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.

PFC have tied up an agreement a "strategic alliance" with BLVN to develop BLVN's licence off Cameroon .... certainly good news for BLVN

StockMarketWire.com
Oil services firm Petrofac (LON:PFC) has won a further inspection, maintenance and repair contract for the Rumaila oil field in Southern Iraq with its joint venture partner, China Petroleum Engineering & Construction Corporation (CPECC). The $229 million contract was awarded by BP (LON:BP.), via the Rumaila Operating Organisation (ROO), following a competitive tender.

The three-year contract, which is worth more than US$160 million to Petrofac, will be led by its Offshore Projects & Operations (OPO) business. The contract covers the inspection, maintenance and repair of degassing stations, rotating machinery and cluster pumping stations and came into effect on 1 November 2012.

Marwan Chedid, Chief Executive of Petrofac's Engineering, Construction, Operations & Maintenance (ECOM) division, commented: "We are delighted to have been awarded a further contract for the Rumaila field. This award is testament to Petrofac's ability to deliver to a high standard in Iraq and builds on the success we have achieved over the past year in this field. Alongside our partner CPECC, we look forward to developing further our relationship with BP Iraq and the Rumaila Operating Organisation and helping to ensure a safe and successful future for this flagship field."

MJ may like this ..... sp is right at the top of bollinger band ..... does that mean pull back is imminent or merely that bollinger band will keep adjusting upwards as/when/if sp keeps ticking ahead?

H
e probably thinks you are taking the Pxxx cynic :O) looks a positive chart to me but wtfdik:O)

i don't think he will .... we have kissed and made up of late, and his chart interpretation is often interesting and even good sense, especially for short-term momentum trading

Great to hear, I agree with you :O)

Nice little earner or what? http://www.moneyam.com/action/news/showArticle?id=4497363

Out with a profit and Divi.

i THINK i'll just keep this as a core holding

I keep getting back in at this level and then it falls back so staying out for a bit now.

no doubt about it; it's having a lot of trouble busting this 1700 resistance

at long last 1700 barrier has been broken ..... now it remains to be seen whether or not that break can be sustained

"at long last 1700 barrier has been broken ..... now it remains to be seen whether or not that break can be sustained".. Answer? 7 days -):

http://uk.finance.yahoo.com/news/stocks-news-europe-saipem-profit-090025027.html And what "exactly" has that got to do with PFC?.. Over reaction or over reaction?

just a general sector wallop it would seem... all very logical!

Bouncy, bouncy.

ouch down 22.50p, bouncy, bouncy or yes but down

There is more questions than answers for those investing in this company

Safe but get nothing is the answer, money almost better under the mattress

The one liner's thread can be said on here

the 5-year chart below gives a much better (more accurate) picture ...... however, it is true to say that sp is having a lot of difficulty in breaking through 1700 and holding there ....... as for 22.5p on a share of 1650 - it's barely a blink!

I visited Petrofac's offices in Aberdeen on business quite recently.

I was left with a number of impressions:

Aberdeen is booming and awash with money, it's difficult for a company not to make money in that environment. Aberdeen is perhaps the oil and gas capital not just of the North Sea but of the world, a justifiable claim,.

Petrofac seems to have grown too big too quickly. I was amazed by the inefficiencies of the business I encountered in just a few hours on the premises.

Difficult to predict their future, but if times get harder in the business PFC are already behind the curve.

re OUCH

Strange thread opener and holder not noticing results and share price low of the year 1504p now down 94p, I think I saw - cynic - posting somewhere else erlier

Can the 1500p hold? >>>>

Midday Report
A tick-up in crude prices helped Shell to gain 11.5p to 2197p, in the wake of its deal with Spain's Repsol to acquire gas assets. BP was up 1.15p to 445.25p but oil industry service group Petrofac slipped 66p to 1531p despite saying revenue improved 9% to $6.3bn in 2012 and net profit rose 17% to $632m.

i'm still a holder but could have done without today's battering ..... JPM did not like the relative lack of clarity for 2013 and the profit warning from Saipem a week or so ago did nothing to improve sentiment

LAM has been similarly dreary of late

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strange comment about "thread opener" :-)
you may note that i started this on in 2006, so rather a lot has happened since then!!