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.

I thank you, not exactly a shed lowed purchase agreed need to see others buying as well.

Welcome back to blighty -):

StockMarketWire.com
Petrofac's Offshore Projects & Operations business unit has secured contract renewals for operations and maintenance work worth about $400 million on the UK Continental Shelf (UKCS).

The largest of these awards is for the provision of operations and maintenance teams for CNR International across its North Sea assets - the three platforms in the Ninian complex; Murchison; and Tiffany - for the next five years.

Among others, in the East Irish Sea Petrofac has secured a two-year contract renewal from Eni, covering operations and maintenance services for the Douglas fixed platforms, Offshore Storage Installation and Point of Ayr terminal; and Duty Holder responsibility for the Irish Sea Pioneer operations support vessel.

This builds on Petrofac's existing portfolio of service provision for Eni, including as Duty Holder of the Hewett field and assets in the Southern North Sea.

StockMarketWire.com
Petrofac said it has made a good start to the year in ECOM, securing more than $4.7 billion of order intake and, putting the challenges that have been faced on Laggan-Tormore to one side, the rest of its portfolio continues to perform well.

"The Group's backlog stands at record levels, giving us excellent revenue visibility for the rest of this year and beyond," said CEO Ayman Asfari in a pre-close statement.

"Our pipeline of bidding opportunities remains attractive, and ongoing investment by our clients in large strategic projects in our core markets, together with our strong competitive position, should see us secure a number of further awards over the second half of the year.

"In Integrated Energy Services, our focus remains on generating value from the existing project portfolio and reducing the capital intensity of this business."

Highlights:

· Construction activities on the Laggan-Tormore project are substantially complete; we are now busy with final completion and pre-commissioning-related activitiesand our focus remains on delivering first gas in Q3 2015; additional completion and pre-commissioning works are expected to lead to incremental pre-tax costs of approximately £30m; deferred tax asset recognised in respect of tax losses on the project of approximately £20m

· The rest of our portfolio continues to perform in line with our operational and financial expectations(1)

· Net profit(2) expected to be significantly weighted towards 2H 2015, reflecting phasing of project delivery, particularly in OEC, where a number of projects are expected to reach their percentage of completion threshold for initial profit recognition in 2H 2015

· ECOM order intake of US$4.7bn in the year to date, including the US$900m Yibal Khuff award in June 2015; Group backlog stood at record levels of US$20.5bn at 31 May 2015 (31 December 2014: US$18.9bn), with ECOM backlog up 12%

· Net debt of US$1.2bn at 31 May 2015 (31 December 2014: US$0.7bn), primarily reflecting ongoing investment in IES's Greater Stella Area project and our offshore installation vessel, payment of the 2014 final dividend and incremental costs on Laggan-Tormore

this must be a first ...... PFC actually bouncing on its figures
in the old golden days, it always used to slump, regardless

StockMarketWire.com
Petrofac has received an award notification for Kuwait Oil Company's (KOC) manifold group trunkline (MGT) system in the north of Kuwait.

The lump-sum engineering, procurement and construction (EPC) project, valued at approximately $780m, is integral to KOC's plans to increase and maintain crude production over the next five years.

Three new gathering centres (GCs), which form part of the broader project, are already under construction with Petrofac executing the EPC contract for GC 29.

Due for completion towards the end of 2017, the MGT system will provide the feedstock to each of the GCs via three independent networks of intermediate manifolds and pipelines.

Each of the three GCs will be capable of producing around 100,000 barrels of oil per day together with associated water and gas.

StockMarketWire.com
Petrofac has reported that for the six months eneded June 30 2015 revenues were up 25% to $3.2bn (2014: $2.5bn), as a number of OEC projects moved into execution stage.

Underlying net profit was 4% lower at $130m (2014: $136m).

It said it had been successful in new orders for ECOM. Around $6bn of order intake has been secured in the year to date in its core markets and it continues to see a healthy pipeline of bidding opportunities.

Ayman Asfari, Petrofac's group chief executive, commented: "Against the backdrop of a challenging environment for the industry, we are in a strong position.

"We have record levels of backlog in ECOM, which brings excellent revenue visibility for the rest of this year and beyond. Our clients are continuing to invest in large strategic projects in our core markets, where we have an unrivalled track record and a very cost-competitive delivery capability.

"We continue to drive operational efficiencies to maintain our cost-competitiveness and we are working with our clients to address cost pressures and generate value for them whilst protecting our margins.

"As we look forward, we are focusing on our traditional areas of strength, driving for best in class operations and project delivery and improving our cash generation as we reduce the capital intensity of the business and deliver value from our IES portfolio."

Goldman Sachs note:
"Petrofac stands out in our European Oil Services coverage for its: 1) geographic exposure; 2) FCF improvement as the investment cycle for major projects comes to an end; and 3) attractive valuation. The 2Q results indicate it is on track to deliver revenue growth, and management highlighted no interest in increasing capital commitments in IES. Given its strong backlog and Middle East exposure, we expect Petrofac to deliver steady revenue growth and, as the capex cycle ends, we see strong FCF generation (we see a 2017 FCF yield of 11.1%), which could translate into div. growth/ share buybacks. We remain Buy and add the stock to the Conviction List.
Petrofac’s exposure to the Middle East (highest in our European Oil Services coverage) provides it with opportunities to maintain/increase the backlog while most of the industry (mainly companies most exposed to offshore) is struggling to get new orders. We expect activity in the Middle East to remain strong as production continues to ramp, which provides good visibility on Petrofac’s backlog and revenue. In addition, the potential for international sanctions on Iran being lifted could mean new markets for Petrofac. As investment in IES and new vessels come to an end, we see Petrofac generating strong FCF, which provides upside potential to the current dividend yield of c.6%.
Valuation The stock trades on 2015/16E EV/EBITDA of 6.5x/5.5x vs. a last five-year average of 8.5x and averages for our European E&C coverage of 6.4x/5.9x. We marginally lower our 2016/2017 EBITDA estimates by 2%/6%, and our 12-month price target decreases to 1072p (from 1100p) based on an unchanged 2016E EV/EBITDA of 7.0x."

Petrofac, the international service provider to the oil and gas industry, announces that due to issues with ZPMC's performance in respect of the construction of the proprietary design Petrofac JSD 6000 deepwater multi-purpose offshore vessel, Petrofac has terminated its contract with ZPMC.

Ayman Asfari, Group Chief Executive, said: "It is regrettable that it has become necessary for us to take this decision, and the Board is now reviewing its options."

Market likes that up over 11% so far.

amazing reaction, but that is often the case with PFC
as i am a long-sufferer with this one, i am very happy to see this latest jump

Questor share tip: Avoid Oil services until prices fully recover
By John Ficenec, Questor Editor - 3:32PM BST 10 Oct 2015

A short lived oil rally is no reason to buy bombed out oil services stocks on the cheap, says Questor

Oil services
Questor says AVOID
IT IS 40 years since the first North Sea oil reached the shores of Scotland. Since then the UK oil services and engineering industry has flourished creating thousands of jobs and steady returns for investors. Shares across the sector have soared during the past two weeks as the oil price staged a recovery, but we would be wary of joining the party as many challenges remain.

Oil price slump
When oil was above $100 per barrel at the start of last year, the oil majors were spending billions on the exploration and development of existing oil fields.

Technological advancements also unlocked shale deposits in the US, creating a whole new boom of drilling and spending.
Fast forward 18 months and the oil services sector is facing a nuclear winter. Spending plans by the oil majors have been slashed and, with the oil price having plunged to about $50 per barrel, US shale is being pushed to the brink.

Lumpy revenues
The worst may still be ahead for the sector because revenue streams are dependent on other firms spending.
Projects to build oil rigs or maintain existing facilities can be delayed or cancelled when the oil price falls. A reduced budget on a project can greatly impact profits. As a result, the rate at which cash comes into an oil services businesses can be very lumpy and the full impact from falling oil prices could still lie in the future.

Buying the rally?
Analysts at broker Investec feel that industrial valve and pump maker Weir is facing tough times ahead.
Weir was downgraded to a sell with a price target of £11.20 as it grapples with a slowdown in both the oil and gas, and mining industries.
Weir Services replace runner in Peace Canyon hydro power plant in British Columbia, Canada

The Weir Group is no longer a FTSE 100 company
In the last five years, engineers Wood Group and Amec Foster Wheeler both completed big deals that increased exposure to US shale gas. Amec paid £1.9bn for Foster Wheeler last year and Wood Group bought PSN in 2010.
We downgraded Amec to a sell (972½p, March 24) and although the shares may look attractive trading on 10 times forecast earnings, that recommendation remains. Wood Group has been on a tear, gaining 20pc last week. However, the shares, trading on 12 times forecast earnings, are at risk, and we wouldn’t be looking to take part in this rally.

The smaller players Petrofac and Lamprell have both joined in the rally with their shares rising sharply. However, according to investment bank Goldman Sachs little has changed in the fundamental outlook for the oil market, with weak demand and oversupply pushing down prices.

Patience is key
Investors should base any decision on results rather than hope, and would be advised to wait for audited full-year numbers. Only then can a sensible investment decision be made, as this relief rally may prove short lived.

PFC awarded contract http://www.moneyam.com/action/news/showArticle?id=5153755

Will be very interesting to see what the trading statement brings on Tuesday.

Some solid support @ 740p. Looking at the line chart in the header, tempting to think triple bottom if it hits it and bounces. Probably wishful thinking, will watch it though :0)

Contract wins http://www.moneyam.com/action/news/showArticle?id=5174059

Trading Update http://www.moneyam.com/action/news/showArticle?id=5174849

Petrofac's engineering, construction, operations & maintenance (ECOM) division has already logged orders of $8.8bn (£5.8bn) for the year. The company released a trading update on Tuesday ahead of its full year results due out in February next year, showing backlog in the division stood at record levels of US$18.5bn on 30 November 2015 and the company said operationally, its portfolio continues to perform in line with expectations.

Broker cuts it's price target.. for what it's worth -): http://www.moneyam.com/action/news/showArticle?id=5176162

Right Alf here's another question and I think you may be able to answer this one, is this a buy or sell?
http://www.moneyam.com/action/news/showArticle?id=5194017

i have kept a few in my sipp but sold those on cfd a couple of days back

Yes but what about the link.

your money, not mine
i've told you what i've done so draw your own conclusions ....... doubt i'ld be a new buyer in today's climate