter

thanks bladey,

definitely worth stripping out the noise and looking at what we have.

in other words exclude covid and SFO going forward and what do we have - a solid business, that is winning contracts and is moving away from its past troubles, with different people and a renewed focus.

before covid started, berenberg published this in Feb 2020...

https://www.sharecast.com/news/broker-recommendations/berenberg-raises-target-price-on-extremely-attractive-petrofac--7344122.html

Analysts at Berenberg slightly raised their price target on Petrofac's shares from 420.0p to 440.0p

and..

Berenberg was assuming Petrofac would receive a $300m financial penalty in relation to the SFO

and

Berenberg said Petrofac, which reported full-year 2019 results in line with December's trading statement earlier in the week, had "strengthened its position", having transitioned to a "more focused, capital-light business" - with cash proceeds from asset sales boosting its balance sheet and "an attractive pipeline" of future project awards looking set to return the firm's engineering construction business to revenue growth.
............................

it is worth noting that any fine, if one is imposed will take into consideration the covid situation and may be much lighter than people expect.

https://www.thestar.com.my/business/business-news/2021/02/03/icon-offshore-bags-us133mil-petrofac-drilling-job

KUALA LUMPUR: Icon Offshore Bhd said its 51% subsidiary Perisai Offshore Sdn Bhd (POSB) has secured a US$13.3mil drilling contract from Petrofac.

Work of the project is expected to start in April for a period of 180 days to drill eight wells and an option for another three wells.

The contract is for the provision of one jack up drilling rig, namely Perisai Pacific 101.

"With this Award, the order book will increase to RM768.8mil," Icon Offshore said.

POSB is a new subsidiary which was recently acquired by Icon Offshore, via the completion of 51% shares acquisition from Perisai Petroleum Teknologi Bhd.

These acquisitions by ICON also include the acquisition of Perisai Pacific 101 and purchase and assignment of intellectual property to operate the rig.