Company
Petrofac Limited
LON:PFC
Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world’s leading integrated, independent and national oil & gas companies. The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training, Production Solutions and Energy Developments.
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FTSE 100 Live: Christmas comes early as inflation surprise sends stocks soaring
At the close, London's lead index was up 77.65 points, 1.0%, at 7,715.68 while the FTSE 250 leapt 313.11 points, 1.6%, at 19,629.09
Petrofac jumps after winning big contract with Abu Dhabi
In 2021 ADNOC had suspended the engineer from bidding for tenders after a Serious Fraud Office bribery investigation
How have Petrofac's struggles with strikes and legacy issues affected last months of CEO's reign?
A trading update is due from the oil & gas engineering contractor on Tuesday
North Sea strikes begin amid pay dispute
Around 150 Unite union members have begun a 48-hour walkout on Petrofac owned North Sea installations
Petrofac posts first-half loss as Covid continues to weigh
"Moving into the second half of 2022, a significant increase in bidding activity has put us firmly on the path to grow backlog over the full year," said CEO Sami Iskander
Petrofac-led consortium provisionally wins US$300mln natural gas development contract in Algeria
Petrofac’s share in the EPC2 contract is worth about US$200mln
Petrofac says first-half trading and expectations in line with recent guidance
The engineering and construction (E&C) division is expected to report a first-half EBIT loss of about US$35-45mln
Petrofac wins US$200mln contract for offshore decommissioning in Gulf of Mexico
The alliance has selected Danos, a Gulf of Mexico offshore services provider to support field operations at the project
Petrofac hopes to rebuild backlog and that 2021 draws a line under bribery probe
Its main efforts in 2022 will be on rebuilding its backlog of work, which was down 20% on a year ago at US$4bn
Petrofac says Covid disruption continues to impact construction arm
Petrofac reports strong Earnings per share (EPS) performance in its pre-close trading update for the year ending 31 December 2021.
Petrofac fined £77mln for Middle East bribery scandal
Chairman René Médori said: "This draws a line under a regrettable period of our history"
Petrofac to plead guilty on seven counts in Middle East bribery case
Chairman René Medori described the events as "A deeply regrettable period of Petrofac's history.
Petrofac sinks as former executive awaits sentencing for bribery
David Lufkin is due to be sentenced on Monday after pleading guilty to offences relating to corrupt offers and payments made to influence the award of contracts in the UAE, Iraq and Saudi Arabia
Petrofac swings into full-year loss, says market conditions remain challenging
Recovery is yet to materialise despite higher oil price, an improvement in the near-term economic outlook and an increase in tendering activity in the first quarter of 2021
Petrofac shares buoyed as it lands new business in Oman
"Petrofac has a significant track record in Oman and PDO are a longstanding client,” said Elie Lahoud.
Petrofac says former employee admits to bribery charges
Petrofac noted that no charges have been brought against any group company or any other officers or employees.
Petrofac says trading is in-line with expectations, warns on outlook
“Clients are delaying awards and adopting tough commercial positions," said Ayman Asfari.
Petrofac boss Ayman Asfari to retire at end of 2020
“As a major shareholder I remain deeply invested in Petrofac's future," Asfari commented.
Petrofac investors shrug off ‘inevitably weak’ interim results
"Our first-half results reflect the deterioration in market conditions triggered by the Covid-19 pandemic and subsequent decline in oil prices,” said Ayman Asfari.
Petrofac expects 70% revenue slump in engineering and construction division
The engineering and production services division is expected to perform in line with last year
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FTSE 100 closes 3% lower as virus fears remain at the forefront
The UK index of leading shares closed over 196 points lower, or 3.11%, at 6,123.
Petrofac set for another round of cost cutting as most of 2020 projects roll into 2021
The engineering and services contractor seeks to save at least US$125mln of overhead as it lines up another round of cost-cutting.
Petrofac shares slump as Abu Dhabi terminates US$1.65bn Dalma contract
The contract was awarded as recently as February, and, now the Abu Dhabi National Oil Company has terminated it.
Petrofac cancels US$85mln dividend due to coronavirus, cuts costs and capex
Future dividends will be reviewed once the full impact of COVID-19 and low oil prices is known, Petrofac told investors.
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Gem Diamonds rocks higher after latest diamond sale
A look at some of the day's major movers in London on Monday
Petrofac upgraded to ‘buy’ as Goldman says Middle East capex “more robust” amid oil price war
The bank said with "more defensive capex exposure" and an implied upside to their 316p target price of 136%, their forecasts for the oiler were “skewed to the upside”
Petrofac says market conditions are improving but predicts 2020 as “year of transition”
Changes through 2020 are expected to impact the short term financial performance, but, improves Petrofac's position for the future.
Petrofac says it is trading in line with guidance
"We remain on course to report good results for 2019 in line with prior guidance," said Ayman Asfari.
Petrofac acquires US competitor, wins US$120mln contracts
The FTSE 250-listed firm acquired the American peer, based in the Permian basin, to enter the US onshore operation and maintenance market
Petrofac describes “solid operational performance” in first half
“Petrofac has delivered good results that reflect solid operational performance across the business," said Ayman Asfari.
Morgan Stanley mixed on oil services firms; ups Wood Group to ‘overweight’, cuts Petrofac to ‘equal weight’
For Petrofac, the investment bank said while it was "well positioned" to grow its order backlog, an ongoing SFO probe remains the biggest factor affecting the share price
Petrofac shares lower despite ‘in line’ trading ahead of interims
"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”
Investments and investor services
FTSE 100 closes tad higher as traders wait for G20 summit
On Wall Street, stocks are seeing red after disappointing data, while the German DAX is off over 33 points
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Tuesday’s trading update will be a distraction from Petrofac’s woes
Petrofac is embroiled in a Serious Fraud Office investigation, but investors will be more concerned with costs and the order book in Tuesday’s update
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Proactive oil & gas highlights: Hurricane Energy, Union Jack Oil, Sound Energy…
A look back at some of the highlights from London’s junior oilers over the past week...
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Ted Baker tumbles to seven-year low as HSBC slashes target
A look at the day's major movers, including Ted Baker, IAG, easyJet, Bagir, Blue Prism, EVR, Blackbird, Nu-Oil & Gas, Anglo Asian Mining and Petrel Resources
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Proactive news snapshot: Nu-Oil and Gas, Futura Medical, Anglo Asian Mining …
A glance at some of the day's highlights from the Proactive Investors newswire
Nu-Oil and Gas teams up with Petrofac in gas-to-wire venture
The venture aims to unlock economically stranded gas resources for offshore power generation.
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FTSE 100 slips at close as investors brace for US Fed decision
All eyes will be on the statement from Fed rate setters later, especially due to the pressure to lower rates from President Trump
Petrofac awarded contract worth around US$1bn for the Ain Tsila Development Project in Algeria
Under the 42-month contract terms, the lump-sum engineering, procurement and construction (EPC) project scope of work includes commissioning, start-up and performance testing
Petrofac shares lower as revenue drops
"Petrofac has reported good results that reflect solid execution and excellent progress delivering our strategy,” said Ayman Asfari, Petrofac chief executive
FTSE 100 closes lower as Chinese data dents sentiment
The UK's premier share index closed down around 32 points at 7,074
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IAG, Rolls Royce and British American Tobacco on the agenda for busy blue chip Thursday
Its set to be a busy day for blue-chip news in London on Thursday.
JP Morgan downgrades Petrofac as shareholders band together to launch £400mln legal claim
Petrofac has been under investigation from the Serious Fraud Office for almost two years, and shareholders are now looking to recoup some of their “substantial losses”
Petrofac shares boosted by upgrade to ‘buy’ from ‘hold’ from Jefferies International
The US broker's analysts noted that Petrofac "is an increasingly well-run business providing realistic expectations trading opportunities within continued tough Oilfield Service markets"
Petrofac says trading in line with expectations, new order intake of US$5.0bn in year to date
The FTSE 250-listed group also said its net debt is expected to be around US$250mln as at 31 December 2018 benefitting from lower capital expenditure, a working capital inflow in the second half, and approximately US$0.5bn of net divestment
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Indivior investor call to be among the key highlights for Tuesday
Addiction drug firm Indivior is updating investors in the wake of a recent decision by the US Court of Appeals.
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Fed could be Grinch-like in final full trading week before Christmas, but BoE seen more festive
Aside from the UK and US rate decisions, the latest UK inflation and retail data will be closely eyed as well in the absence of almost anything on the corporate diary
Echo Energy appoints former Shell vice-president as non-executive director
Dr Gavin Graham previously served as Shell’s vice president for new business & commercial in the Middle East, Caspian & South Asia
FTSE 100 closes in the red as trade tariffs kick in
The UK blue-chip index lost almost 32 points at 7,458
Investments and investor services
Diageo expected to be the toast of Thursday’s market news
Diageo and Lamprell are expected to be among the names under focus in Thursday's schedule.
Whitbread faces pressure to prove merits of Premier Inn as standalone business
“Whitbread investors may miss the caffeine highs Costa serves up," Hargreaves Lansdown said of the group's decision to sell the coffee chain to Coca-Cola
Petrofac boss boasts of “a good set of first half results”
"We remain focused on our core and delivering organic growth as the market recovers,” Ayman Asfari said
Investments and investor services
FTSE 100 gets hit by sterling surge after Barnier's Brexit comments
Michel Barnier apparently said that the bloc was willing to offer the UK a unique deal
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Petrofac has catching up to do
Updates are expected from Petrofac, Diploma and the short-seller's favourite, IQE
FTSE 100 holds gains; Crypto storage firm granted insurance through Lloyd’s of London
The move by Lloyd's marks a change from a previous reluctance by insurance companies to cover the often volatile digital currency sector
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Week ahead: Restaurant Group, Hays, Petrofac, WH Smith, Hunting, Bunzl...
The week ahead will see interims from the Restaurant Group, Petrofac, Hunting and Bunzl along with full year results from Hays and a trading update from WH Smith
Petrofac to exit Greater Stella project with Ithaca transaction
"This disposal marks a further milestone in our journey back to a capital-light business," said chief executive Ayman Asfari
Petrofac downgraded as Jefferies uncertain over contract wins
Jefferies moves to 'hold' as it focusses on the group's effort to secure US$3.5bn of new business for the year
Petrofac secures US$300mln of new bank facilities as US$600mln bond maturity date looms
The FTSE 250-oilfield services group said the new facilities will provide additional liquidity and reduce utilisation of its existing revolving credit facility
Petrofac upgraded back to ‘Buy’ by Kepler Cheuvreux following “reassuring” first half trading
Analysts at the European broker said most of their concerns had been alleviated by a trading update released on Tuesday following a downgrade of the stock in mid-May
Petrofac sees good revenue visibility as new order intake gains
Petrofac reported a 5.9% increase in new order intake for the year to date and said it has several bid opportunities
FTSE 100 closes higher, buoyed by weaker sterling; Carnival goes about
The UK blue-chip index finished over 46 points higher, at 7,555..
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Oil in the spotlight as Petrofac reports trading update while possible Carpetright recovery eyed
The oil sector will be overshadowing trading updates from oil services group Petrofac, while investors will be hoping for a potential recovery for retailer Carpetright
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Costa Coffee demerger move hangs over Whitbread trading update
Aside from Whitbread, updates are also due in the week ahead from cruises operator Carnival, packaging firm Bunzl, struggling floorings retailer Carpetright, and pubs operator Greene King
Petrofac making “good progress” in 2018 as new contracts roll in
The oilfield services group is looking to bounce back from a tough 2017, when it was forced to suspend its chief operating officer amid a Serious Fraud Office investigation
Petrofac sells SD6000 project to ZPMC for US$190mln
The oil and gas engineering group will retain an interest in the project, but won't need to fund construction, commissioning or testing operations
Petrofac lands US$135mln lump-sum contract in India
“This award demonstrates our organic growth ambitions in action, and attests to our strategy of a continued increase in our capabilities in India, a country which holds a special place in our service offering"
Petrofac upgraded to ‘buy’ on valuation grounds
“We cannot offer fundamental growth forecasts, but believe risk-aware upside is on offer at this level”
Petrofac shares reverse as full-results disappoint despite improving "competitive position"
The FTSE 250-listed firm reported a net loss of US$29mln, after impairments and exceptional items of US$372mln, on revenue of US$6.39bn, down from US$7.87bn
Petrofac updates investors on UK Serious Fraud Office probe
The oil services contractor said it is responding "as constructively as possible" to the Serious Fraud Office
Petrofac hoping for “swift conclusion” as UK High Court favours Ayman Asfari
“The board has supported Ayman in his defence from the outset and this decision confirms his assertion that due process was not followed,” Tets said in a statement.
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Is it time to buy 'bombed-out Carillion?
The short-sellers' favourite has turned up on the radar of the "Bombed Out but Bouncing Back" portfolio. Will it be the next Interserve?
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"Bombed Out" portfolio takes a chance on fallen giants AA, Acacia, Hikma, Interserve, Petra Diamonds and Petrofac
Somewhat surprisingly, the portfolio is enjoying a good spell, but it is taking a bit of a leap of faith in terms of Tanzania with a couple of its new selections
Petrofac seals 36% equity stake in Santuario asset
“We are committed to unlocking value in the block through a new field development plan in conjunction with our partner PEMEX"
Fusion Antibodies up another 30% after posting a 35% leap on Monday's AIM debut
A look at some of the biggest risers and fallers in London on Tuesday