Member Info for SEA7

i note..

650k share trade 3.2p - after hours trade, however, last sell trade went through at 3.02p just before the bell.
700k share trade 3.2p - sells were going through at 3.12p at the time
500k share trade 3.285p - sells were going through at 3.03p at the time
300k share trade 3.22p - sells were going through at 3.03p at the time
250k share trade 3.1p - at full offer at the time.

all the above look like buys.

petrofacs actions since the SFO started...

https://www.petrofac.com/media/4580/2018-ara-compliance-and-ethics-committee-report.pdf

https://www.petrofac.com/media/5263/ce-committee-report-ara-2019.pdf

This demonstrates the action they took after the corruption news broke.

please note that the internal investigation by freshfields bruckhaus and kpmg after the news of corruption broke found no evidence of directors being aware of payments etc being made.

eurofil - please note the article i posted, which was favourable and I never stated that i would not touch it.

if you look at my earlier posts, you will see them stating that i hold.

quite the genius eh pokerchips!!!!

and for balance - from tom chen 28th December ....

All things considered, I think Petrofac’s share price has a positive outlook for the next year. From its current price, I see plenty of reasons why it could at some point be trading again at pre-Covid-19 levels. This would mean an increase of nearly 300%. And if the oil industry recovers next year, it’s very likely that Petrofac shares will attract more attention once the company resumes paying dividends.
....................

in the article there is an image of a nodding donkey - i do like the way they put a note underneath the image that says "silhouette of an oil rig" - thankfully it is there, as I would never have guessed what the image was about. :)

https://uk.finance.yahoo.com/news/why-think-petrofac-shares-could-072641199.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAABY-N5hT0hIKVTGUOBq11moJGUTzb8QWffUBMDqPRyCuuZHQW0xKdTqtwLAfJqlGOo27-D4PZ-EFuS_D3SAt85RGoLmvYigky3clk4QmA0_0mmoi0SnFc1rMRKF9aAmwJNdQNq_D8k995ONSeAzukanbJqPr3g-ZvY2_ZK_NAyAR

review dates and cut offs for inclusion/exclusion of ftse 250 will be happening again in a few weeks - if the stock gets dumped out of the ftse 250 this time, then other holders will be required to dump it, if their fund rules dictate - that is probably what blackrock are expecting, hence their 81p price target.

yes, you never know eh!!!

i am just waiting for the same broker to say that his view has changed now and he has been buying it at sub 110!!

link to article..

https://www.fool.co.uk/investing/2020/12/21/this-is-why-the-petrofac-share-price-has-slumped-10-today/

what the brokers were saying in december...

Analyst Nicholas Hyett of Hargreaves Lansdown, for one, isn’t a fan of this UK share today. He comments that “we struggle to be enthusiastic” about the engineer.

“Planned cost savings might be making the business more efficient, but even the most efficient business can’t make money without any projects to work on,” Hyett said. “Ultimately it’s order growth that will drive any recovery and while the group’s keen to point to offshore wind projects as a potential source of contracts, we think oil & gas projects are key in the short term,” he added.

Hargreaves Lansdown also said the outlook there “isn’t terribly promising.”

Petrofac’s share price looks mighty cheap on paper following recent weakness. At 138p, the business trades on a forward price-to-earnings (P/E) ratio of 8 times. But this is a reflection of its worrying risk profile from 2021 onwards. I don’t care if it’s cheap. I won’t be touching this share with a bargepole.

yes - i will be keeping an eye out for the next update from fca on shorts

rye bay still have their full position as i see it from FCA spreadsheet for yesterday.

well..

engadine were 0.35% in october and then increased to 0.53% as of 28th Jan
cape view were down from 1.08% on 15th jan to 0.53% on 28th Jan and then 0.49% on 29th Jan.

perhaps they have purchased the shares engadine borrowed to increase their short, which gets cape view down to 0.31% - which is about a million shares, which they have bought over the last two sessions on the market

yes in my view, they will be

forgot link...

https://www.fca.org.uk/news/statements/delaying-annual-company-accounts-coronavirus

the figures side of things in the accounts are as is, cannot be changed, all historic and the company has moved on since then.

what the FCA say...
The coronavirus pandemic is causing companies of all types to re-think and re-plan almost all aspects of their business and operations. We recognise that some companies, given the nature of their operations, may feel it appropriate to maintain the 4 month calendar, but we would urge all those companies that feel it appropriate to utilise the additional 2 months to do so. We urge market participants not to draw undue adverse inferences when companies make use of the extra time our temporary relief gives them. For a great many companies it will be a sensible decision to make in unprecedented times.

thanks pokerchips.

and in my view, it is this murky cloud still hanging over the stock that is helping to depress it.

we can see from our own research and that of others...

https://www.theage.com.au/interactive/2016/the-bribe-factory/day-1/the-company-that-bribed-the-world.html

that this whole way of doing things seems to have been and probably still is to some degree, endemic in the way of business in some parts of the world.

once we get past sentencing for lufkin and paul bonds trial completes, with no references or inclusion of petrofac or its staff, former or present being referenced by witnesses in any testimony, then we will start to see clouds lifting.

things are still cropping up out of the woodwork, so i wouldn't rest on it yet...

eg..

January 11th 2021 - financial times.

https://www.ft.com/content/44b38a70-6637-41d2-8398-e468d6fff521

Australian police arrested a former executive of construction company Leighton Holdings on Monday in connection with an international bribery investigation involving Monaco-based consultancy Unaoil.

there is association of companies and that is what will be tested in the investigations...

eg..

In 2008 and 2009, Unaoil allegedly promised a middleman close to the regime of Syrian president Bashar al-Assad 2.75 million euros allegedly for his assistance in helping Unaoil's client, Petrofac, win contracts from Assad regime petroleum companies

https://www.traceinternational.org/TraceCompendium/Detail/734?class=casename_searchresult&type=1

Petrofac is cooperating with the investigation. According to media reports, the company could be fined USD 800 million.

...

you will note the references to unaoil in the webpage above.. The reason the SFO state it is ongoing, is that Paul Bond, formerly of UNAOIL was in court again today on his retrial that has entered its third week. This may throw up something not connected to Lufkin and they may wish to pursue it, if it does.