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.

Jefferies comment today:
"PFC has once again reached our target price but this time we retain Buy-rating and increase Price Target to 670p (from 600p) due to a positive impression visiting PFC's core Middle East business. While Corporate overhang (SFO) & expansionary strategies (IES, JDS vessel) have de-rated the stock materially in recent years, Petrofac's core E&C business has continued to deliver and stands at the heart of a much more coherent & focused forward strategy, in our view."

SocGen comment:
"We reiterate our Buy and raise our DCF-based TP to 719p (from 570p). Management re-affirmed that it is committed to maximising shareholder returns through a combination of financial deleveraging (low capex + asset disposals) and (potentially) further cost-cutting initiatives. We also see scope for consensus upgrades in the short term. Petrofac is now our preferred stock in the sector."

StockMarketWire.com
Oil services group Petrofac said it had agreed to sell a vessel-building project to Shanghai Zhenhua Heavy Industries for $190m.

Petrofac said it would also get a 10% interest in a new special purpose vehicle set up to own the vessel once it had been commissioned.

The upfront $190m payment, however, would be offset by $23m retained by Petrofac under a previous hull and marine contract with Shanghai Zhenhua Heavy Industries.

The remaining proceeds of the sale would be used to reduce debt. The project was referred to by the name JSD6000.

'This agreement materially completes our disposal of the project, in line with our stated intention to exit the deep-water market,' chief executive Ayman Asfari said.

'It is a further positive step in the execution of our stated strategy to focus on our core strengths, deliver organic growth and reduce capital intensity.'

StockMarketWire.com
Oil service group Petrofac said it had been awarded more than $1.7bn of new orders in the year to date, while confirming the arrival of its new chairman.

The company had 'continued to make good progress in 2018 delivering our strategy of focusing on our core, delivering organic growth and reducing capital intensity', chief executive Ayman Asfari said in speech notes for its annual general meeting.

Chairman Rijnhard van Tets stood down following three years in the role, to be replaced by Rene Medori.

StockMarketWire.com
Oil services company Petrofac said it was trading in line with its expectations, with its year-to-date order intake reaching $1.8bn.

Ahead of its interim result for the six months through June, the company also said that net debt at 30 June was expected to about $0.9bn, also in line with expectations. at 30 June 2018 in line with expectations

'We are well-positioned on several bids and tendering activity remains high with around $20bn of bid opportunities due for award in the second half of the year,' chief executive Ayman Asfari said.

'We delivered a major milestone in April with the sale of the JSD6000 installation vessel, in line with our strategy of focusing on our core and reducing capital intensity.'

'Furthermore, we are well positioned for the second half with good revenue visibility, a strong competitive position and healthy liquidity.'

JP Morgan Cazenove today reaffirms its overweight investment rating on Petrofac Ltd (LON:PFC) and raised its price target to 680p (from 590p).

DISPOSAL OF CHERGUI ASSET
Petrofac announces that it has agreed the sale of its entire 45% interest in the Chergui asset in Tunisia to Perenco. This sale marks another milestone in the Group's strategy to transition back to a capital light business model by divesting non-core assets and follows the recent disposal of the JSD6000 offshore pipelaying vessel project.

All Chergui employees will transfer to Perenco as part of the transaction, which is expected to conclude before the end of the year. Petrofac is expected to book a small gain on the transaction.

Chief Financial Officer Alastair Cochran said: "This transaction demonstrates we are delivering on our clear strategy of focusing on our core and reducing capital intensity."

StockMarketWire.com
Petrofac said it had been awarded a $200m contract by Dutch-German transmission grid operator TenneT for the Hollandse Kust Zuid offshore grid connection for wind farms in the North Sea.

The Dutch government was targeting a total of 3.5 gigawatt of wind energy production capacity offshore by 2023.

To achieve its goal, five 700 megawatt standardised concept transformer substations were planned for installation offshore Netherlands.

Petrofac said it would be responsible for the engineering, procurement, construction and installation of the third and fourth substations, which had a total contract value of around $200m.

The first substation, HKZ platform Alpha, was scheduled to become operational in 2021.

HKZ platform Beta was still subject to the tendering of the wind farm concession by the Dutch government and subsequently was scheduled to become operational in 2022.

'We have been involved in a number of projects with TenneT in the North Sea, so are delighted with the opportunity to support them with this key project,' chief commercial officer George Salibi said.

'The award of this EU tender builds on our relationship and is further demonstration of Petrofac's expansion into adjacent sectors, including renewable energy.'

This one's been back on the charge.

They seem confident for their second half.

http://www.moneyam.com/action/news/showArticle?id=6107221

Director buys shares http://www.moneyam.com/action/news/showArticle?id=6132785

Black Rock sell http://www.moneyam.com/action/news/showArticle?id=6141101

Completion of Mexican sale confirmation https://www.moneyam.com/action/nav/news?epic=PFC

Black rock go below 5%. https://www.moneyam.com/action/news/showArticle?id=6219266

Petrofac offload https://www.moneyam.com/action/news/showArticle?id=6241685

Petrofac says trading in line as order book grows to $5bn

StockMarketWire.com

Oil services company Petrofac said it was trading in line with expectations, having won $5bn worth of orders in the year to date.

The company said its net debt was expected to around $250m at 31 December.

'We are on course to report good results, which reflect solid operational performance in all our businesses and excellent progress delivering our strategy,' chief executive Ayman Asfari said.

Asfari said the company has sold $0.8bn worth of non-core assets, realising $0.5bn of net divestment proceeds to date.

'Looking forward, we remain focused on securing new orders, delivering operational excellence and maintaining a strong balance sheet,' he added.

'We are well-positioned with a differentiated offering, good backlog and revenue visibility, and high levels of tendering for award in 2019.'

Story provided by StockMarketWire.com

always nice to have some good news in these gloomy times
for a change, sp has reacted favourably and is currently +5.5% at 470

Yes PFC never seem to let you down this lot do they.

Reduction in holding https://www.moneyam.com/action/news/showArticle?id=6273015

Whats happening here Alf this morning PFC down -13.50% with no RNS!

ex-director pleaded guilty to 11 charges of bribery