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.

Numis today reaffirms its buy investment rating on Petrofac Ltd (LON:PFC) and set its price target at 600p.

Declared short interest is currently 7.31%
AQR Capital management increasing their position each day in June.

Morgan Stanley today upgrades its investment rating on Petrofac Ltd (LON:PFC) to equal weight (from underweight) and raised its price target to 475p (from 400p).

Currently 455p.....so 475p is looking realistic, for a change!

This one's a traders dream at the moment providing the usual caution is exercised.

Goldman Sachs today reaffirms its buy investment rating on Petrofac Ltd (LON:PFC) and set its price target at 565p.

StockMarketWire.com
Petrofac has secured a contract extension and a new award with a combined value of more than $100 million.

The contracts are for construction management, engineering, commissioning and start-up services for two international oil companies (IOCs) in Iraq.

It builds on the $70 million of new awards in Iraq announced in April.

PETROFAC AWARDED DUQM REFINERY PROJECT
Petrofac, in a 50/50 joint venture with Samsung Engineering, has received notification of intent to award a contract worth approximately US$2 billion with Duqm Refinery and Petrochemical Industries LLC (DRPIC) in the southern part of Oman.

Work on the 47-month project will commence shortly, subject to financial closure and full notice to proceed from DRPIC. Petrofac's and Samsung's scope of work includes engineering, procurement, construction, commissioning, training and start-up operations for all the utilities and offsites at Duqm.

A strategic investment for the Sultanate of Oman, and forming the cornerstone of the Duqm Special Economic Zone, the development occupies more than 2,000 acres and, when completed, will have a refining capacity of approximately 230,000 barrels of oil per day.

E Sathyanarayanan, Group Managing Director, Engineering & Construction, commented:
"This significant project represents our twelfth in the country and serves to reinforce Petrofac's commitment to one of our core markets; one in which we have been present since 1988. Furthermore, it provides a valuable opportunity for us to continue to increase in-country value through engaging with the local supply chain and recruitment of local resources.

"We are very much looking forward to working with Samsung on this project and growing our relationship with DRPIC."

478.55p +34.45p

PETROFAC AWARDED DUQM REFINERY PROJECT

Petrofac, in a 50/50 joint venture with Samsung Engineering, has received notification of intent to award a contract worth approximately US$2 billion with Duqm Refinery and Petrochemical Industries LLC (DRPIC) in the southern part of Oman.

Work on the 47-month project will commence shortly, subject to financial closure and full notice to proceed from DRPIC. Petrofac's and Samsung's scope of work includes engineering, procurement, construction, commissioning, training and start-up operations for all the utilities and offsites at Duqm.

A strategic investment for the Sultanate of Oman, and forming the cornerstone of the Duqm Special Economic Zone, the development occupies more than 2,000 acres and, when completed, will have a refining capacity of approximately 230,000 barrels of oil per day.

E Sathyanarayanan, Group Managing Director, Engineering & Construction, commented:
"This significant project represents our twelfth in the country and serves to reinforce Petrofac's commitment to one of our core markets; one in which we have been present since 1988. Furthermore, it provides a valuable opportunity for us to continue to increase in-country value through engaging with the local supply chain and recruitment of local resources.

"We are very much looking forward to working with Samsung on this project and growing our relationship with DRPIC."

don't scare yourselves by looking back at the chart from may, when all collapsed in a nasty mess :-)

the above contract apart, PFC should be a good beneficiary if there is indeed a sustained recovery in crude ...... PMO and TLW clearly think this will be the case as they have both cut back sharply on their hedging positions

Large drop earlier

the lowest point today was @ 9am, 416.20p and I was looking at the time, and that was over 50% retrace

Wonder if it will go for 61.8% 400p as the oil price is moving lower since yesterday

Chart with retracement
--

PETROFAC SELLS STAKE IN PÁNUCO CONTRACT TO SCHLUMBERGER
Petrofac and Schlumberger today announce that Petrofac has sold its 50% interest in Petro-SPM Integrated Services S.A. de C.V (1) to Schlumberger. Petro-SPM operates the Pánuco Integrated Service Contract in Mexico. Schlumberger now owns 100% of Petro-SPM.

The total potential consideration is in line with the net book value of Petrofac's interest and comprises cash on completion and deferred consideration. The deferred consideration comprises both a payment on migration from an Integrated Service Contract to a new contract form and a further share of post migration cash flows.

Rob Jewkes, Chief Operating Officer, Petrofac Integrated Energy Services, commented: "We are pleased to conclude this transaction, which is in line with our strategy and simplifies the ownership of the Pánuco field. We will continue to focus on the remaining production service contracts in our Mexican portfolio."

"We consider Mexico's Energy Reform as a significant step in the evolution of the country's oil and gas industry, and we are optimistic in regard to the various business opportunities created under the new reforms," said Patrick Schorn, Executive Vice President, New Ventures, Schlumberger. "This transaction aligns with our well-established portfolio of production management projects and enables us to move forward with our plans to continue to develop the Pánuco field."

This transaction was completed on August 15, 2017.

Did he benefit from the transaction?
It looks like, otherwise no fine would have been impose......

BOARD STATEMENT
Petrofac Limited ("Petrofac" or "the Company") announces that it has been informed by its Group Chief Executive Ayman Asfari (Mr Asfari) of administrative sanctions that have been made against him by the Italian National Commission for Companies and the Stock Exchange ("CONSOB") relating to a past personal dealing in securities of an Italian listed company.

CONSOB has alleged and determined that an executive of the Italian company passed inside information to Mr Asfari and that Mr Asfari subsequently acted on that information by trading in the securities of the Italian Company.

Mr Asfari has informed the Company that CONSOB's decision was made with no prior notification of the charges against him and he was not given the opportunity to defend himself. Mr Asfari has informed the Company he strongly refutes he was privy to any inside information, believes the decision to be wholly without merit, and is determined to contest the decision, and the process by which it was conducted, to the fullest extent possible.

The sanctions imposed by CONSOB on Mr Asfari comprise: an administrative fine of 300,000 Euros; a 12-month disqualification from taking up, inter alia, administrative, management or supervisory positions in any Italian listed companies; and an order confiscating property with a value of 385,000 Euros.

The Company understands that Mr Asfari has, through his legal advisers, already asked CONSOB to revoke its decision at the earliest opportunity on the basis he was not given the opportunity to present any defence and refute the charges. Absent any such revocation, the Company understands Mr Asfari intends to appeal the decision in accordance with Italian law and that he is providing CONSOB with documentation that substantiates his request.

Mr Asfari said: "I was shocked to receive this notification, and I informed the Company as soon as I was made aware. I absolutely reject this decision which was made entirely in my absence, affording me no opportunity to defend myself. I absolutely confirm that no communication ever took place as alleged and I was never in possession of inside information. I have instructed my lawyers to immediately appeal this decision and I am confident it will be overturned."

Rijnhard van Tets, Petrofac's Chairman, said: "The Board fully supports Ayman in his defence against this decision, the steps he is taking to prove that in no way did he act improperly, and his leadership of the Company at this difficult time."

The Board attaches a personal statement from Mr Asfari in connection with this issue.

The news has hardly effected the SP so far.

In again.

StockMarketWire.com
Petrofac has cut its interim dividend by 42% to 12.7 cents per share after a decline in commodity prices reduced its cash flow.

The company said it intends to target a dividend cover of between 2.0x and 3.0x business performance earnings as it transitions back towards a low capital intensity business model.

Business performance net profit fell by 4% to $158 million in the first half.

Revenue in the engineering and construction business fell by 20% due to project scheduling and in the integrated energy services division by 37%, or 14% excluding asset sales.

Engineering and production services revenue declined 17% reflecting lower activity, utilisation and order intake, as well as the depreciation of sterling. But net profits grew 2% to $51 million.

Group net debt was $1.0 billion at 30 June 2017, up from $0.6 billion six months ago.

The group has secured $2.7 billion of new orders in the year to date.

It said profit for the full year is expected to be weighted to the second half of the year.

"We are taking a range of measures to deliver a sustainable reduction in net debt and strengthen our balance sheet. These include a relentless focus on operational excellence, reducing capital investment, rebasing our dividend and divesting non-core assets," the company said.

I'm out.

re - in/out

Stan

do you still like quickies at your old age?

Italy watchdog fines Petrofac CEO for alleged insider trading on Saipem shares

MILAN, Aug 31 (Reuters) - Italian market watchdog Consob has imposed fines on Petrofac CEO Ayman Asfari and former Saipem CEO Pietro Franco Tali for alleged insider trading in Saipem shares in 2012, a Consob document said.

Consob said it had fined Asfari 300,000 euros ($355,000) and seized assets worth around 385,000 euros.

Tali was fined 150,000 euros, it said.

Earlier this month Asfari said he had been fined 300,000 euros by Consob in relation to a transaction made in 2012 involving the shares of a listed Italian company.

"The premise of Consob's case was that I met with an Italian executive who provided insider information. I can show irrefutable evidence that such a meeting never took place," he said on Aug. 24.

The CEO said he had not been notified by Consob of the charges and so had not had the chance to defend himself.

Tali, caught up in a corruption probe regarding contracts won in Algeria, announced he was stepping down as CEO of Saipem in a statement issued on December 5, 2012.

In January 2013 Saipem issued the first of a series of profit warnings that sent its shares crashing.

no more wonder if... it has

Has reached this morning the 61.8 % retracement at 400p