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.

..So they agree with us then -):

they've been following the thread

i'll try not to get overexcited about this company, though i have been a fan for a long time ...... current chart is very encouraging and will be the more so if the recent fhigh of 680 can be broken with impetus

in any case, as i have posted elsewhere, the oil service industry is coming back to life pretty quickly on the back of the improving crude price (watch LAM too, not least as a t/o target)

Business Financial Newswire
"Oil & gas services provider Petrofac has been awarded a $2.1bn integrated gas development contract in Abu Dhabi.

It's 50%-owned joint venture, Petrofac Emirates, in partnership with GS E&C, has received a letter of award from GASCO for a contract with a value to Petrofac of around $1bn.

The 48-month lump-sum contract, which is due to start in August, is for the construction of the 4th NGL train at the Ruwais complex in Abu Dhabi.

This is the first project to be awarded to Petrofac Emirates, a JV with Mubadala Petroleum Services established in November last year."

particularly heavy traffic in PFC today as well as an exceptionally strong sp .... probably something of nothing, but worth noting though no rns

aha! .....

Oil sector services group Petrofac was the biggest FTSE100 gainer at high noon, up 74p at 824.5p, benefiting from an ugrade to buy at UBS with a 1,000p target price.

just for the moment - i guess because i am an active trader - i have just locked in a very respectable profit.

however, if we have a couple of bad days, the odds for which must surely be quite short, i am quite sure i shall buy back in

stunning results this morning, with sharp correction due to selling on the news ..... wasn't quite quick enough, but bought a slab at 895.5 which is already in the money ...... now have a look at LAM, which has also suddenly perked up

sold LAM friday at 122 after a couple of months of the 108 - 120 yoyo !! as you say better to take any profit than a loss.

LAM is a long term (for me!) holding as i have a lot of faith in that company, or more precisely in the general resurgence of oilfield service companies.

that said, i believe Wellstream (WSM) issued a profit warning the other day and of course go hammered

rf .... from your AFR post ..... not sure who is big enough and/or would want to swallow PFC

Business Financial Newswire
"Oil and gas services group Petrofac raised its interim dividend 43% after reporting first-half net profit up 20% to $145.6m from $121.2m.

Revenue for the six months to June 30 rose 1% to $1.586bn from $1.576bn. Net margin rose to 9.2% from 7.7%.

The company said its first-half order intake was $5.8bn against $1.7bn in 2008, with its backlog more than doubling to $8.4bn at June 30 against $4bn at the end of December.

CEO Ayman Asfari said, 'Notwithstanding the significantly lower oil price environment experienced in the first half of the year the group has performed well and, subject to any unforeseen circumstances, we are confident that we will deliver earnings growth for the full year of at least 20%.

'With over $6 billion of new contract awards secured in the year to date the group has record backlog giving outstanding revenue visibility and underpinning the group's confidence that strong growth in earnings will continue well beyond the current year.'

EBITDA rose 16% to $207.5m from $179.2. Gross cash balances were $900.2m, up from the end December figure of $694.4m.

Diluted earnings per share rose 22% to 42.7c from 35.13c. Interim dividend was raised to 10.7c from 7.5c. Ex-divi date 23/09/09, paid 23/10/09"

Shell, BP, etc...and a few asian companies....to answer your question Cynic.

i am not sure that true oilies - e.g. Shell - would perceive PFC as adding to their core biz asset base.

anyway, i see that all the papers seem to have greeted yesterday's numbers with a fair amount of enthusiasm

Tempted to sell once the divi date has passed as this rise can't go on like this forever!

"Petrofac downgraded to underperform from neutral at BoA Merrill Lynch, 930p target held"
Business Financial Newswire

Nowadays : you have to sell before the exdividend date, because the sp drops far more than the dividend is worth.

Great, now you tell me! ;o)
However am expecting a bounce, so will put a limit sell on the system & hope for the best.

"US investment houses Goldman Sachs and Merrill Lynch dealt oilfield support services group Petrofac a double-blow on Friday with some bearish comment.

Merrill Lynch has downgraded Petrofac to underperform from neutral, with a price target of 930p."
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..Oh they do go on don't they -):

depending on general market conditions, a bounce at 930/935 looks a distinct possibility - always assuming you rate the stock