Member Info for Snapper10

"The simple truth is this company at this moment in time are loss making with serious cash flow problems......"

That is conservative to say the least.......PFC are burning millions on Legacy Contracts Thai Oils is over a 200 million alone this year.....

over the years these loses add up and the true figure is in the £3 billion Black Hole.......iTS NOW OUT THERE.......

Read the Accounts and Weep the truth hurts.....

Petrobust.......Yippee

IN the RNS no mention of the Legacy Contract Closure.......

In Fact its getting Bigger??????

If the Banks think the Black Holes is £3 Billion....

What is the Auditors going say?????

Letters of Termination on all contracts being written as we speak by the Clients.....

Possibly some in the Post........

Carillion 2..........

Aiden wouldn't work in a iron lung...

PFC are going under.......

How hard do you think it is to place Advanced Payment Bonds and Payment Guarantees......

My Experience working for the likes of FWEL and Simon Carves was within 48 hours of a initial request.......

Petrobust this has been going on for at least 12 months.......

Wake up smell the coffee......the writing is on the wall........

The only thing is that Petrobust is not going anywhere......

Assets Non existent

Buy Ouy nonsense

And Banks dont want to know them........

I thought I had written it.........

Old news.......

The BOD can spout Propaganda about New Contracts……..

But when you have Legacy Contracts Which are costing your company money then you are not addressing the fundamental’s…

PFC has a history of major losses on these contracts……….and lying about the same losses in the past.

The auditors consider these as the biggest Risk to PFC ……….. And so will any Bond Lender.......

Therefore until these are fully addressed everything else is just a Dog and Pony show

The Auditors are going to ensure that every dime lost is properly attributed……

Furthermore the auditors

Will continue with the mantra of

“Change in 2023-The risk level has increased during the first half of 2023 due to the prior year restatements identified in the 2022 financial statements. We continue monitoring relevant risks and effectiveness of our financial controls.”

Details-Increased.......

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

Maybe even liquidator.........

Things are so bad.......

PfC are already trading like a company in ADMINISTRATION just now......

They cant obtain Funding for the Fundamentals of a EPC contracting company.......

Smacks of Desperation

Every ones wrong....

Remember this share was £17.50 .......

Now a penny share waiting for the administration to be appointed ........

Administrator Looms.....

If a EPC contractor cant get Advanced Payment Bonds and Contract Guarantees from funders ..........

Its obvious to a Blind Man the Death throughs are in process........

Its only the desperate and stupid that dont want to see this........

Jem 1972

"You seem to have very good insider information on the company" ........Wrong......

Correctly Phrased ......"You seem to have very good information on the company".....

Insider means corruption........I am not corrupt.....

its all in the last published PFC accounts Just Read them........

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

On ADMINISTRATION you dont get to vote.......

PFC are in total LIMBO.......Everything is on HOLD,,,,,Burning PFC MONEY.......Contracts are not Crystallised until the EPC contractor has a Performance Guarantees and Advance Payment Bonds in PLACE..........ITS AS SIMPLE AS ABC......

On Service Contracts a Performance Guarantees and Advance Payment Bonds are not required as like last weeks award.....However its also a call off contract and its value could be negligible as well.......

"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 pulls the plug.......or starts looking elsewhere.......

And on top PFC still have to satisfy the Auditors on the £!.2 Billion Black Hole......Wonder how thats coming along.....AS thats why Bond Underwriters will not entertain any new Performance Guarantees and Advance Payment Bonds until everything is closed out IMHO.......

'The announcement of impending job cuts at Petrofac, amidst its restructuring efforts, marks a turning point for the company and its stakeholders.'

What happened to all the New Jobs announced in December........

Petrobust

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……………

Wording of Bond is important and the Issuer of the Bond will have to be acceptable to the Client.......PFC are Desperate......

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

…………….

3 months and no Bonds..... The clock is ticking and the Grim reaper is calling for PFC

And on Legacy work these Bonds will be still in Place……….Or have some Bonds been Pulled already and Thats the real Problem??????

The Auditors Told everybody that the Biggest Risk in PFC was "Financial Mismanagement".....

Auditors that insert statements in company accounts that have just been convicted for Fraud don't do it for fun........

Considering PFC have lied constantly in the past and GREEDY INVESTORS believed the Propaganda...... You would have thought people were not that stupid.........They are ........

The Black Hole appears and its bottomless .........

When will the Auditors Report be Released...........

The Kiss of Death to any chance of Performance Guarantees and Advance Payment Bonds for Petrobust.......

Investors need to prerequisite the essentials to realise some rudimentary fundamentals for Investors encircling the Legacy work and the Performance Guarantees and Advance Payment Bonds that will all be in security or retained as existing as part of the Bonds procedure…

Explicitly around Performance Guarantees which are normally 10% of the EPC contract Value…….If evidently PFC have 3 outstanding Legacy,,,,{Best Case Scenario)…… EPC Contracts with Performance Guarantees outstanding on contracts to the primary value of around £3billion.the cost to the PFC revolving credit facility would be £300million as that’s the irrevocable bonds in place due to failure to complete the EPC contract to its required Performance capabilities contained in the EPC contract…..

If apparently PFC have more than 3 outstanding Legacy contacts then this they would be in a Agamemnon scenario…….FOR ALL…….

Furthermore the EPC clients can convert the Performance Bonds to recover liquidated damages under the contract…If the Plant constructed is not meeting its Performance requirements as stated in the EPC contract….. Liquidated damages are frequently capped at 10% of the contract value and a impact to that would result in a supplementary substantial total loss of the £300 million to PFC…..

Over the years the Legacy work PFC have had is well documented in the accounts….Its only a case of looking but the banks will also have noted this and here embodies the reason pressure is now put out on PFC by the banks of around there exposure under the Performance Guarantees and Advance Payment Bonds…….

PFC Revolving Credit facility of $550million is constrained to the bonds which are in the region of $300 to $400million giving them PFC access to working capital of $100 to $200 million in real terms…….IMHO

Source-“PFC Group…. (US$550 million new debt facilities, comprising US$500 million bridge to bond and a US$50 million term loan; and

US$180 million revolving credit facility as of 26/10/2022)”

https://www.petrofac.com/media/news/petrofac-limited-results-for-the-six-months-ended-30-june-2021/

This is to some degree will have been additional highlighted by the Auditors… “Auditors highlight that a risk level has increased…especially “Misstatement of financial information” ……..

TenneT have engaged a contract with PFC and are sedentary awaiting for PFC to put in place the required Performance Guarantees and Advance Payment Bonds for a contract?........Will TenneT delay for ever.........The Clients will go with Contractors who can Satisfy the "Contract Requirements" for Performance Guarantees and Advance Payment Bonds....... "

And in the Meantime...the clock is running......PFC are in a total INDETERMINATE STATE.......Can not Raise a Performance Bond tells you this is PETROBUST..........

Something that is missing to a lot of people.....

Is that PFC claim to be winning new contracts.......

They dont currently have thr funds to compete legacy contracts.....

Or provide funding for Performance Bonds and Advanced Payment Bonds......

What's being churned out is propaganda.....

And time is fast running out.....

Clients are going to go elsewhere........

And once one goes the house of cards will quickly fold.......