Member Info for Snapper10

RealityBytes

It was a Repost .......I was making clear to all of my agenda....

MaryBr190

Its obvious you have no Knowledge of EPC contracting........

A contract of Intent is awarded after Tender acceptance.........

Then then the Real work starts......With Meeting after Meeting on Program on Scope Quality Bonds Ect...And Eventually when Everything is in place including the Bonds the Contract is Signed off........

Its where PFC are it would appear with the current Framework agreement .........But they can't get Bonds........Thats the Real Story today...Read the RNS correctly.....DYOR

I put up the post......

Only Good News Welcome........HA HA HA

On the 26th of October .......

PFC have had new contract Awards.........and what has that done to the share price........Because all the prior contracts were loss makers and continue to drain PFC.....

What guarantee any new work is Profitable........All the prior Jobs have lost money....

Its Made IT worse........ DOWN DOWN DEEPER AND DOWN........

Then please enlighten me why the Share Price is where it Is.........Because PFC have a History of Misleading the Markets and Corrupt Dealings......Nobody Trusts them and the Legacy contracts are burning the PFC Dime.........And the real Investors are now wise to this.......

The BAD NEWS IS THAT IT BECAUSE OF LEGACY ISSUES AND ITS EFFECT ON FUNDING AND THE UNCERTAINTY IN HOW BAD THESE ISSUES ARE............Nothing will Change

Remember this share was December 2012 PFC Share £17.50 each

Today £0.51 each. (26th of October2023)

The Truth is very Painful............

The Share Price Reflects PFC worth.....and its toxicity NO COMPANY WILL BUY PFC AS A INVESTMENT.....ITS A TOXIC ENTITY.............

Realitybites.....

Lol at the raging dark knight!

For info, snapper is an ex staff guy. Hates the company. Sold his shares ages ago and comes on here to vent.

He is not short or dumb. Knows the company well from his time there and understands the mess they are still in.

He definitely wants the company to fail, but there is truth in some of what he says. So ignore at your own peril.

Bonds looking healthy!! Ouch! Day after day of sells at new 6 monthly lows. Yikes!

DYOR

Collections on Legacy contracts are never easy......

Especially when you get the Engineering wrong.....The knock on effect is that client become pedantic and starts looking at the project through a microscope......Throughout the PFC history Legacy Contracts have been its Achilles heel......And PFC then will try to blame things like Weather in Shetland or Brexit or the Unions or suppliers or covid.....Ect Ect thats why Fixed Price EPC contracts are horrendous and 95% of PFC are fixed price.....

What compounds this further is......The Scope Risk for PFC on TenneT is massive in that they PFC don't own the Key elements...... or Have the

Heavy Lift -Fab Yard -Transportation Sub Contract..... A Specialist Sub Contractor will not take a High risk.....In Fact I would Imagine any sub contracts coming out from PFC the sub contractor will only accept on a Cash positive basis.......Also upfront mobilisation costs being met by PFC further impacting Cash flow at PFC is considered industry norm when dealing with PFC.....

DYOR.......

"We are making progress towards closing out the legacy contracts in our E&C portfolio which, due to "execution challenges" experienced during the Covid-19 pandemic and "beyond", continue to pose risk to operating and project completion" ....BullSh@it....

Weasel Words.......

Why not update the Market with Actual Figures......

Last Figures published stated

Key project status, % completion, December 2022

Project Loss to PFC Completion

HPCL Visakh, Inda ? 91%Completion Certificate Issued No?

Majnoon CPF, Iraq ? 87%Completion Certificate Issued No?

Ain Tsila, Algeria ? 86%Completion Certificate Issued No ?Thai Oil Clean Fuels, ? 78% Completion Certificate Issued No ? Thailand

MGCP, Oman ? 59% Completion Certificate Issued No ?PC Orlen, Lithuania ? 26% Completion Certificate Issued No ?

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

"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"……………

" impacts PFC overall borrowing capacity" I speak slowly so the stupid understand......

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

Go away gob****e!!!!!!

NIce.......

I haven't up till now .......Where your theory I am Wrong ....."go away gob****e!!!!!!"

Are you struggling to understand FACTS.......There appear to be a lot of Stupid People out there.....

"And when the banks provide the guarantees, as expected, then this will double."

The Banks have already rejected the approach .....DOH......

If you can NOT GET a Performance Guarantees for EPC contracts.you can NOT get any money.......DOH.........

The Performance Guarantees story is a last throw of the dice.........

Update on performance guarantees

As noted in Petrofac’s H1 results, "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. Petrofac remains in active discussions with its credit providers to secure the guarantees on the new contracts as well as with the clients of these new contracts. The measures being taken to strengthen the balance sheet are, in part, designed to secure future guarantees.

For the Stupid Among YOU....

If you can NOT GET a Performance Guarantees for EPC contracts.you can NOT get any money.......DOH.........

PFC should be prepared to give a market update at at any time on there Legacy issues..........

Instead they dream up a "Jam Tomorrow Statement".........

Https://www.lse.co.uk/ShareChat.html?ShareTicker=PFC&share=Petrofac#

Read all the Message its not old news .........

Everything is in the Accounts also the Black Hole is getting Bigger,,,,,,,

Kilwinning.......

19th October I stated......

Performance Guarantees and Advance Payment Bonds

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……….

"Petrofac remains in active discussions with its credit providers to secure the guarantees on the new contracts as well as with the clients of these new contracts."

What a load of BullSh@t.........

The Banks won't put up New Guarantees and Performance Bonds untill existing ones on legacy contracts are completed....... Its Not Rocket Science.....

The Banks know as long as a Guarantees and Performance Bonds are in place with a contract that is not complete.........Because the clients will not release it......The Contract is ongoing.....

PFC have lied about Legacy contracts and the Banks and the Auditors have caught them out.........

Cash Flow was the saviour but its also the Downfall of PFC.......

You were warned repeatedly...Its all in the accounts

Get out now......

4 or 5 p by Thursday......

Humor Me .......You Know you want too.......

Or will Wednesday see the Dog being Put Down.........and I don't mean me......

DYOR

Starsailor2020

Do I detect a dig at The Black Hole Gang......

Today 09:38

Sharecast News

Berenberg places Petrofac 'under review'

(Sharecast News) - Analysts at Berenberg placed oil and gas business Petrofac 'under review' on Friday, stating the group was now "precariously positioned".