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.

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

829. Famous last words even if garbled.

Confirmation https://www.moneyam.com/action/nav/news?epic=PFC

Down -25% now!

Shades of Patisserie Valerie perhaps......crikey what a short....

Just crashing now.....

RF, PFC have always bounced back in the past and whilst this kick in the nuts is different from past slides I think they will bounce back again but yes was certainly a good short this morning at least.