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.

no PFC are not a leasing company - it was a mere digression

PFC's contracts must take a good while in the incubation, but i'ld be surprised if they did not already have out feelers and more in iran

Thanks, one to watch then (as always).

i already hold them - at a fair loss i'm afraid - but shall keep the faith

Nomura seem pretty upbeat:
"Petrofac (Buy, 850p TP): offers good value in the context of structural growth in Middle East spend and an improved returns outlook as capital intensity falls (2017E P/E: 7.4x; vs sector: 13.0x)."

Though Goldman Sachs seem less optimistic:
"We downgrade Petrofac to Neutral from Buy on receivables build-up risks and a more moderate outlook for order intake in the Middle East."

Deutsche Bank AG go below 6% http://www.moneyam.com/action/news/showArticle?id=5214822

Final results: http://www.moneyam.com/action/news/showArticle?id=5218972

Nomura comment today:
"Petrofac reported net profit at USD 440m (in line with guidance of USD 435m). The company reported adjusted EBITDA at USD 792m and reported EBITDA (ie, post Laggan Tormore charge) of USD 312m. Petrofac reported a USD 168m loss in the second half all related to Laggan Tormore, and the total charge after tax in FY 2015 was USD 431m. Net profit before exceptional items and post Laggan Tormore was USD9m. Key takeaways that underpin our Buy case:
1) Significant improvement in net debt, which stood at USD 686m (June 2015: USD 1bn), reflecting strong cash collection (we estimate USD 600m reduction in credit receivables) during 4Q15 and an improvement in working capital and execution.
2) Full-year dividend maintained at 65.8 cents per share (2014: 65.8 cents).
3) The company has maintained 2016 net income guidance at USD 450m (NOMe: USD 492m). Assuming USD 45/bbl, IES should generate a modest loss in 2016, and we model USD -12m (NOMe oil price forecast USD 40/bbl).
4) Backlog at USD 20.7bn drives sector-leading revenue visibility in 2016/17, driven by strong project momentum in Middle East. In our report EU OFS: Global capex outlook - 2016E spend down 20% y-o-y, we highlighted that Middle East ECOM is poised to grow further on renewed contract momentum in 2016, led by continued growth in GCC capex as OPEC seeks higher production capacity. Recently, Petrofac was awarded the Fadhili contract by Saudi Aramco and a number of contract extensions, including a USD 100m one-year extension with South Oil Company for support on its Iraq Crude Oil Expansion Project."

Jefferies International today upgrades its investment rating on Petrofac Ltd (LON:PFC) to buy (from hold) and raised its price target to 855p (from 745p).

What do you make of that then Alf? http://www.moneyam.com/action/news/showArticle?id=5231367

.

Can you be more specific?

I said..

I see Maroun A Semaan and Family have taken some profit (I hope) with PFC http://www.moneyam.com/InvestorsRoom/posts.php?tid=10264#lastread

Some of the UK's biggest companies, including Rolls-Royce and Petrofac, have been drawn into a scandal over alleged bribery and corruption in the international oil industry. The Serious Fraud Office is understood to have teamed up with the FBI and the US Department of Justice to investigate claims that a Monaco-based lobbying firm, Unaoil, was involved in the payment of bribes to officials in Iraq, Syria, Kazakhstan, Kuwait and other oil-producing nations.

bribes, what bribes?
secondary commission only to ensure that the wheels stay oiled and business can be done ........ ask the chinese and others how important this is

Can you be more specific?

you raised the subject not me, and i have answered pretty clearly

I disagree, on my return I expect an adequate reply from you.

oh do shut up you silly tart :-)