Member Info for Snapper10

It is obvious to a blind man that PFC are trying to control the narrative.....

Any publication of any one who speaks against the PFC narrative are removed......

People who have a modicum of intelligence will see this......

The question is why.......

Fitch Ratings - London - 27 Sep 2023: clue is in the date.....Desperation

One thing Snapper is right about...you have to read the accounts

So if I refer you to the accounts......Where the Facts are for all to see including the Auditors comments about continued Financial Mismanagement by PFC ........And Contract Scope......

Why have my Posts been Removed today......Who am I scaring Ask yourself......

Is this Carillion 2.........

"Bankers at Lazard are scrambling to find a solution after Carillion on Monday announced a “corporate and strategic review” — and its share price has plunged by 70 per cent to 59p since, although it recovered 3 per cent on Thursday.

Already the group has written off £845m of operating profit from construction contracts, replaced its chief executive, Richard Howson, and suspended its dividend.

Its more dramatic options to stave off bankruptcy include a rescue takeover, a debt-for-equity swap or a heavily dilutive equity raising from shareholders."

Here we go again.........

Business performance EBIT loss of US$(205) million(1)

Reported net loss of US$(310) million(2) inclusive of separately disclosed items.....

Cut and paste......

Plonked Chips

I was responsible enough to paste the source on the PFC website.......

If English is not your first language then I cant help.....

But it's not my figures that is on the webpage......Its PFC.......

If the numbers are incorrectly stated on the website is that causing further concern.....

Or are you still trying to support The PFC claim of having a Framework Contract valued at €13.5 billion ......

As I stated this is 100% not true and it's TRUE value is ????? Worth to PFC......

And currently PFC are being sued in the High Court by institutional Investors.......

Its Squeaky Bum time for the auditors already when that gets going........

I can see the PFC defence .......LOL......

Its 2 big boys that done it m,laud.......Then they run away......

Or it was rogue senior managers acting without the knowledge of the Directors......

Oh silly me they used that one the last time.........

And the real rub being that the auditors stated in the Annual Accounts that the highest risk associated with PFC is Financial Management.........

Or could PFC maybe Snapper10 made that up.......

DYOR

The figures are PFC......

If you wish to dispute the financial mismanagement in the figures maybe you should approach the Auditors for ther comments......

If the figures dont suit your agenda of course I would imagine you dispute them.....

Bit if PFC put in to the public domain that they a framework Aggrement with €13 billion in contracts attached.......

Well it's right that statement is challenged because it's not true in the first instance.

And secondly its factually totally misleading.......

DYOR

All PFC OWN Figures

https://www.petrofac.com/media/news/trading-update-27-june-2023/?sTerm=hy%202023

Highlights 2022

Facts......

Revenue US$2,591 million

Order Book US$3.4 billion.....

Expected Highlights 2023 as of Half Year Report.......

Awards comprise the first platform contract under the framework agreement with TenneT to deliver 2GW offshore wind transmission systems in partnership with Hitachi,

New Contracts 2023 approximately US$1.200million have now been awarded.(In Total)

"First half revenues are expected to be around US$500million reflecting the lower levels of activity due to lower opening backlog compared with the prior year. E&C is expected to report a first half EBIT loss of approximately 20%Loss......US$310 million Loss......."

So on a Revenue of US$500million PFC are Forecasting a loss of US$310 million

Am I missing Something that is Factually incorrect ..........

No Mention of a $7.5 billion revenue or is that the real vale at US$500million being reflected........Per annum over 10 years?

I would imagine the auditors will have raised with PFC already that announcing you have a £13 billion contract is not 100%true and must be addressed for a listed company and will at the very least be seen as misleading……….

If one thing PFC excel at is there Expertise PFC it is Financial Missmanagement………..

Not looking good if you include a £1.5 billion black hole into the equation………

Then answer me this under the "Framework"is the attributable contract value to PFC £7.5 billion pounds?...........As this is how you appear to be portraying this.......

Over 10 years I see the PFC content being more in the region of £300m per year.........Not a £13.5 Billion contract........IMO

And Even then PFC are guaranteed to muck that up..............at £300m......

DYOR

"A framework agreement is a type of contract that is commonly used as a multi supplier agreement, establishing a long term relationship to deliver works as an approved supplier for the buyer........."

There is not a lot value attributed in the Framework.... Its usually Nominal........The Value is in the subsequent contracts........

A framework can be a 50/50 split..........I do agree with that assumption .......

But the Contracts contained within the Framework Agreement are based on Content Delivery...........PFC don't have a 50% stake of a £13 billion Contract.........

Its Typical PFC Mismanagement of Financial Information.........Again misleading Investors......

Stick to the FACTS

DYOR

"The first contract under the framework, for the Ijmuiden Ver Alpha project, was awarded with immediate effect. The second, Nederwiek 1, is expected to be awarded later in the year. The framework also includes projects Doordewind 1, Doordewind 2, Nederwiek 3 and LanWin5, expected to be awarded over a 2024-2026 timeframe."

It says "The First Contract"........... clearly upfront.........

WHAT IS NOVATION In EPC INDUSTRIES? : Novation is a process by which Contractual rights and obligation transferred from Owner to EPC Contractor or it is a transaction by which, with the consent of all the parties concerned, a new contract is substituted for one that already exists.

BASIC CONCEPT:

Innovation process, we discharge the original contract between the Owner & Supplier / Manufacturer and substitute it with a new contract between the Supplier / Manufacturer and a new incoming party (EPC Contractor). The incoming party (EPC Contractor) must perform the contractual obligations (under the new contract) that were formerly owned by the outgoing party (Owner) under the original contract.

It is a triparty agreement between the original parties (Client & Supplier) and the new party (here is EPC Contractor). A novation usually takes the form of a deed called Deed of Novation.

DYOR

"Any decent EPC contractor could move in and replace PFC in 6 weeks without a lot of Impact to the program.......... "

Its called "Contract Novation" and its very common in the world of EPC contracts........

And if you were a previous EPCI bidder to Hitachi Energy its like Christmas has come early....... You pick up a contract and Novate out all the stuff thats a problem.........Novate the Sub Contracts such as Jacket Fab Offshore Transportation and Heavy Lift Installation.........PFC don't own these services they are subcontractors...........

So is there a possibility that the protection that PFC thought it had created with its £13Billion Biggest Contract Award is in fact suddenly shattered.......As in the Big Spends of a PFC EPCI contract its mostly with there Sub Contractors........

The Jacket Fab Offshore Transportation and Heavy Lift Installation Boys.

IMO

DYOR

And so that people/Investors understand PFC use the AVO's so as that any immediate direct questions that the Auditor challenges PFC on during his audit he's a quick answer "its a AVO'S" and we are negotiating with the client on it.......Is it possible that in the AVO's is hidden a lot of legacy expenditure????........

That would impact the Black Hole to another £500m.........

Big Black Hole £2billion???????

IMO

DYOR

"Hitachi Energy will supply its HVDC Light® converter stations, which convert AC to DC power offshore and DC to AC onshore. Petrofac will undertake the engineering, procurement, construction and installation (EPCI) of the offshore platforms and elements of the onshore converter stations."

The Big Question…………

What is the Partnership Split?

Hitachi Energy is supplying the High Value Kit? Therefore is the contract say on a proportion of say a £1billion value split £650m to Hitachi Energy and £350 m PFC.......?????

If that was the case PFC are looking at £35m in a advance payment........Not exactly a big sum......and for what are PFC doing……. nothing out of the ordinary supplying Offshore Jackets fabricated in the Philippines by a Sub Contractor.........If PFC goes pop.......You appoint a new EPCI contractor to manage your Module Yard.....Hitachi Energy take some pain as I am pretty sure PFC will be EPCI Fixed Price......So Hitachi Energy have to find new EPCI partner and a Offshore Sub Contractor lets say Sarrens supplying Barge and Heavy Lift its 100% certain they will corporate with any new appointee…………

Which I would imagine will be Factored In as the Risk Hitachi Energy will carry......

The big Project Risk is the Propriety Equipment is with Hitachi Energy not PFC………

There’s not a lot of Protection for PFC in this contract its just big figures that are put out to the gullible investors and desperate bankers who are looking for a out from PFC………

Its when you challenge the assumptions the truth will out……..

I would imagine the auditors will have raised with PFC that announcing you have a £13 billion contract is not 100%true and must be addressed for a listed company and will at the very least be seen as misleading……….

An area of Expertise PFC have excelled at in past………..

Not looking good if you include a £1.5 billion black hole into the equation………

Any decent EPC contractor could move in and replace PFC in 6 weeks without a lot of Impact to the program..........

DYOR

Its amazing nowadays where you can go on your giro and the a## hanging out your trousers.......

I think we should seek proper recognition.....

I think the Muppets is disrespectful......

I propose "The Black Hole Gang"

A lot people queuing up for to come on board as the Toxic World of PFC is now being acknowledged......

RALAD (PFC PROPAGANDA OFFICE)

"By end of 2023 we should be back to 60p- £1 range. We are too undervalued 10p, 20p would be disastrous and impossible to happen in my opinion."

Real World Version.......

By end of 2023 we should be 12p- 15p range. We are too undervalued at 5p, or 7p would be disastrous and impossible to happen in my opinion.

https://www.petrofac.com/media/i4khgz50/hy23-group-accounts_final.pdf

Watch it Happen its all the Accounts Read and Weep..........

DYOR

I just finished ( holes at Turnberry Lovely late afternoon Sunshine.......

I don't get the animosity at us the truth sayers or Muppets as we apparently refers too........DYOR

Disappointed Trump won't cash the Giro at the Bar any longer......

At this rate of Downward Spiral next week looks about 0.25 p a share

DYORHttps://www.petrofac.com/media/i4khgz50/hy23-group-accounts_final.pdf

If there is no Black Hole.......WHAT IS IT THEN....... Somebody Knows Something

Https://www.petrofac.com/media/i4khgz50/hy23-group-accounts_final.pdf

If there is no Black Hole.......But there IS.......

There would not be a Problem because PFC would continue to Fleece The Banks and Shareholders......

The Black Hole stops any returns and exposes the Bankers to losses whose fall back was always the over inflated Security of the pledged Shares....thats why this will now fail........

And the Auditors realise that the Black Hole will potentially get bigger..........December trading Update will have been compiled So Auditors will have had there say........... and the Trading update will reflect this......So something has leaked along the way......IMO

DYOR