Member Info for Snapper10

You didn’t listen…..nobody to blame but your self…..

😂😂😂😂

No takeover..... No Assets Sales.... No Security of any value......12 Jun 2024 10:55

The banks in my opinion are holding the BOD and Executive Directors shares in Security including Asfaris.....therfore no one can jump ship.... No One.....

But this Security is not worth the paper its printed on... .the Banks have had this security since it had value....once upon a time.....

HMRC's are about to pounce... £130m debt and growing......

Published Accounts do not appear in their entirety. So I suspect they are not being signed off.....

The Black hole is I believe to be £2billion..... Could possibly be bigger......

Times up and me thinks that the death knell is in its final stages.....

No takeover..... No Assets Sales.... No Security of any value......

I think that about sums up where It is at.....

If I got it wrong or missed something some enlightened person can tell me.....

Up till now everything that has been forecast by myself for 4 years is now being proven 100% accurate.....

IMHO......

I can now retire fully satisfied my work is done…..

How the individual can destroy a multi National by simply telling the truth……

I would imagine the SFO will be back in when the administration is confirmed……

Maybe Asfari and Co should have listened 😂😂😂😂😂

This announcement contains forward-looking statements relating to the business, financial performance and results of Petrofac and the industry in which Petrofac operates. These statements may be identified by words such as "expect", "believe", "estimate", "plan", "target", or "forecast" and similar expressions, or by their context. These statements are made on the basis of current knowledge and assumptions and involve risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those expressed in these statements and neither Petrofac nor any other person accepts any responsibility for the accuracy of the opinions expressed in this presentation or the underlying assumptions. No obligation is assumed to update any forward-looking statements.

HA HA......

End of Story.....Losers

Its all in The Accounts…..Read if Able.....

On the Legacy work the Performance Guarantees and Advance Payment Bonds will all be in place.....If a client pulls a Bond because of frustration in PFC ability to fulfil the Contractors obligations..... Everything will collapse in a heartbeat.......

The RNS Stated…..(Remember the Auditors warning about PFC and Financial Missmanagement)

“In part, on unwinding historical working capital and collecting advance payments on the new contracts secured in 2023. While the Group has made progress in reaching contractual settlements and unwinding working capital, given delays in securing advance payment guarantees, it no longer expects to receive these advances before the year-end.”

The Banks issuing the Guarantees and Advance Payment Bonds will have noted the Auditors warning about PFC and Financial Mismanagement………

Cautiousness is a understatement in how they will deal with any application for any new Performance Guarantees and Advance Payment Bonds……..

Until existing Contract obligations on issued Performance Guarantees and Advance Payment Bonds……No bonds will be issued…….IMHO

Remember the money to complete the Legacy contracts it is Down to PFC…….

The Black Hole of 1,2 billion gets bigger every day……

When Auditors highlight that a risk level has increased…especially “Misstatement of financial information”

Misstatement of financial information as contained in Petrofac Limited results for the year ended 31 December 2022……

"During the year, a review on the Thai Oil Clean Fuels contract was conducted by the Group’s Internal Audit function as part of its 2022 audit programme. This detected that indications of a material growth in the bills of quantities volumes had been identified during a periodic engineering scope review prior to the approval of the Group’s consolidated financial statements for the year ended 31 December 2021. These should have been evaluated and reflected in the 2021 financial statements. This data was identified and available to the project management team but was not shared with the E&C divisional senior management team, the Group’s Executive team nor the Group’s external auditors until after the approval of the Group’s consolidated financial statements, in contravention of the Group’s established policies and procedures. A thorough investigation concluded this reflected poor judgement rather than any intent to mislead." "Reflected Poor Judgement" is a statement that is totally unbelievable.......its Bad Management....

US$90 million is just wee mistake.......... One of Many in the case of PFC……..

The Banks will also insist in full transparcy on the outstanding AVOs as of 31 December 2022, of US$378m and any more the Auditors Bring to the attention of the Banks……

PFC are only going in one direction and that is down…….

The problem for shareholders is when it goes pop…

To all the total disbelievers who called me liar Didgruntled employee ect.......Whos laughing Now......

Hows your investment doing?

I knew when I was there the Shares were £17.35 each,And knew then it was a Ponsie Scheme.........

To think how every idiot on here who claimed they had made money money on PFC and miscalled my sound advice to get out.......You should have listened to the FACTS.......

Any Financial institution is going to chase these Chancers...... and the SFO will be watching.....

READ AND WEEP......Latest Accounts

"Not withstanding our disclaimer of opinion on the financial statements, we have nothing to report in respect of the following matters in relation to which the Companies (Jersey) Law 1991 requires us to report to you if, in our opinion:

• proper returns adequate for our audit have not been received from branches not visited by us; or • the financial statements are not in agreement with the company’s accounting records and returns.

Arising from the limitation of our work in relation to going concern referred to above:

• We have not received ALLl the information and explanations we require for our audit; and

• We are unable to determine whether proper accounting records have been kept by the Company in this regard."

Fox Williams has filed securities litigation claims in the High Court (London, UK) against oil and gas production services company, Petrofac Limited, seeking compensation and other relief for current and former investors.

On 12 May 2017, the Serious Fraud Office in the UK announced that it was investigating Petrofac’s activities in connection with allegations of bribery, corruption, and money laundering. Subsequently, Petrofac shares suffered a substantial fall in value.

On 6 February 2019, a senior employee of a Petrofac subsidiary pleaded guilty in the UK to 11 counts of bribery offences. Petrofac shares suffered a further substantial fall in value.

On 1 October 2021, Petrofac pleaded guilty in the UK to multiple charges concerning the payment of bribes totalling £32 million for contracts worth approximately £2.6 billion. Petrofac’s share price has not recovered from the falls in May 2017 and February 2019.

In the claims filed , Fox Williams is representing clients including global institutional investors and individual retail investors who suffered hundreds of millions of pounds of losses as a result of Petrofac’s misconduct.

“ clients suffered substantial loss because of Petrofac’s behaviour and now we seek redress on their behalf.”

This is not going anywhere and banks will not fund any PFX rescue plan either when this is ongoing

And currently PFC are being sued in the High Court by institutional Investors....... Will the Institutional investors have cashed In....or still holding....I would Imagine Cashed in ...As they would have to Define Loss.....

What will make this worse is... they will not settle for £1m........

Whilst Petrofac does not accept that it is liable to pay the sums claimed in the claims and would defend them robustly if they proceeded, the compromise of those claims in return for a share in a settlement fund of GBP£1m is required as part of its Restructuring Plan.

So watch this space.......

"Does this allow us to put a claim in against Petrofrac?"

Of course there is and PFC say they have set aside £1m to settle this.....

Who are PFC are kidding the Institutional Investors bought into PFC at £17.00 do you think they are interested in stling for pennies....

The have the Instuinonal Investors hace a duty of Care to there Investors to recover there original Investments......

So watch this space.......

"The lenders under the Group’s existing revolving credit facility and term loans (together, the “Bank Lenders”) have NOT yet signed the Lock-Up Agreement. The Group is progressing discussions with the Bank Lenders to seek their support for the final terms of the Restructuring. The Group is aiming to conclude the discussions in the coming weeks. The support of certain of the Bank Lenders will be necessary in order for the Restructuring to take place."

In other words PFC are Insolvent........

So PFC turn up at a Bank......

Trust me says PFC......I was done for Fraud but it wisnae me it wis a other Big Boy that done it.....

Ok says the Bank we belive you.....Not......

Is the latest figures showing continued loses?.....It is says PFC....

Unfortuntly your auditor has not signed off these Figures.....When will I get his signed off 6 months Accounts.......?

PFC Answers...

"This document has been prepared by Petrofac Limited (the Company) solely for use at presentations held in connection with its Half Year Results 2024 on 30 September 2024. The information in this document has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, directors, employees or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this document, or its contents, or otherwise arising in connection with this document."

The Banks answers is Not.......Not.....Not.....and please don't come back ever.....

It says it all when the CEO and CFO don't buy the con and are now starting to sell there shares........

How many will follow?

WHY WOULD A COMPANY PUBLISH 6 MONTH RESULTS WITH THIS HEALTH WARNING????????

THAT IS THE QUESTION ANY INVESTOR SHOULD BE ASKING........"This document has been prepared by Petrofac Limited (the Company) solely for use at presentations held in connection with its Half Year Results 2024 on 30 September 2024. The information in this document has not been independently verified and no representation or warranty, express or implied, is made as to, None of the Company, directors, employees or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this document, or its contents, or otherwise arising in connection with this document."

"and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein."

TOTAL MADNESS EVEN FOR PFC.......

I was once told by a wise man in Banking if your accounts are audited and signed by one of the top six auditors in the UK....

Anything presented to "A BANK" will get funding.......

But add the following Pre Amble......as PFC have done.....

"This document has been prepared by Petrofac Limited (the Company) solely for use at presentations held in connection with its Half Year Results 2024 on 30 September 2024. The information in this document has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, directors, employees or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this document, or its contents, or otherwise arising in connection with this document."

Its the highest form of stupidity ever in the world of business......and no Financial institution will give the 6 month figures a cursory glance.....

It tells you the level of integrity or business acumen that PFC employee .......Especially the so called refinancing specialist is he on a care in community program ?.........

I think that the SFO will be on standby......

And Investors think banks are going to invest in PFC......Who is Kidding Who......

When a company issue information it should be t least have a modicum of truth......

PFC issue upfront that anything PFC say is NOT TO BE TRUSTED.......

PFC the most corupt and Inept Company Ever.......

"This document has been prepared by Petrofac Limited (the Company) solely for use at presentations held in connection with its Half Year Results 2024 on 30 September 2024. The information in this document has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, directors, employees or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this document, or its contents, or otherwise arising in connection with this document."

Inotherwords this is the best we PFC can make up and bears no resemblance to reality........