Member Info for Snapper10

Investors need to prerequisite the essentials to realise some rudimentary fundamentals for Investors encircling the Legacy work and the Performance Guarantees and Advance Payment Bonds that will all be in security or retained as existing as part of the Bonds procedure…

Explicitly around Performance Guarantees which are normally 10% of the EPC contract Value…….If evidently PFC have 3 outstanding Legacy,,,,{Best Case Scenario)…… EPC Contracts with Performance Guarantees outstanding on contracts to the primary value of around £3billion.the cost to the PFC revolving credit facility would be £300million as that’s the irrevocable bonds in place due to failure to complete the EPC contract to its required Performance capabilities contained in the EPC contract…..

If apparently PFC have more than 3 outstanding Legacy contacts then this they would be in a Agamemnon scenario…….FOR ALL…….

Furthermore the EPC clients can convert the Performance Bonds to recover liquidated damages under the contract…If the Plant constructed is not meeting its Performance requirements as stated in the EPC contract….. Liquidated damages are frequently capped at 10% of the contract value and a impact to that would result in a supplementary substantial total loss of the £300 million to PFC…..

Over the years the Legacy work PFC have had is well documented in the accounts….Its only a case of looking but the banks will also have noted this and here embodies the reason pressure is now put out on PFC by the banks of around there exposure under the Performance Guarantees and Advance Payment Bonds…….

PFC Revolving Credit facility of $550million is constrained to the bonds which are in the region of $300 to $400million giving them PFC access to working capital of $100 to $200 million in real terms…….IMHO

Source-“PFC Group…. (US$550 million new debt facilities, comprising US$500 million bridge to bond and a US$50 million term loan; and

US$180 million revolving credit facility as of 26/10/2022)”

https://www.petrofac.com/media/news/petrofac-limited-results-for-the-six-months-ended-30-june-2021/

This is to some degree will have been additional highlighted by the Auditors… “Auditors highlight that a risk level has increased…especially “Misstatement of financial information” ……..

TenneT have engaged a contract with PFC and are sedentary awaiting for PFC to put in place the required Performance Guarantees and Advance Payment Bonds for a contract?........Will TenneT delay for ever.........The Clients will go with Contractors who can Satisfy the "Contract Requirements" for Performance Guarantees and Advance Payment Bonds....... "

And in the Meantime...the clock is running......PFC are in a total INDETERMINATE STATE.......

The Big Clock is Ticking ......Tick Tock... Tick Tock...... approaching...Tick Tock..... FIRE SALE NOW ON........Alarm Bells Ringing..... Louder and Louder.....Times Running Out.......Tick Tock... Tick Tock

The Big Clock is Ticking ......Tick Tock... Tick Tock...... approaching...Tick Tock..... FIRE SALE NOW ON........Alarm Bells Ringing..... Louder and Louder.....Times Running Out.......Tick Tock... Tick Tock

And then Confucius Asked.....

Hitachi Energy and TenneT must be wondering what have they got themselves involved in......

In the light of the Auditors highlighting PFC and its Financial Mismanagement Risk......

During Due Diligence TenneT must have asked PFC about the required Performance Guarantees and Advance Payment needed under the contract?.......If So what assurances Did PFC give....????? I can only Guess......LOL

Could PFC Not have told the Truth.......????

What can't the Cult not read.......Its not going to end well......

Its all contained in the Accounts.........

DYOR............

TheJanbo

Your Point......?????

Ann Summers Sale is Still on......

No idea....Money is manipulating the Shares.......

The Company is Gong Bust maybe not today but it will happen..... thats My Opinion......The trick in the meantime is don't get left holding the Baby.....

In the light of the Auditors highlighting PFC and its Financial Mismanagement Risk......

During Due Diligence TenneT must have asked PFC about the required Performance Guarantees and Advance Payment needed under the contract?.......If So what assurances Did PFC give....????? I can only Guess......LOL

Could PFC Not have told the Truth.......????

And Confucius Asked..... Is Negative do you men truth......????

In the light of the Auditors highlighting PFC and its Financial Mismanagement Risk......

During Due Diligence TenneT must have asked PFC about the required Performance Guarantees and Advance Payment needed under the contract?.......If So what assurances Did PFC give....????? I can only Guess......LOL

Could PFC Not have told the Truth.......????

And Confucius Asked.....

In the light of the Auditors highlighting PFC and its Financial Mismanagement Risk......

During Due Diligence TenneT must have asked PFC about the required Performance Guarantees and Advance Payment needed under the contract?.......If So what assurances Did PFC give....????? I can only Guess......LOL

Could PFC Not have told the Truth.......????

Fantastic .......For weeks they have been top Fallers......FFS....

What can't the Cult not read.......Its not going to end well......

Its all contained in the Accounts.........

Clock Ticking ......Tick Tock...20th approaching...Tick Tock..... Hitachi Energy and TenneT must be wondering what have they got themselves involved in......

Did they TenneT not carry out any Due Diligence........????

During Due Diligence TenneT must have asked PFC about the required Performance Guarantees and Advance Payment needed under the contract?.......If So what assurances Did PFC give....????? I can only Guess......LOL

TenneT...... now must be also wondering about dealing with PFC big style......Hitachi Energy also will be asking questions......

Offshore work is very much weather Dependent(Not something PFC Understood ask . Ayman Asfari for guidance He didn't know that in the Shetlands Construction only worked 5 months in the Year if your lucky)........Lose 3 to 6 months looking for Performance Guarantees and Advance Payment Bonds......The Impact could be 2 years possible lost revenue forTenneT.......Another Black Hole.....Now answers on a postcard to Aiden (EPC Expert)..........The Proctologist.......

What can't the Cult not read.......Its not going to end well......

Its all contained in the Accounts.........

Clock Ticking ......Tick Tock...20th approaching...Tick Tock..... Hitachi Energy and TenneT must be wondering what have they got themselves involved in......

Did they TenneT not carry out any Due Diligence........????

During Due Diligence TenneT must have asked PFC about the required Performance Guarantees and Advance Payment needed under the contract?.......If So what assurances Did PFC give....????? I can only Guess......LOL

TenneT...... now must be also wondering about dealing with PFC big style......Hitachi Energy also will be asking questions......

Offshore work is very much weather Dependent(Not something PFC Understood ask . Ayman Asfari for guidance He didn't know that in the Shetlands Construction only worked 5 months in the Year if your lucky)........Lose 3 to 6 months looking for Performance Guarantees and Advance Payment Bonds......The Impact could be 2 years possible lost revenue forTenneT.......Another Black Hole.....Now answers on a postcard to Aiden (EPC Expert)..........The Proctologist.......

Clock Ticking ......Tick Tock...20th approaching...Tick Tock..... Hitachi Energy and TenneT must be wondering what have they got themselves involved in......

Did they TenneT not carry out any Due Diligence........????

During Due Diligence TenneT must have asked PFC about the required Performance Guarantees and Advance Payment needed under the contract?.......If So what assurances Did PFC give....????? I can only Guess......LOL

TenneT...... now must be also wondering about dealing with PFC big style......Hitachi Energy also will be asking questions......

Offshore work is very much weather Dependent(Not something PFC Understood ask . Ayman Asfari for guidance He didn't know that in the Shetlands Construction only worked 5 months in the Year if your lucky)........Lose 3 to 6 months looking for Performance Guarantees and Advance Payment Bonds......The Impact could be 2 years possible lost revenue forTenneT.......Another Black Hole.....Now answers on a postcard to Aiden (EPC Expert)..........The Proctologist.......

Clock Ticking ......Tick Tock...20th approaching...Tick Tock.....

And in the Meantime...Tick Tock......PFC are in total LIMBO.......Everything is on HOLD,,,,,Burning PFC MONEY.......Contracts are not Crystallised until the EPC contractor has a Performance Guarantees and Advance Payment Bonds in PLACE..........ITS AS SIMPLE AS ABC......

"Do you seriously imagine any one placing a contract or have placed a contract with PFC are sitting waiting for PFC to put in place the required Performance Guarantees and Advance Payment Bonds for a contract?........Will wait for Ever.........The Clients will go with Contractors who can Fulfil the "Contract Requirements" for Performance Guarantees and Advance Payment Bonds....... "

Times Up...........

..........The Proctologist.......has advised that the EPC geniuses here have not submitted there proposals yet.......

Now that was to be expected its a Cult.......Hitachi Energy and TenneT must be wondering what have they got themselves involved in......

Did they TenneT not carry out any Due Diligence........????

During Due Diligence TenneT must have asked PFC about the required Performance Guarantees and Advance Payment needed under the contract?.......If So what assurances Did PFC give....????? I can only Guess......LOL

TenneT...... now must be also wondering about dealing with PFC big style......Hitachi Energy also will be asking questions......

Offshore work is very much weather Dependent(Not something PFC Understood ask . Ayman Asfari for guidance He didn't know that in the Shetlands Construction only worked 5 months in the Year if your lucky)........Lose 3 to 6 months looking for Performance Guarantees and Advance Payment Bonds......The Impact could be 2 years possible lost revenue forTenneT.......Another Black Hole.....Now answers on a postcard to Aiden (EPC Expert)..........The Proctologist.......

Hitachi Energy and TenneT must be wondering what have they got themselves involved in......

Did they TenneT not carry out any Due Diligence........????

During Due Diligence TenneT must have asked PFC about the required Performance Guarantees and Advance Payment needed under the contract?.......If So what assurances Did PFC give....????? I can only Guess......LOL

TenneT...... now must be also wondering about dealing with PFC big style......Hitachi Energy also will be asking questions......

Offshore work is very much weather Dependent(Not something PFC Understood ask . Ayman Asfari for guidance He didn't know that in the Shetlands Construction only worked 5 months in the Year if your lucky)........Lose 3 to 6 months looking for Performance Guarantees and Advance Payment Bonds......The Impact could be 2 years possible lost revenue forTenneT.......Another Black Hole.....Now answers on a postcard to Aiden (EPC Expert)..........The Proctologist.......

Aspers

Ann Summers have a sale on....enjoy yourself .......

Glowacki

The Muppets are a self appointed cult .......PFC Brainwashed them with Jam Tomorrow Syndrome.......PFC is Busted and the Muppets are in self Denial..........the Sad thing is they Don't even know it......

Everybody is wrong who speaks against the CULT........Only the CULT are correct......

RNS real Significant Points Missed.......

If the "project" is delayed, the contractor shall keep providing the performance bond. ......PFC don't have Performance Guarantees and Advance Payment Bonds...The RNS confirms that.....

if the delay is caused by the contractor, the cost will be paid by the contractor....On Contracts that PFC have not even Started........ PFC will face Claims for Delay is the Stark reality.because thePerformance Guarantees and Advance Payment Bonds are not in place........THe Black Hole Expands Daily........

The BOD should go........Its Management incompetency of the Highest Order.....

DYOR

Last Offical PFC Project Figures published stated

Key project status, % completion, December 2022

Project Performance Guarantees and Advance Payment Bonds? all in place.......

HPCL Visakh, Inda ? 91%Completion Certificate Issued No? Performance Guarantees and Advance Payment Bonds

Majnoon CPF, Iraq ? 87%Completion Certificate Issued No?Performance Guarantees and Advance Payment Bonds

Thailand Thailand Ain Tsila, Algeria ? 86%Completion Certificate Issued No Performance Guarantees and Advance Payment Bonds?

MGCP, Oman ? 59% Completion Certificate Issued No ?Performance Guarantees and Advance Payment Bonds? PC Orlen, Lithuania ? 26% Completion Certificate Issued No ? Performance Guarantees and Advance Payment Bonds?

PFC are in a Very bad way and the costs are rising..........

They PFC have previous in the past when Loss Makers turned out to be massive losses..........They claimed SGP was in Profit to the tune of £50m......Turned into a £550m loss......

Is this the same with the Legacy Work ?????????

Why write on a discussion board if you only want positive repossess that are far from Reality in the First Place.....

Face up to the Truth.......Its your Money thats at Stake.....

PFC are in total LIMBO.......Everything is on HOLD,,,,,Burning PFC MONEY.......Contracts are not Crystallised until the EPC contractor has a Performance Guarantees and Advance Payment Bonds in PLACE..........ITS AS SIMPLE AS ABC......

"Do you seriously imagine any one placing a contract or have placed a contract with PFC are sitting waiting for PFC to put in place the required Performance Guarantees and Advance Payment Bonds for a contract?........Will wait for Ever.........The Clients will go with Contractors who can Fulfil the "Contract Requirements" for Performance Guarantees and Advance Payment Bonds....... "

"Its like the plumber who comes to fix your sink and says do you have any TOOLS"

FFS Performance Guarantees and Advance Payment Bonds.....Are the Tools of the trade of a EPC contractor...........

When a EPC tells clients i have problems getting Performance Guarantees and Advance Payment Bonds........Thats the time a Client pulls the plug.......

More Guidance in compiling Answers,,,,,Performance Guarantees and Advance Payment Bonds Started by Snapper10 on the 19th October.......

And I don't need a RNS to tell me this is Bust.....

First post on the Subject.....

"EPC performance guarantees require absolute compliance and impose unlimited make-good obligations on the contractor until attained. In other cases, and more commonly, the EPC will assume liquidated damages with a defined minimum performance level. These damages are traditionally capped, often ranging from 5-10% of the contract value.

So PRIOR to a contract start the contractor ie PFC has to put in place a Performance Guarantees and a Advance Payment Bond which impacts PFC overall borrowing capacity and exposure……………

At least do some research into the world of EPC contracting or do you believe the bit about the client finances everything …………….

And on Legacy work these Bonds will be still in Place………."