On 3rd July PFC announced that it was trading well ahead of expectations. Not surprisingly, sp jumped but has now fallen back pretty much to the same level as before the announcement.

While perhaps not as exciting as finding the next Cairn, remember that in the goldrush days, it was rarely the prospectors who made the money, but rather the suppliers of the spades and tents and stuff - e.g. Levis if memory serves me aright.

From today's Times:

Deal of the day
Ayman Asfari, chief executive of Petrofac, the builder of drilling rigs, revealed that he had sold shares worth 34.4 million at 615p each on Tuesday. The Syrian-born entrepreneur cashed in 56 million at the 2005 float. His stake comes down to 18.5 per cent of the company. Petrofac shares, buoyed by the record oil price, rose 3p to 620p.

unless i am much mistaken, UBS or similar put out a sell note a couple of days ago ...... not one their best calls was it!!

One of the more safer trading outfits are PFC.IMHO.

I see we are rising again.

Superb increase this morning !

Aye, however I feel someone knows something we don't. Let's see if anything surfaces.

OK, here is an update, courtesy of 'Bangers' on ADV...

Petrofac Ltd. (PFC LN) advanced 31 pence, or 4.9 percent, to 669. Goldman Sachs raised the U.K. oil services provider with projects in the Middle East, the North Sea and Kazakhstan to ``buy'' and added the stock to its ``conviction buy'' list.

``We believe Petrofac is very attractively positioned in its core businesses, and that it is 12 months away from a substantial lift in earnings from Energy Developments, a division that we see as undervalued,'' Goldman wrote in a research note dated June 6.

UBS has upped PFC from Sell to Neutral and increased target price from 600 to 740.

1H08 Trading update coming next week. I am hopeful that it will make a good read.

Looks like the market feels the same, up 3.5% to 712.0

It's a long term winner in a "super-cycle"

Interesting article in the Sunday Times yesterday - talks a lot about other oilies also, so worth a read. Points out how a number of companies are currently undervalued:

Oil sector shares plummet
Overreaction to falling crude prices paves the way for takeovers in services industry

Sunday Times article 24 August

Results on Wednesday

tremendous results on which sp surged .... i was away and missed it .... however, i noticed sp was just nudging 50 dma this morning and looked to still have impetus, so bought .... so far so good, but it's a damn good company anyway

Missed the rise myself but pleased (well today anyway ) about rises in DNX,MRS, and JKX (an IC tip today).

Excellent Interims, well received Acquisition and today news of this most promising far east joint venture, and there's me waiting for a pull back to get back in... fat chance any time soon -):

http://sharecast.com/cgi-bin/sharecast/story.cgi?story_id=2313691

haven't read that that link, but prob to do with helicopter crash at a site off dubai ..... nothing to concern PFC per se ..... such a good company this, though it can be a bit volatile

That's the one

Looks like 30, 50 & 200 DMA lines will converge on the chart. It has happened before in 2006 & the sp steadily rose to new heights. Am not knowledgeable enough to say if this is a recognised pattern. Anyone else shed light on this?