Petrofac A slightly mixed pre-close trading update this morning from Petrofac but nothing to really upset the apple-cart. Trading is in line with previous guidance ‘reflecting solid operational performance within the business’. $1.7bn of new order intake in the period is slightly disappointing and reflects one the one side excellent client relationships and on the other ‘recent challenges in Saudi Arabia and Iraq’. These specific problems appear to be due to the SFO naming certain clients and whilst relationships remain excellent, orders may be delayed. Indeed it is worth pointing out that no orders have been lost as a result of this action. As with last year the first half will beat the second, this is down to a combination of reasons, firstly net margins in E&C are at the lower end of the 6.5-7.5% range and with 45% of the 2H pipeline being in lower margin contracts the effect is obvious. Also it seems that some bigger contracts from the UAE and Algeria if successful will come in 2020. Outside of the Saudi Arabia/Iraq situation there are other opportunities worth around $15bn in the second half. The company is still targeting nil net debt by the year end and with only $100m forecast at the end of June this seems eminently plausible. Overall, this is indeed a solid operational performance albeit still with the SFO monkey on its back. The shares are well off their peak and whilst they may take a while to claw back to recent highs PFC remains a very solid investment.
Petrofac Limited (PFC.L) Announced, in its pre-close trading update, that Engineering & Construction results are forecasted to be in line with management guidance, with revenues for the full year expected to be around $4.50 billion and net margins at the low end of guidance. Engineering & Production Services is performing in line with expectations, with growth in projects offsetting lower activity from operations. Net production is expected to be approximately 2.10 million barrels of oil equivalent (mmboe) for the first half of the year, in line with expectations and reflecting divestments in the second half of 2018. Further, net debt is expected to be around $0.10 billion at 30 June 2019, reflecting the reversal of temporary favourable working capital movements at the end of 2018, the phasing of tax and dividend payments as well as the purchase of treasury shares.
·New order intake of US $1.7 billion in the year to date. ·Net debt expected to be around US $0.1 billion at 30 June 2019. "We continue to maintain excellent client relationships in all of our markets, although new order intake in the year to date reflects our recent challenges in Saudi Arabia and Iraq.
RNS Number: 6261 A Petrofac Limited 30 May 2019 Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary...
RNS Number: 0764 Y Petrofac Limited 03 May 2019 3 May 2019. Further to the announcement made on 28 February 2019, the Company confirms that Francesca Di Carlo has joined the Company as an independent Non-executive Director, following formal approval by shareholders at the Annual General Meeting today.. She began her professional career in London with SG...
RNS Number: 0761 Y Petrofac Limited 03 May 2019. The number of shares in issue at the date of the Meeting was 345,912,747 ordinary shares of US $0.02 each in the Company and each Share attracted one vote. The total number of votes cast was 233,233,358.. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 7884 X Petrofac Limited 01 May 2019 Final Dividend- exchange rate. Petrofac Limited hereby confirms that further to the final results announcement issued on Thursday, 28 February 2019, the UK S terling equivalent of the final dividend of 25.30 US cents per ordinary share will be 19.34 pence per Share, based on an exchange rate of GB £1= US $1.3079..
RNS Number: 3400 V Petrofac Limited 05 April 2019 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 8870 U Petrofac Limited 02 April 2019 2 April 2019. Alastair Cochran, Chief Financial Officer, has purchased 23,242 ordinary shares of US $0.02 each in the Company at 493.6 pence per Share. The following Directors have purchased Shares in the Company at 500.8 pence per Share, in line with the Company's remuneration arrangements, as published in the...
RNS Number: 6519 U Petrofac Limited 01 April 2019 1 April 2019. 2018 Annual Report and 2019 Notice of Annual General Meeting. The Company's 2019 Annual General Meeting will be held at the offices of Linklaters LLP, One Silk Street, London, EC2Y 8 HQ on Friday 3 May 2019 at 10.30 am..
RNS Number: 0364 U Petrofac Limited 26 March 2019. Pursuant to the Company's obligations under Market Abuse Regulation 19, the Company hereby notifies that Ayman Asfari, the Company's Group Chief Executive has purchased 105,750 ordinary shares of US $0.02 each in the Company at 469.54 pence per Share.. This purchase was made in accordance with the Company's...
RNS Number: 4943 T Petrofac Limited 20 March 2019 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 2903 T Petrofac Limited 19 March 2019 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Petrofac Petrofac announced yesterday that they had won a $1bn contract for the Ain Tsila development project in Algeria. A 42 month lump sum contract, the EPC will include commissioning, start-up and performance testing. As I mentioned last week, at an operational level the company is performing very well indeed and this contract win is proof of the pudding. The shares remain under the SFA cloud but for those prepared to take a longer and more rounded view the shares are incredibly good value.
RNS Number: 7879 S Petrofac Limited 13 March 2019 Press Release. PETROFAC AWARDED US $1 BILLION EPC PROJECT IN ALGERIA. Petrofac has been awarded a contract worth around US $1 billion with Groupment Isarene, the joint operating group set up by Sonatrach, Petroceltic and Enel, for the Ain Tsila Development Project in Algeria..
RNS Number: 2112 S Petrofac Limited 07 March 2019 7 March 2019. Pursuant to the Company's obligations under Market Abuse Regulation 19, the Company hereby makes the following notifications in respect of its Executive Directors and awards of ordinary shares of US $0.02 each in the Company under the Petrofac Performance Share Plan which took place on 6 March...
Petrofac A couple of items from yesterday when I was dashing around the various company meetings, the next few weeks get worse as the results season goes into overdrive! Petrofac produced a genuinely sound set of financial results which showed revenues of $5.8bn, net profits of $353m and margins rising by 0.5 ppts to 6.1%. A dividend of 38c showed that confidence is high and that with $5.1bn of new orders customers are not walking away, indeed the reverse is true. Petrofac has returned to a net cash position two years ahead of schedule partly due to $0.8bn of disposals but partly due to continued and significant efficiency gains, cash management and conversion for which CFO Alastair Cochran should take significant credit. The shares rallied on the results but are still down after further news recently from the SFO that they were charging a former employee of a subsidiary company under the bribery act. CEO Ayman Asfari made an impressive and impassioned speech in which he pointed out that its client base is as rigorous and takes compliance extremely seriously as it is possible to be. If you are prepared to bear that in mind Petrofac are looking incredibly attractive and should be tucked away.
�Reported net profit of US $64 million post impairments and exceptional items. �New order intake of US $5.0 billion; backlog of US $9.6 billion at 31 December 2018. �Full year dividend of 38.0 cents per share.
RNS Number: 3724 P Petrofac Limited 07 February 2019 Press Release. 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..
Oil and gas facilities services provider Petrofac was founded in 1981 in Texas and is now a leading international provider of infrastructure solutions to the oil & gas production and processing sector.