Member Info for Snapper10

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.....

Al4x

With PFC anything could be happening and thats the Honest truth.......

When a Auditor adds the words in Annual Accounts that the biggest RISK facing thePFC company is "Financial Mismanagement"

Those word are not entered lightly.........

DYOR

Al4x

It would be Interesting to Know who the Institutional Investors are who are Pursuing PFC with High Court Case.....

Warthog4

Jog On Pal.......

"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 says Jog on Mr PFC.......

If you kept up you would know what I done with my Shares.......

"If you are waiting on a bid for PFC........ You will wait a long Time....... "

H@ll will freeze over first.......

The Accounts supports a Black Hole of at minimum £1.2 billion......

And come 2024 when PFC have to repay the banks so there is another £500 million.......or find other banks.......

And the legacy contracts continue........ And Growing++++++++

So the spiral down is accelerated.......... By lack of the ability to obtain Performance Guarantees and Advance Payment Bonds for "New Contracts"

If thats not Bad Management whatIs.......?

Do you seriously imagine any one placing a contract with PFC are sitting waking 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.......

The Noise is already dong the Rounds.....Fluor,Bechtel........All hovering......

For that reason alone the RNS issued on Monday was a act of Sheer Stupidity on behalf of the PFC BOD........Its and Admission that PFC can't service existing Works.......

It's all in the accounts you only have to have half a brain and be able to read........

Up early on Union Island ......LOL....Dog Needs a Walk......

DYOR

Thunder2040

Thanks

There is a lot of people who accept that there view is Right.....

I am here to highlight that all is not well in PFC.....

If you don't agree then tell me,,,, I will try to convince you what I consider is the Problems facing PFC......IMHO

But its if yours is different then the attack is Nutter Drunk Idiot..... Thats Childish....

IMHO all the Information is Contained in the Accounts you Just need to read them.......

I take it you also read that the highest Risk at PFC as Stated by Ernst Young....IS Financial Mismanagement.......or did you miss that Bot.......

PFC have been convicted for Fraud....... Does that tell you something......

And thats only to keep them going in the Short term ..........

What do you think the Monthly Burn in cash out is......?at Petrofac

PFC NEED at leat 900m to 1.2 billion.........

Where do you get the 100 or 200 from.......?????

Thunder2040

"equity will be higher in a year"

Are you unaware the Equity in PFC is currently NEGATIVE.......or have you not read the Accounts.........

Thunder2040

Its not a IDEA.......

All information comes via Ernst Young in pFC accounts.........

Thunder2040

Engineering.......

PFC could not Fit a nut in a Monkeys hand.........

Asset solutions and IES is the only bit of PFC that Makes Money so sell off what keeps you afloat is your solution.........95% of EPC is Fixed Price your left with a bag of Cr@p...

Its Toxic today what is that Going to look like.......Hiroshima.....

Thunder2040

Consulting...

You would not Consult PFC about the weather.......Clueless in settle springs to Mind

There EY Figure not mine take it up with them......

244 million in plant and Equipment and 30 million in Joint ventures........

Its not going to help anything.........In a fire Sale You

will get 20% on Plant... If Your lucky........Propaganda from PFC as usual

So wheres the Cash coming From......?????

Petrofac stated it would no longer be able to meet its annual forecast of "broadly neutral free cash flow", citing delays in collecting advance payments on new contracts secured in 2023 for the warning.

As a result, Petrofac stated it was now mulling over offloading some of its non-core assets in an attempt to both bolster its balance sheet and improve liquidity.

"offloading some of its non-core assets"

What are these Assets??????

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 21 450

Total assets 2664

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

What are these Assets they propose to offload ??????

Suggestions Please on a postcard to PFC.....

Will the accounts tell us on the 20th December how much PFC lost this year??????..............

I wonder........

Residual Contracts (State Of Play)as of last year audited accounts..... + Legacy Contracts...

UAE Duqm Refinery, 94% @31-12-2021

Oman Tinrhert, Algeria 91% @31-12-2021

HKZ Alpha – Netherlands88% @31-12-2021

HPCL Visakh, India 88%@31-12-2021

Seagreen, United Kingdom 82%@31-12-2021

Majnoon CPF, Iraq 76% @31-12-2021

Thailand Fuels Project, 66% @31-12-2021

Ain Tsila, 66% @31-12-2021.......

the majority must be near 99% complete now .......... if not why not???????

PFC are burning there own Dime as they say in contracting when contracts overrun and are supposedly complete........

Actually they are burning the Shareholders Dime "your money".............as this is lost money due to underestimation and Poor contract execution .......... something PFC excel at.............

DYOR

Hsk1991

I only SPOUT on PFC......