Member Info for Snapper10

Realbites
I see PFC has 2 major problems and until SFO and Innsworth are put to bed PFC are toxic.
The Problem is there is a potential liability by way of a DPA (I don't see any news of a DPA being agreed as The SFO would appear to hold the ACE cards in that they have got a Guilty plea with potentially a man who could be the star witness)
Innsworth in my opinion need to make a move soon because if the SFO succeed there may be possibly nothing for investors if they were sucsessful in a action .(Or would the action be against the Directors I don't know ?)
with these actions in play PFC are potentially exposed to between £2.5 and £1.5 billion in settling these cases successfully,
Sami Iskander has got to resolve these issues to obtain new contracts of any value otherwise PFC will continue to drift aimlessly.
Pokerships appears to disagree and claims this is not factual,If PFC issue rebuttles to what is in the public domain regarding SFO and Innsworth then my speculation and theory are wrong.I say its Information thats in the public domain and is common knowledge and should be discussed by investors in PFC..
Its my opinion and no one has to support me but people can disagree without being personal is all I ask
Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse. This could lead to an unlimited fine and up to seven years in prison. If you have any information, concerns or queries about market abuse

Snapper
Is Still here and I did not bin any messages,That was someone else....

And this government has got a track record of contradicting itself.
Libya is also a country that has been riddled with corruption and is a other reason to stay clear.
Unfortunately the UK government again contradicts itself by not highlighting this FACT.

The Foreign, Commonwealth & Development Office (FCDO) advise against all travel to Libya. This advice has been in place consistently since 2014. If you’re in Libya against this advice, you should seek to leave immediately by any practical means.

Says it all Libya is still waring country and PFC want to work in a country with these risks.
It is not the judgement of wise men it more reeks of desperation.
$100 million is hardly a big job,!!!!!

Realbites/Pokerchips

https://www.jerseylaw.je/judgments/unreported/Pages/%5b2018%5dJRC058.aspx

This also shows and insight into how PFC are run.
And don't say old news (its and example)
In my Opinion

Nothing gets paid or purchased in PFC without Senior Approval
Also compared to other EPC contractors Staff have a very low level of authorisation.
You need more signatures on documents than there is space for.
Micromanagement to the tenth degree
I would imagine in my opinion the SFO will have understood that by now!
Further Charges can not be ruled out for anybody as the SFO case continues especially if someone is very cooperative and is assisting them.

Pokerchips
Dont be shy ...let's have your spin on it .... you think some have come from Asfari ?
If they did would he not have to declare it to the LSE?

Pokerchips
In my opinion I stand by my statement I don't believe any large contracts will come PFC way.
The bidding process is quite complicated and in most Major clients it would take a lot of persuasion to get a award to PFC as long as a investigation is ongoing by the SFO through a ethics committee.
Especially more so a bid that was extremely attractive and they would scrutinise every detail?
Could it be someone is raising cash by selling to Schroder's I don't know a bit of a coincidence.
Tying PFC and Wood together its not what I see as a attractive deal ,according to the DPA the SFO issued regarding AMECFW they have concluded a deal at corporate level but are still pursuing individuals involved ,again this could be a long way down. the road.
Schroder's may be replacing someone who has a large investment in PFC and Wood?

For Fitch Ratings, a "AAA" rating signifies the highest investment grade and means that there is a very low credit risk. "AA" represents very high credit quality; "A" means high credit quality, and "BBB" is a satisfactory credit quality. These ratings are considered to be investment grade, which means that the security or entity being rated carries a high-enough quality level for most financial institutions to make investments in those securities.4
BBB is the lowest rating of investment-grade securities, while ratings below "BBB" are considered speculative or junk

Interesting Readhttps://www.fitchratings.com/research/corporate-finance/fitch-affirms-petrofac-at-bb-withdraws-ratings-07-05-2021

And I will continue to post my view on PFC.
Its a free country and my view is as relevant as yours

I have no time for PFC full stop,I don't try to disguise this.
Bribery and Corruption is a cancer and it needs to be eradicated and I don't buy this nonsense about "Old"PFC and New"PFC" its the same company and its not changed one bit other than try to put a spin on it by blaming someone else.
Payments were made that were illegal and were authorised not by "Middle" Management but by people at Board level.
PFC used to question people who had Alcohol on there expenses ,and HR would tell you its come from the top tell the hotel to show it as meals or laundry,Its a company that is very micro managed so for anybody to think Bribes could be payed and nobody knew about them is absolute rubbish.
I certainly wish the SFO all the success in bringing this case to a successful conclusion and expect it to benefit honest companies in the future.

Realbites
Petrofac chief executive Ayman Asfari admitted the company had “a lack of experience” working in environments with such “high labour costs and low productivity levels”.
A construction camp for 450 men and it ended at its peak at over 3000 is incompetence
He's the main shareholder in PFC he knew the weather in the Shetlands as he was there at the very start of the Job.
PFC could have walked away from the Job then through the contract and lost very little but Ayman Asfari was the one who said PFC will make money on this Job
PFC was declaring profits in there accounts for SGP for 2 years.
It was losing big money from day and hour they PFC arrived on the Island.
Provisional Sum of £200k for Scaffolding was first thing I saw I am still laughing to this day Final figure of £37 million for Scaffolding
The expresión Clueless in Seattle springs to mind

Pokerchips
https://www.shetnews.co.uk/2015/04/28/workers-blame-petrofac-for-gas-plant-delays/
CONSTRUCTION giant Petrofac has accepted responsibility for the 15 month delay in building the £800 million Shetland Gas Plant after unions attacked them for trying to shift the blame onto workers.
The unions’ outburst came one week after Petrofac, the chief contractor on the project, claimed bad weather and industrial action had caused the hold up, which has seen the multinational company lose almost £300 million and sent its share price falling.
In a hard-hitting statement this week, shop stewards with the main on-site unions GMB and Unite said Petrofac had “grossly underestimated” the complexity of the project they had undertaken.
On Wednesday Petrofac responded, saying they “publicly acknowledged our shortcomings on the execution of this project” and remained “committed to an ongoing dialogue with the unions on site.”
As a result the company had to employ far more workers than originally envisaged, chartering cruise liners and accommodation barges to house over a thousand men and hiring vast numbers of coaches to transport them to work for the past two years.
In a strongly-worded statement, the unions accused their employers of “an outrageous attack on the workers constructing this highly technical gas plant”.
They said blaming the workforce and the weather was “truly unbelievable”.
“This is the Shetland Islands, there are adverse weather conditions all year round.
“Didn’t Petrofac study the historical weather data of the Shetland Islands? The Shetland weather seems to come as a surprise to the Petrofac management.”
Last week Petrofac chief executive Ayman Asfari admitted the company had “a lack of experience” working in environments with such “high labour costs and low productivity levels”.

Pokerchips
Do you work for PFC? you are just very eager to defend the indefensible.
So PFC did not lose money on the SGP is that your view?
I am not really interested in WOOD
Innsworth do not appear to have gone away or can you state different?
Its my Opinion

dinoB

Its my Opinion

Petrofac shares were trading at 395p when litigation commenced and today they are around the £1 mark so I would imagine any litigation to reflect the outcome of that case settlement value.

dinoB

Its my Opinion

Lufkin has pled Guilty and I do not see him being sentenced until "All" the others being investigated are either cleared or charged, At that point I would expect sentencing to take place, "

This is normal practice in The United Kingdom when you have a fraud case, Its usually the case that when the trial is finished that sentencing is decided to all the guilty parties at the conclusion of a trial, and putting a Guilty Plea usually reflects in receiving a lighter or reduced sentence,

On the Subject of DPA know one knows if is part of the investigation, my opinion its not because the SFO have got a Guilty Plea and as I stated previously its likely Lufkin will cooperate fully to get a lighter sentence,

Innsworth are pursuing PFC for £400m that figure could change due the share price drop and that will also wait on the SFO case in my opinion.
In the meantime where are any MAJOR contracts coming from?

The last JV award in excess of $1 billion was 2019 in Thailand and that is coming to conclusion, So where’s tomorrows contracts?

You are only allowed to speak of the GOOD PFC apparently on this forum otherwise it is seen that Bribery and Corruption is acceptable and any opinion that’s does not support the Good PFC is rubbished unfortunately.

95% of the share price has disappeared since 2012 should be a strong enough guideline and the fact PFC lost £650m on the SGP and blamed the weather and low productivity tells the BOD judgement calls are pretty poor.

The UK Serious Fraud Office (SFO) confirmed that David Lufkin, 51, had pleaded guilty to eleven counts of bribery.
The conviction relates to “corrupt offers” made to influence the award of contracts to Petrofac in Iraq and Saudi Arabia.
The offers of payments were to influence contract awards of more than £2.7 billion in Saudi Arabia and £565 million in Iraq.
Mr Semaan’s family released a statement hitting back at what they perceive as an attempt by Mr Lufkin to shift blame from himself to Mr Semaan.
A spokesperson for the Semaan family said:“Following media inquiries, the family of deceased Petrofac International co-founder Maroun Semaan has expressed deep concern that individuals implicated in a bribery scandal may be seeking to shift blame to him.
“A confidential document purportedly from the SFO was drawn up after former Petrofac senior manager David Lufkin indicated he would plead guilty. Lufkin has not been charged with conspiracy yet he has named a number of Petrofac executives.
it was revealed that Petrofac is also facing the prospect of a £400 million payout to investors amid legal action linked to an alleged bribery scandal at the oil services firm.
Litigation funder Innsworth and law firm Keystone said that they are analysing potential claims and are actively putting together a group of shareholders to launch action against Petrofac.

Evidence in my opinion why Lufkin is not sentenced
Fraud Sentencing Guideline
Common law, Fraud Act 2006, s.1, Theft Act 1968, s.17
Effective from: 1 October 2014
Factors reducing seriousness or reflecting personal mitigation
Reducing seriousness or reflecting personal mitigation
• No previous convictions or no relevant/recent convictions
• Remorse
• Good character and/or exemplary conduct
• Little or no prospect of success
• Serious medical conditions requiring urgent, intensive or long-term treatment
• Age and/or lack of maturity where it affects the responsibility of the offender
• Lapse of time since apprehension where this does not arise from the conduct of the offender
• Mental disorder or learning disability
• Sole or primary carer for dependent relatives
• “Offender co-operated with investigation, made early admissions and/or voluntarily reported offending “
• Determination and/or demonstration of steps having been taken to address addiction or offending behaviour
• Activity originally legitimate

I can assure I worked in Sharjah Aberdeen and on Site at the SGP and I still have the Business card.
Spell checks are a bit of a *****
The guys after I left used to send me copies of the e mails they got and one of the standard replies was Did "Snapper10" not highlight that when he was here,The response was a way bring your employment to abrupt end in Petrofac and was used on at least 3 occasions to get a "paid ticket" out.