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.

..Been down 33% now.

Certainly won't be surprised if it goes to 300p tomorrow.

Alf your not still in these are you?

hi stan .... fortunately i took my hit a couple of weeks ago as PFC was not showing any signs of recovery

B good job in the event.

Down another 4%.. shorters must be doing nicely on this one.

Credit Suisse today downgrades its investment rating on Petrofac Ltd (LON:PFC) to neutral (from outperform) and cut its price target to 425p (from 1125p).

Sharp downgrade... sp will continue to drop until result of SFO investigation is out.

To complete investors’ misery, Petrofac reported that the findings of its internal investigation – which concluded there was no evidence of payment of bribes – had not been accepted by the SFO. Cue a further 30% plunge in the share price. It has now halved in a fortnight.

Aside from the direct uncertainty around the SFO’s investigation, Petrofac’s day-to-day operations will be hampered by Chedid’s absence. He is righthand man to Ayman Asfari, Petrofac’s chief executive, 18% shareholder and driving force since the 1990s. And, to put it mildly, replenishing the order-book will not be made any easier by the shadow of the SFO inquiry.

Could the board have handled the crisis differently? In theory, it could also have suspended Asfari, who, like Chedid, was arrested, questioned under caution by the SFO and released without charge a fortnight ago. Two senior suspensions might have satisfied the SFO’s definition of full cooperation during an investigation.

But one can see why the board rejected that option. Asfari, with his network of contacts in the Middle East plus a role as a UK trade ambassador, is the public face of Petrofac and the man who makes the company tick. The danger of corporate meltdown would have felt real. Removing Asfari from all matters related to the SFO investigation was probably the best pragmatic fudge.

Yet, if the length of SFO investigations initially sounded helpful for Petrofac’s ability to operate normally, the logic has been turned on its head. Chedid is suspended until further notice and Asfari must try to bring in more contracts in near-impossible circumstances.

Looking forward to Tuesday's opening.

30 May 2017

REVOLVING CREDIT FACILITY EXTENDED

Petrofac and its lenders have agreed to extend US$1.0 billion of its US$1.2 billion revolving credit facility from 2 June 2020 to 2 June 2021, following an extension request issued by Petrofac on 2 May 2017. The remaining US$200 million will mature on 2 June 2020.


A good show of support from the banks.

NTMS Investments Limited go below 5%... selling 2 million shares to be exact!

I think it will fall further...much further.

Is PFC reaching the point of bounce @ 353p?
the 5 days chart is showing a bit of steadiness today, on reaching the same price of 5 days ago, though the order book is weak on the bid side
DEPTH
89 v 108

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...