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And if they can’t, I honestly don’t see how they aren’t a serious takeover or buyout target. They could be bought for equity and debt, there’s a hugely undervalued strategic asset here.
Https://uk.investing.com/news/stock-market-news/goldman-sachs-raises-4bn-for-midmarket-infrastructure-fund-93CH-3200840
Stories like this excite me about PFC. The infrastructure and energy transition sector is huge. If the company can resolve its legacy issues, the future is very very bright.
Ok! That one made me laugh!
On a brighter note, the TenneT agreement was supposed to release two contracts annually every six months so (in theory) we are due an RNS regards another $1bn + contract soon - that should be more than enough good news to slice another good % off the shareprice!
Edit: kills this market for the small guy. The LSE is a basket case.
Just looked at that ~ remarkable! Where the heck are those weak hand shares coming from. For a short to basically exit at a lower price than day before on news of a 600m contract win is a disgraceful indication of the type of market the LSE is. This type of rubbish kills this market the small guy.
Https://www.energyconnects.com/videos/video-interviews/2023/october/petrofac-set-for-growth/
What stinks is the LSE! Absolute shower of a market. Appalling volume once again. I know that the ADNOC contract was pretty much sign posted in the media as likely but I can't believe we are current under opening price!
Lots of retail selling but did I see a 100k buyer taking them ?
The call is at today so I’m sure an analyst will ask about cash position. I seem to recall that the need for a RI was dismissed by the CFO on the previous call. My understanding remains that they have conservatively accounted for the legacy contract issues so (provided no changes as they caveat), there is a potential future accounting upside if the issues are settled with more favourable conditions. Kitchen sinking as others have mentioned.
Anyway, don’t think it matters too much what low level retail thinks. This is going to move based upon whomever is buying those 1m blocks recently.
Last thing I would say is get most of those legacy issues cleared (most this year they say) and this market cap is ridiculous regards the pipeline and client base. They remain highly exposed to a opportunistic takeover (which I know counts of a lot of the deeply depressed UK market)
Basically, the plan is working and no nasty surprises. I think the idea that they would throw some multi billion contract in on results day was always a little fanciful.
Not quite sure the reasons for such negativity but I assume that’s a short term trader view.
What I read is a remarkable turnaround in E and C. The legacy contract issues booked and remarkable uptick in contracts and backlog. They mention that the awards have little impact in h1 other than booked as backlog. They also talked about a robust pipeline with further 23/24 awards/contracts moving apace (to paraphrase).
The new CEO is very impressive. This is a very good story and still in its early stages.
It still surprises me that 4m buy a few weeks ago hasn't triggered an RNS and did create a bigger wave in the share-rice.
I see mr 100k bought again today (showing after hours). That's a very consistent purchase pretty much every trading day. Shorter's closing or someone building a stake? They are lucky the market is so weak and allows them in so cheaply.
Https://files.nettsteder.regjeringen.no/wpuploads01/sites/275/2023/07/Petrofac-rec-obs-ENG.pdf
Full report. Doesn't seem particulary insightful and more of a box ticking exercise regards the Ethics committee documenting what's already known to probably cover their remit.
Have to say though 'Unacceptable risk...' seems pretty string language considering that the text provides nothing of substance to back that up. If I were the board of PFC, I'd be considering whether this merits a complaint or other course of action.
As an aside, I find it amazing the Norwegians would be so robustly critical of a UK company that have now been fully investigated and the case closed by the SFO. That's not very friendly !
Https://etikkradet.no/petrofac-ltd-2/
Here's the actual text. In a word, nothing new here. Seems like a very very slow reaction to old news. They obviously make decisions at a pretty slow pace.
What most upsets me is that someone managed to work a 4m buy so easily. My assumption would be a short closing but, even if its a stake build, its infuriating how easy it is to do this in the LSE. The LSE is such a weak retail market the II/hedges can do what they like. There's no short burning in this market!
Another contract in the bag! Lovely!
I think what most upsets me about this share is the fact that this should have been a stunning opportunity to invest in a UK based O&G company that could have been the bedrock of a sensible domestic energy security policy. But, of course, this Government just saw it as a cash cow to be exploited and now we have a zombie company bobbing up and down within a trading range (probably whilst awaiting the next Labour Goverment to finally destroy what's left of the North Sea economy). How depressing.