Member Info for Snapper10

You were posed a question,,,,,,,,,Outstanding from the 19th October to all and Sundry regarding how PFC get Performance Guarantees and Advance Payment Bonds??????No correct answers to Date.......

"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. "

The Bond ensures the contractor performs,Its like a stick to beat him.......

The Monetary value to the client is not that important......But Pull a EPC contractors Bond and your ensured a response.....Its a Jockeys Whip.......The Horse doesn't like it......But it works......Ive received the WHIP and I can assure WE Jumped......

In the MENA region there is a multitude of Bond Issuers....... If you name a Bank the post will be Removed....

PFC State in The RNS.....

"it is an industry standard contractual requirement to provide Performance Guarantees for EPC contracts. Banking and surety market appetite for the provision of these guarantees in support of the contracts won by Petrofac has reduced, resulting in delays in their provision."...... Thats is a Joke.....

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

But the Banking and surety market have a appetite for Performance Guarantees and Advance Payment Bonds with other contractors..........Or is it a closed Market.....I don't think So..... The Banks Like Bonds there usuly Safe......So why don't they like a PFC bond request.......Ask yourself that.....

Now answers on a postcard to Aiden (EPC Expert)..........Proctologist.......

Simple answer depends on the Risk and Bond History.....

I believe PFC bond history is not good due to previous contract concerns....Imho....

But its also a percentage of the contract value.......as a rule of thumb.....

So if you're a betting man....

Let's say you've got 5billion in new contracts......3 to 7 %.....

Ann Summers shut today

Lets have a wee bit of fun………….what are your predictions for “stumps” on Friday afternoon.

I will go with 27.5 👍......

I will go for 0.18p

My Hero......

Downbutnotout

"Putin Plans Visit to Gulf in Wake of OPEC+ Deal on Output Cuts......"

Or to Buy PFC ????????

Start that Rumour

Thunder2040

TenneT Is Not in the MENA.....By the way and thats PFC first biggest hurdle.........

If you can bribe in the MENA i would assume a compromise can be found......

PFC have Previous......

But a EU backed contract is a bit different,Don't you think.......

Thunder2040

"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. "

The Bond ensures the contractor performs,Its like a stick to beat him.......

The Monetary value to the client is not that important......But Pull a EPC contractors Bond and your ensured a response.....Its a Jockeys Whip.......The Horse doesn't like it......But it works......Ive received the WHIP and I can assure WE Jumped......

In the MENA region there is a multitude of Bond Issuers....... If you name a Bank the post will be Removed....

PFC State in The RNS.....

"it is an industry standard contractual requirement to provide Performance Guarantees for EPC contracts. Banking and surety market appetite for the provision of these guarantees in support of the contracts won by Petrofac has reduced, resulting in delays in their provision."...... Thats is a Joke.....

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

But the Banking and surety market have a appetite for Performance Guarantees and Advance Payment Bonds with other contractors..........Or is it a closed Market.....I don't think So..... The Banks Like Bonds there usuly Safe......So why don't they like a PFC bond request.......Ask yourself that.....

Just think of ME as the Banker.........?????? ( Im a Sacked Embittered Alcoholic Psychopath in a Padded Cell)......Makes me a Qualified Banker......

( Ido know what rhymes with Banker).......

Convince ME that you Mr PFC have a viable Business PLAN......

Go on show me ........

Not a Snowballs chance in He@l.....

I would want OUT.........Is the Bankers Response......

Thats Whats happens in the real world and Banks who would ask experienced EPC professionals to advise or provide a opinion........Would support those Thoughts IMHO

Cuban_Cigar

" 5% but it has the highest EBITDA margin, EBIT and Net margin and it is non core business and the only profitable division. Its H1/ 23 revenue ~ US$63 million with business performance EBITDA of US$48 million= > the target selling price should be at least $200m for a quick sale ."

Thus waking the balance sheet removing the most profitable Asset not exactly helping the giving security which is needed by the Banks to underwrite Performance Bonds ect .

And 200m does not fix the1.2 billion Black Hole........IMHO

Desperation at its Best......

Thunder2040

Performance Guarantees and Advance Payment Bonds Started by Snapper10 on the 19th October.......

Wheres the answers from the Deluded......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………."

Thunder2040

I bow to your Superior Knowledge...So Pray explain....Tell us how PFC are going to obtain Performance Guarantees and Advance Payment Bonds........I raised this post in October........and I still have not one sensible response from the Deluded....Go on Punk make my Day.....

"it is an industry standard contractual requirement to provide Performance Guarantees for EPC contracts. Banking and surety market appetite for the provision of these guarantees in support of the contracts won by Petrofac has reduced, resulting in delays in their provision."......

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

But the Banking and surety market have a appetite for Performance Guarantees and Advance Payment Bonds with other contractors..........Or is it a closed Market.....I don't think So.....

Do have to spell it out even slower......Thunder2040

Https://www.petrofac.com/media/qjjgh003/petrofac-2022-annual-report.pdf

Page 3 for Ref........

Cuban_Cigar

Energy Services is 5% of PFC total revenue...........What do you think 5% of nothing is worth?Integrated Energy Services (IES) is Petrofac’s upstream oil and gas business.

Our interest (Share ?%)

in the Production Sharing Contract (PSC) for Block PM304 Malaysia’s offshore Cendor field is the sole asset in the portfolio.

Onsolidground/Jarv55

So explain to the Idiots then How PFC gets Performance Guarantees and Advance Payment Bonds to undertake and support EPC contracts.......Ongoing and Current......

My therapist is interested too as he's got Shares.......

"it is an industry standard contractual requirement to provide Performance Guarantees for EPC contracts. Banking and surety market appetite for the provision of these guarantees in support of the contracts won by Petrofac has reduced, resulting in delays in their provision."......

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

But the Banking and surety market have a appetite for Performance Guarantees and Advance Payment Bonds with other contractors..........Or is it a closed Market.....I don't think So.....

Do have to spell it out even slower.......

Onsolidground/Jarv55

Can you pair not read Englzie either,,,,,,,,

Its as simple as ABC...... Without Performance Guarantees and Advance Payment Bonds you can't operate EPC works.......its A Fundamental FACT about EPC contracting.......

The RNS stated.....

"it is an industry standard contractual requirement to provide Performance Guarantees for EPC contracts. Banking and surety market appetite for the provision of these guarantees in support of the contracts won by Petrofac has reduced, resulting in delays in their provision."......

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

But the Banking and surety market have a appetite for Performance Guarantees and Advance Payment Bonds with other contractors..........Or is it a closed Market.....I don't think So.....

Desperation and Last Resort written all over the RNS.....Just like all your stupid comments posted........

Not.....Everything of Value has been Punted as they say in Glasgow.......

See PFC Balace Sheet......

PFC Assets

Non-current assets

Property, plant and equipment 12 244

Goodwill 14 96

Intangible assets 15 25

Investments in associates and joint ventures 16 30

Other financial assets 17 151

Deferred tax assets 8c 1

Current assets

Inventories 18 17

Trade and other receivables 19 739

Contract assets 20 1329

Other financial assets 17 103

Income tax receivable 26

Cash and short-term deposits 21 4 50

Total assets 2664

Not a lot amongst that that you can sell is there?

Chumbasunga.....

Is it working?

Can you not read Englzie

Its as simple as ABC......

The RNS stated.....

"it is an industry standard contractual requirement to provide Performance Guarantees for EPC contracts. Banking and surety market appetite for the provision of these guarantees in support of the contracts won by Petrofac has reduced, resulting in delays in their provision."......

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

But the Banking and surety market have a appetite for Performance Guarantees and Advance Payment Bonds with other contractors..........Or is it a closed Market.....I don't think So.....

Desperation and Last Resort written all over the RNS.....Just like your stupid comment "Is it working?"

Warthog4

Shares were Giving Away as a Gift......To a Friend in PFC.....

I stated that many Moons Ago......and I know I am a Annoying Basted its who I am and I don't and never will apologise or back down in a fight.....Its who I am.......I have many letters posted on the wall of my "non woke attitude"....

Bonus...

Phrases telling people to go away

SMART Vocabulary: related words and phrases

The SMART Vocabulary cloud shows the related words and phrases you can find in the Cambridge Dictionary that make up this topic. Click on a word to go to the definition.

(go and) take a running jump idiom beat beat it! idiom begone bike blaze bog bog off buzz buzz off clear clear someone off something devil drop drop dead! idiom face fly gangway get knotted! idiom get lost! idiom get out of my face! idiom get out of my sight! idiom get out of the road! idiom go (and) jump in the lake idiom go fly a kite idiom go play with yourself! idiom go to blazes idiom go to hell idiom go to the devil idiom hell hike hop hop it idiom jog jog on jump knot lost naff naff off on your bike! idiom play pound push push off rack rack off road run run along! running scat shoo shove shove off! sight sling sling your hook idiom sod sod off take take a hike! idiom take a walk! idiom tell someone to pound sand idiom

also clients will not budge with the requirement of performance guarantees and advance payment bonds.......

issuers are usually non negotiable......dodgy banks need not not apply .........and very importantly wording.......

me englase nit so guid..........needs to be queens english.......( don't recognise the ******)...... irrevocable is the phrase.......

reads big problem........