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.

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.

the statement below seems to have unsettled the market even more ....


BOARD UPDATE ON UK SERIOUS FRAUD OFFICE INVESTIGATION

This morning the Serious Fraud Office announced that a former employee of a Petrofac subsidiary yesterday admitted bribery under the UK Bribery Act 2010.


Petrofac confirms that no charges have been brought against any Group company or any other officers or employees. Although not charged, a number of Petrofac individuals and entities are alleged to have acted together with the individual concerned.

No current Board member of Petrofac Limited is alleged to have been involved.


René Médori, Chairman of Petrofac, said:

"The SFO has chosen to bring charges against a former employee of a subsidiary company. It has deliberately not chosen to charge any Group company or any other officer or employee. In the absence of any charge or credible evidence, Petrofac intends as a matter of policy to stand by its employees."

"Petrofac has policies and procedures in place designed to ensure that we operate at the highest levels of compliance and ethics."

have taken my life in my hands with a long at 395
looking to trade it - at a profit of course! - and shall be very happy to turn 20p or a little more