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"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."

The banks have lost interest.

Says it all

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.

Stalin - i wish i could see your face when this drops below 10p today

Everyone trying to see something positive in this RNS needs their head checked. The share price is gonna crash and crash hard today. Shorters win end of.

Terrible RNS. Fully expect this to drop to around 10p today, maybe even less.

Stalin - you said excellent RNS, what u smoking???!!!

The full year free cash flow guidance1 provided with our interim results was based, in part, on unwinding historical working capital and collecting advance payments on the new contracts secured in 2023. While the Group has made progress in reaching contractual settlements and unwinding working capital, given delays in securing advance payment guarantees, it no longer expects to receive these advances before the year-end. Consequently, it no longer expects to meet the guidance previously provided for full year cash flow.

About the worst possible news they could've given

Https://www.energyvoice.com/oilandgas/542583/petrofac-share-price/

I've read this article by quickly taking screenshots before the paywall pop up appears. For me doesn't look good for PFC.

Explains the balance sheet problems and the lack of love banks have for the oil and gas sector at the moment.

Also says the petrofac board declined to comment on the recent share price movement.

Analyst from hargreaves lansdown says that petrofac have always been a heavily shorted company so can't fully blame them for the recent downfall. Investors have just plain lost confidence in PFC.

Share price is holding up pretty well today. F**k knows what it will be tomorrow but today not too shabby

Astaris closing .45% of their shorts is all the confidence i need.

March 2021 the shorts were at 10%. Two months later the share price increased by 45% and shorts were down to around 2%. Now is defo the time to come in.

Neil777 - like you said mate the shorters are just doing what shorters do, take advantage when there is uncertainty. I'm not worried one bit. The silence from the BOD is golden for me. They know there is nothing to say that's why they're not saying anything.

Https://www.shorttracker.co.uk/company/GB00B0H2K534/

Astaris have reduced but a few others increased. My bet is they will take this down further tomorrow but i am very confident this will recover to at least 40p before the trading update.

Garydav - It could but it seems to bounce off 22p. Could be the bottom, we shall see

Stujob - I don't wanna get too greedy, 40p will do me just fine haha.

Yep that's roughly £200mil sub-contract Petrofac gave out to MHB. Anyone selling at this price is crazy. This will rise back up to 40p minimum before the trading update.

Tony99999, back again even after you said you've given up trying. No luck finding a new hobby then loooooooooooooooooooooooooool

Tony99999 - Friday gone you wrote you gave up trying to help but you're back again. You need to find a hobby looooooooooooooooooooooooooool

al4x. there is nothing going on. the shorter's are using current geo-political events to scare pfc shareholders into selling. they're still ****ed off about their losses when the tennet deal dropped. patience is required here nothing else.

The shorters can take this below 30p if they want. Am i gonna sell, no chance. With the backlog PFC have now patience is all that's required here.