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.

Crude price is also dropping which might not help the cause.

some much needed cheery news for them today has pushed sp up by 5%

June 8 (Reuters) – Petrofac Ltd
Gets long-term framework agreement with petroleum development oman for engineering, procurement and construction management support services
Agreement is for ten years with an additional five-year option
Agreement builds upon three-year programme of ep+cm support contract delivery Petrofac has undertaken on behalf of PDO

Good news today and share price marked up from the start.
Had an intraday retracement of 50% and now is bouncing back

"Good news today and share price marked up from the start.
Had an intraday retracement of 50% and now is bouncing back"

True... But not a dead cat one though is it?

Kepler Cheuvreux today initiates coverage of Petrofac Ltd (LON:PFC) with a buy investment rating and price target of 700p.

What is Kepler Cheuvreux? Never heard of it...

Kepler Cheuvreux is a leading independent European financial services company specialized in advisory services and intermediation to the investment management industry. Founded in Paris in July 1997 as the equity brokerage business of Bank Julius Baer, the Swiss private bank, Kepler Cheuvreux has diversified its business model along the following lines:

Equities
Debt & Derivatives
Investment Solutions
Corporate Finance

From Digitallook.com - 17:20 09/06/17

Investors have overreacted to the Serious Fraud Office investigation into Petrofac, reckoned analysts at Kepler Cheuvreux, initiating coverage with a 'buy' rating even though it predicted a maximum cash fine of £1.05bn.

In May, the SFO launched a criminal investigation into the FTSE 250 oil services company, its subsidiaries and its employees over suspicions of bribery, corruption and money laundering in connection to its use of consultancy services from Monaco-based Unaoil, primarily in Kazakhstan between 2002 and 2009.

Petrofac shares then later in the month the shares plunged to their lowest since 2009 after the SFO accused the company of failing to co-operate properly with its investigation, while chief operating officer Marwan Chedid resigned from the board after being suspended from his role.

Kepler said Petrofac's focus on onshore/downstream activities in the Middle East and Africa EA, mostly national oil corporation clients, was a segment it considered to be "a strong pocket of resilience".

"The company is at a pivotal moment in its history and now its two main challenges are to: 1) refocus its activities on its core business lines by ceding assets and reinforcing its technologies; and 2) reassure investors and clients regarding its execution capabilities and practices, after several unforeseen incidents raised its reputational risk."

Kepler said Unaoil "probably poses the biggest risk, but we think the market has overreacted to this news".

In the short term, analysts believe the SFO probe will lead to an increase in the group’s financial costs and might disrupt any alliance strategy, but expect it to have "a limited impact on the company’s commercial performance and see no balance sheet risks".

The maximum financial penalty could be £1.05bn, implying a 300p impact per share, they added.

But with strong commercial prospects ahead after a tough 2016, Kepler believes order intake is set to pick up in 2017-2019, initiating coverage with a target price of 700p, which came after applying a 300p discount for Unaoil.

Tosco go above 5% http://www.moneyam.com/action/news/showArticle?id=5565509

379p +25.20p

The notification plus the oil price bouncing has got legs to the stock

Yep, a cracking rise today all right 7.5% at the mo.

From Fool.co.uk - Alan Oscroft

Why Petrofac Limited could be a better buy than Hurricane Energy plc now - Mon, 12th June 2017 - 16:15

As recently as March I reckoned Petrofac (LSE:PFC) was a "top yielder I'd buy and hold for the next 10 years". The share price was standing at 916p.

But what a difference a few months can make, as we've since seen a 60% crash to 375p. It's entirely due to the fearsome news that the firm had suspended its chief operating officer in response to a deepening investigation by the Serious Fraud Office into alleged corruption.

It was all triggered by probing into the activities of Monaco-based oil firm Unaoil, amid suspected offences of bribery, corruption and money laundering. But does it all mean the end for Petrofac? I say no.

While we have no idea what the SFO will find, including any possible financial penalties Petrofac might face, a common response by the markets to bad news like this is one of overreaction -- with shares oversold and a buying opportunity emerging.

Too cheap now?

Petrofac is one I've liked for some time -- being a picks and shovels service firm, it's nowhere near as critically dependent on the oil price as many explorers and producers. And business is continuing as usual, with the company having just picked up a 10-year contract with Petroleum Development Oman for engineering and construction services.

The share price crunch has dropped Petrofac's forward P/E to only a little over four, with the dividend yield in turn boosted to more than 13%. Of course, that will all be adjusted when we know more of the investigation, and I certainly wouldn't rely on the dividend now.

But we'd have to see an enormous hit to the company's finances for today's valuation to not look cheap.

No profit here

In my other corner today is North Sea explorer and producer Hurricane Energy (LSE:HUR), which is in a very different, but still uncertain, position.

Hurricane might well have made the biggest North Sea discovery so far this century, but it's a long journey from first finding the stuff to getting it profitably to market. And in this case, there's no profit on the short-term horizon yet, with first oil not expected before 2019, and the firm still in a serious cash-burn phase.

At least Hurricane isn't saddled with the huge debts that are pressing on some of its sector competitors -- in fact, it was sat on £82.2m in cash at the end of 2016 (up from £9.9m a year previously, thanks to £126.2m in funding during the year).

Where's the real money?

But those sums seem puny compared to the estimated $467m cost of the company's "six-year early production system" plan, so where will that amount of cash come from? Hurricane says it "may include a combination of equity, debt and/or a farm-out", and that brings me to my main concern.

It's "anticipated to occur in mid-2017", and with low (and falling) oil prices, we're surely not looking at the best conditions for securing funding on the most preferable terms.

How much more cash is really going to be needed before we see profits, and what degree of dilution will existing shareholders face until then? Those are the big questions and risks. But where there's risk there's serious potential.

A younger me would probably have jumped at both, and though I'll keep away for now, I certainly can see the temptations.

399p + 17.20p
and another contract secured ...............


Petrofac secures Kuwait training contract

Petrofac has agreed a five-year relationship with Kuwait Oil Company (KOC) for the provision of specialist technical training and competency development services.

The contract, which was valued at more than $35m, was secured following a competitive tendering process and was effective immediately.

The work would be undertaken within Kuwait by the Training Services team who form part of Petrofac's Engineering & Production Services division.

Petrofac would support KOC in reviewing and updating its competency systems and will develop and deliver technical training programmes to enhance the capability of its operations and maintenance personnel.

Up another 5% so far.

RNS
Deutsche Bank up to 6.01%

Someone has been adding at this low prices from 5.08% to 6.01%

---------------------
gone Twice to 400p and a bit lower again but order book goes all over the place every 5 minutes

406p +10p

Has broken from the 404p resistance, and so far is holding above for a while

422.90p + 17.80p

Petrofac Ltd (LON:PFC)
Received GBX 500.00 Target From Jefferies, Diebold Nixdorf AG (ETR:WIN) Covered By 2 Bullish Analysts Last Week

Trading of Petrofac Ltd (LON:PFC)‘s shares is going to be interesting today, as Jefferies raised the stock to a Buy. Along the rating upgrade, Jefferies analysts gave a target of GBX 500.00 or 13.38% more.

MORGAN STANLEY INITIATES PETROFAC WITH 'OVERWEIGHT' - TARGET 570 PENCE

Excellent trading rise this morning. High of 443p. I just need to get out now before everyone else does!

Might be interested in buying some off you..what's your price )-:

I was looking the rest of my stocks which are mostly in the red today, coupled with Brent Crude down to $47 pb today and started to get worried that PFC would follow that trend. Not for sale yet Stan.....though your post implies you already have a stake?