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.

Definitely worth leaving this one alone to at least early next week what with the Opec meeting tomorrow.

:))

Down another 6%.

it's truly vile, but now too low to want to bite the bullet .... with PFC and TCG this week, it has not been a fun time

Agreed, but this one has a habit of storming back in time, just a matter of how much time especially in the oil related sector.

i wonder if it would be considered a target for anyone

Suppose it depends on the fella Agwar as he seems to own most of the shares if i'm not mistaken.

Think you'v got problems ,i ploughed in to Afren big time yesterday ,timing and wrong comes to mind .

i hold a few AFR, but am not at all tempted to buy more

I haven't held PFC for some time luckily and don't expect a rise in their SP any time soon but they will definitely remain on my watch list.

StockMarketWire.com
Petrofac has received an award notification for the first phase of Kuwait Oil Company's (KOC) Lower Fars heavy oil development programme. With a total project value of more than $4bn, Petrofac is leading a consortium with Greece based Consolidated Contractors Company (CCC) as its partner.

The scope of work covers greenfield and brownfield facilities and includes engineering, procurement, construction, pre-commissioning, commissioning (EPC), start-up and operations and maintenance work for the main central processing facility (CPF) and associated infrastructure as well as the production support complex.

This includes a pipeline of almost 162 kms which will transport the heavy crude from the CPF to South Tank Farm located in Ahmadi, from where KOC has the option to send it to the proposed Al-Zour refinery in the south of Kuwait.

The EPC element of the project, which includes 10 months commissioning and ramp-up work, is anticipated to be completed in approximately 52 months following which the plant will be turned over to KOC.

Petrofac and CCC will continue to provide an integrated team at the site for a further eight months to undertake operations and maintenance alongside KOC.

When fully operational it is expected that the initial phase of the Lower Fars heavy oil project will produce around 60,000 barrels of oil a day.

Timmy opens his wallet again http://www.moneyam.com/action/news/showArticle?id=4978700

Final Results http://www.moneyam.com/action/news/showArticle?id=4983276

shows how hard PFC have been hammered in recent times .....
in the good old days, PFC like DOM, always dumped on results .... today it's up 20p

Ex-divi 16th Apr 2015 (43.8¢)

Tim spends some real money... at last http://www.moneyam.com/action/news/showArticle?id=4985232

PFC has been recovering steadily in recent weeks, though it remains miles below its high

the chart below shows sp crashed through 200 dma level in May last year and hasn't been closed to breaking it since ..... at time of writing, it is still about £1.00 from it now

Chart now looking very good Mr C and coming up for a decent divi also.

StockMarketWire.com
Petrofac has just completed a full re-assessment of the schedule and cost-to-complete estimate for the Laggan-Tormore gas plant project. It said it was entering the final stages of the project on Shetland in the UK.

"Whilst we still anticipate project completion in the third quarter of 2015, as a result of the significant amount of additional man-hours and associated support costs required over the remaining months of project execution, we now expect to recognise a further pre-tax loss on the project of around £130 million (US$195 million at current exchange rates) in 2015," the company said.

"The additional costs we expect to incur reflect our firm intention to devote all the necessary resources to the project to meet the delivery commitments we have made to our client. We anticipate that construction activity on the site will be substantially complete by mid-June and we intend to provide an update to the market on the status of the Laggan-Tormore project with our trading statement scheduled for 23 June 2015."

"As we noted in our full year results announcement issued on 25 February 2015, in line with our latest assessment of schedule and cost-to-complete for the Laggan-Tormore project, and the final commercial settlement agreed with our client, Total, the Group had recognised a loss on the project of US$230 million(1) in the year ended 31 December 2014.

"We also stated in the results announcement that we expected to recognise no further profit or loss on the project over the remainder of the contract duration with completion expected in the third quarter of 2015.

"During late March and early April, activity on the Laggan-Tormore site has ramped up substantially as we have moved into the final construction and commissioning phases of the project.

"Continued adverse weather conditions during March on Shetland and industrial action has delayed this ramp up by almost a month from our original expectations.

"As the activity levels have increased, it has become apparent that we will need to expend significantly more man-hours to complete the project than anticipated as a result of low manpower productivity levels as the project nears completion, a greater level of rectification and reinstatement work than expected, coupled with the failure of one of our sub-contractors to deliver in line with their agreed scope."