Member Info for Snapper10

What do you think they would report.......
When they publish the Annual Accounts in April you will get a true reflection of PFC if they last that long.....
PFC don't have Strikes they were settled .............. Nonsense nothing was settled...........
Contracts ,Orders?????? What orders........Nothing to announce......Because any Client worth there salt knows a contractor needs to cash to survive........PFC needs to refinance,and thats not going to happen easily.......Look at there Short term Debt position.....
Takeover.......What is there to acquire?.......Nothing they have already sold everything that had a value......
Loss Making contracts and Debt........
Proven track record in EPC NOT.......Disaster after a Disaster.....Serious of loss making EPC contracts where PFC blamed everybody but themselves.....
You could not give PFC away........
Its got nothing anyone wants......
And to top it all its been convicted of Fraudulent Trading.......
A CEO thats not a CEO..... is PFC so bad they need to hire a "Apprentice CEO" or in the real world "A Patsy"
Starts Work on April 1st should have been a clue......
These shares are TOXIC.......
So don't expect any updates because it would make the end sooner rather later.....

Clearviews
The point is we don't know they are gone.........speculation or ambiguity is rife all around PFC.........
Look at there short term debt position compared to other contractors.........They are not paying suppliers in time......
PFC are not well run as is portrayed in the Share Price.....April 2012 PFC £17.35/April 2023 PFC £0.55.........
To say the SFO are idiots......They are dangerous Idiots who can do a company a lot of damage........
So therefore then why is PFC not going flat out to dispel or quench any thing negativity as would be expected of good management.....
Its quite simple to see that that PFC are badly managed......And nobody from PFC are helping to prove otherwise.......

Clearviews
How do you know there long Gone.......If you don't know who they are.....
The SFO says individuals are still under investigation........
If they were employed by PFC they must have been at the top of PFC .........
Is it possible these individuals are possibly even major Shareholders???????
If we don't know who they are how do we know they are gone........
I would be correct in assuming that the last thing PFC needs is speculation..........
Then why the inactivity in quenching any speculation or ambiguity.........It makes you wonder.......

David Lufkin pleaded guilty guilty to 11 counts of bribery on 6 February 2019 and 3 further counts of bribery on 14 January 2021. The charges relate to payments or offers of over USD $181 million in bribes to win contracts worth a total of over USD $7.8 billion in the United Arab Emirates, Saudi Arabia, and Iraq.

In addition to pleading guilty, David Lufkin co-operated with SFO investigators and assisted with the investigation.
Currently SFO web page States
"Petrofac Limited’s conviction and sentencing brings to a conclusion the investigation into suspected bribery and corruption as far as the corporate entity (and its subsidiaries) is concerned. The investigation into the conduct of individual suspects continues."
Why don't they the SFO or PFC name these individuals or are they current or EX PFC??????...........

The Strikes are a highlight of inept Management.......
TO CALL A OFFICAL STRIKE IT TAKES MONTHS TO GET TO A STRIKE POSITION.........
This is a other example of lack of industry knowledge in the case of PFC........
Again a highlight of a total lack of the contracting business ..........
the problem with letting unions get to a strike position allows that strike to spread and could start impacting PFC considerably.........
Its a area clients hone in on when awarding new contracts...........
Current disputes don't go down well in getting new contracts........It reflects in bad management of workforce......

Reality...... This the path PFC shares have followed.......
PFC APR 2012=£17.35
PFC APR 2014=£14.52
PFC APR 2016=£8.70
PFC APR 2018=£5.90
PFC APR 2020=£1.93
PFC APR 2022=£1.06
PFC APR 2023=£???? maybe 0
Today falling like a stone.........

The only explanation is Brokers know something that we don't...........
But when a company is convicted for FRAUD its got a track record for breaking the law and there is the possibility that they could be feeding Brokers CRA@.......
IF PFC HAD SOMETHING THEY COULD LEGALY ANNOUNCE DONT YOU THINK THEY WOULD HAVE.............
I got shares at £17 in PFC as part of my contract,At the time I cashed in 95% but I know a lot of people who have sat on them who have seen there pensions evaporate..........And they see the real PFC everyday............
I only see it from a Contractors perspective by the way.........

What Strikes they were settled .............. Nonsense nothing was settled...........
Contracts ,Orders?????? What orders........Nothing to announce......Because any Client worth there salt knows a contractor needs to cash to survive........PFC needs to refinance,and thats not going to happen easily.......
Takeover.......What is there to acquire?.......Nothing
Loss Making contracts and Debt........
Proven track record in EPC NOT.......Disaster after a Disaster.....
Assets????????Not a lot....
You could not give PFC away........
Its got nothing anyone wants......
And to top it all its been convicted of Fraudulent Trading.......
A CEO thats not a CEO..... is PFC so bad they need to hire a "Apprentice CEO" or in the real world "A Patsy"Hold that thought Boris could rescue PFC its got chaos written all over it.......
These shares are TOXIC.......

Knickerless Picker
Just FOR Complete clarity.......
In engineering projects, the use of FEED (Front End Engineering Design) FEED contracts allow for some "BASIC "
engineering and costing to take place before the execution phase, or EPC (Engineer, Procure, Construct), contracts are put out to tender.
???????

Knickerless Picker

"TenneT plans to enter into a cooperation agreement with key market partners for a period of up to eight years. The agreement covers offshore platforms and onshore stations, as well as the converters for the two-way conversion between alternating and direct currents. The latter is based on the innovative 2-gigawatt high-voltage direct current technology for a forecast 15 to 20 offshore grid connection systems. Total order volume is estimated to be up to 30 billion euros."
Now we have established this is a FEED.........
wheres the 3 billion thats now coming .........When will it arrive??????
PFC are crashing without contracts...........
Where are they...........???????

Announced Yesterday..........Affecting PFC "Body Shopping"
About 1,400 workers across five rig-servicing companies plan to strike between late March and early June as part of a dispute over jobs, pay and conditions – potentially shutting down platforms in the region.
The action, coordinated by the Unite union, will involve offshore workers from the contractors Bilfinger UK, Stork, Petrofac, Wood and Sparrows Group.

The contractors work for oil and gas operators including BP, EnQuest, Harbour Energy, Shell and Total. Analysis by Global Witness showed the rigs’ owners made a combined £146bn in profit in 2022.
North Sea oil and gas operators have landed billions of pounds in profits as commodity prices soared after Russia’s invasion of Ukraine. Their booming profits have fuelled calls for better pay for employees and a tougher windfall tax on oil and gas firms.

The Unite general secretary, Sharon Graham, said: “Oil and gas companies have been given free rein to enjoy massive windfall profits in the North Sea; drilling concessions are effectively licences to print money.”

She accused the companies of “raking it but refusing to give [workers] a fair share of the pie”, leading to “a tsunami of industrial unrest in the offshore sector”. “Unite will support these members every step of the way in their fight for better jobs, pay and conditions,”

And a FEED is 1 to 3 years away from a possible award of A EPC contract.......
And a FEED usually represents between 2 to 6% of a contract expenses........
And the Engineering carried out is small scale to establish the Basis of Design.......
Not a 1.5 billion contract as outlined by the gullible.......
And its used by the client as a means to dismiss any claims submitted by the EPC contractor.......
The words used are this cost should have been foreseen as part of the FEED........
Suck it up MR Contractor your mistake.....
But Pokerchips and Realiybites are correct.........

Knicker Picker
Do you or your ilk do any research into a organisation prior to investing. Obviously NOT
PFC was APG in Aberdeen who was a major Body Shop........
If you don't know the market and the players and how EPC contracting works then I can only assume that you and your Ilk are being played like Patsy's.........
And you yhink I am Useless.........WTF

Knicker Picker.......
That job is a FEED........could be 50m ??????
Back to your meds........
Petrofac made there money Body Shopping.......
Your knowledge astounds me.........

Knicker Picker
Theres a clue in what you say....."If PFC captures say 10% of this through the Hitachi relationship that is EUR3bn of backlog. That's not small. Personally I don't think the outlook is as bleak as many recent posts suggest."

"IF".......

PFC needs work today not in 3 years........
EPC takes time "Engineering"Then "Procurement" Then "Construction"......
if you don't have continuity of work for the various disciplines then your running inefficiently.......
At Present PFC are in Free-fall.......
EPC contracting is a Science and PFC are proven to be useless......
PFC were good at body shoping but by selling Petrofac Training they no longer have a control on the Body shop market.....
If you don't want your clutching at straws being challenged think first prior to going into print........
theres people who have seen it all as far as EPC are concerned and they concur that PFC and its inability to deliver that type of work is a joke.......
The Fat Lady is clearing her throat and is about to sing.........Good Night Vienna PFC......

Pokerchips
I disagree totally.
You need work for efficiency savings.....PFC have none
The current CEO surely had the so called experts and advisors on board have they helped.....No
A Vice President in opperations is not a CEO.......
PFC require a CEO with turnaround experience and that I would be obvious to blind man......
Clients dont agree to let contracts on "A nice Guy"........
They are looking for a contractor with proof and track record of contract deliverables not promises.....
PFC have none of these from past trading.........
This Guy is as I say a Patsy and any client will quickly see similar,
Why because of the direction of travel PFC have taken.......
You are only as good as your last contract........ Any Client will ask for that contract.......SFO for References.......
Response from PFC ok the last 10 years are pretty bad but Hey Ho..... Give us chance to turn it around......
Response from Client..... Sorry not willing to take that chance close the door on the way out.......
The Real world of Contracting........

KnickerPicker

PFC was refinanced in October 2021 with a $275m placing/open offer (FACT)

- Despite this, the last accounts explicitly set out how tight the covenant position this was and set out with different scenarios, noting that "If financial performance deteriorates significantly below this case, the Group may have difficulty complying with the financial covenants in their current form"(FACT)

- The 20 Dec 2023 trading update was a profits warning and represented a "significant deterioration in financial performance", the consequence being that (a) covenants would be breached and (b) yet another recapitalisation is needed. It also confirms that PFC are in discussions with their banks (FACT)

- That means either a(nother) large equity placing or a debt for equity swap of some description, eg on the bonds

- The current market for placings is brutal and companies are suffering huge discounts *IF* they can actually get the placing away. (FACT)
It looks Pretty bleak outlook and the Patsy is not the man to turn the Ship around......... Its heading for the rocks.........

Im still posting because I still have got shares......
I have and opinion too......
I did not think I needed to ask you if could post........
But the CEO is not old news its pretty important........
He's either a experienced CEO or he's not......
His CV says he's worked as a Vice President .......
PFC need someone who's CV reads CEO and Turnaround specialist.....
this guys CV reads Patsy Patsy Patsy.......
Sorry do you want me to agree with you.....
Your talking to the wrong guy then........
opinions are like Ar@e Holes everybody has one.......
You don't have to agree with mine........
Do I give a Toss,,,,, I don't think So......

Knitpicker......
WOW is that the best you have got......
Its not about me.....
Its about a CEO who is not a experienced CEO ........
Its about running out of work and cash.......
Is that the same for Shell Wood Group and BP........
Ive been clear of PFC since 2013........
You need to talk to your clinician and review the Meds.........
Theres a big difference between Hope and Delusional ........

About Tareq Kawash.......Where does it say he is a highly Experience CEO.......
Its got Patsy written all over it..........At least he can't claim he didn't understand.........
Hes Fluent in Arabic.......
But it is his Date...........April Fools Day that is the clue.......

Tareq Kawash joins Petrofac from McDermott, where he has worked for 21 years, most recently as Senior Vice President of its Onshore and Offshore business lines.

A strategic, high-performing leader with a wealth of operational and commercial experience, Tareq has worked in the engineering and construction industry for over 30 years and has completed domestic and international assignments for mega onshore and offshore oil and gas projects.

Tareq is fluent in Arabic and has extensive experience in the Middle East, having lived and worked there for 18 years. Before McDermott’s combination with CB&I in 2018, he was CB&I’s Group Vice President, Engineering and Construction, International. Before joining CB&I in 2000, he worked with KBR for two years and Consolidated Contractors Company for seven years.