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.

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 :-)

Stan

The C#nt knows a lot about "tart" he is wearing the apron all the time to make them. the same family backgroun as the Cameron's and Osborne's, crooks of 1st class, pinch from the poor and needed to give it to the over rich, or take it from the Wells and give it to the Chinese on the steel business, it seems a disaster to stay in Europe. So get Boris for the TOP job, those two are burn like it was Mrs Thatcher at the end.

Anyway you were right about the - Unaoil - ( Iranian family farther and two sons ), I had them on the black list since last week, and Petrofac is on the BLACK list of companies.

THE COMPANY THAT BRIBED THE WORLD

WORLD’S BIGGEST BRIBE SCANDAL

In 2008 and 2009, Unaoil promised the man 2.75 million euros who helped its British client Petrofac win contracts from Assad regime petroleum companies. “Strictly confidential” emails from 2008 show this middleman promised to pay others to win these contracts.

But when he was not paid on time, he complained the delays were causing problems with “friends” in Syria.

“It is becoming very unpleasant [sic] for me not delivering as expected,” he wrote to Unaoil in December 2009.

Petrofac is understood to be unaware of Unaoil’s involvement in its Syrian dealings and in response to questions said it “aspires to the highest standards of ethical behaviour”.

Oh really.. how disrespectful of you Alf -):

Maroun A Semaan goes below 6% http://www.moneyam.com/action/news/showArticle?id=5310563

Also:

Broker Forecast - Jefferies International issues a broker note on Petrofac Ltd

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

Story provided by StockMarketWire.com

Petrofac to take hit after Laggan-Tormore deal

Petrofac has reached final commercial settlement with its client in respect of the Laggan-Tormore gas plant in the Shetland Isles.

Petrofac says that as part of the agreement, its client has informed the company that there will be a partial application of liquidated damages. In bringing the project to a conclusion, Petrofac now expects to recognise a final charge in the first half of the year of GBP70 million, principally made up of liquidated damages. Petrofac says: "Whilst it is clearly disappointing that a portion of liquidated damages has been applied, Petrofac is nevertheless satisfied that this brings to an end the project, which has been operating successfully and exporting gas since February this year."

At 3:41pm: (LON:PFC) Petrofac Ltd share price was -5.5p at 819p

that chart is looking very ugly ...... not one to risk long i fear