Shortdata

ShortData.co.uk tracks all short positions in UK companies listed on the London stock exchange. All information shown on this site is for information purposes only. While every effort has been made to ensure the accuracy of the information shown, it should not be relied upon for any investment or trading decisions.

Home » Companies » PETROFAC LTD (PFC)

EPIC

Company

Industry

Country of Incorporation

Trading Currency

LSE Market

PFC

Energy

Jersey

GBX

MAIN MARKET

Current disclosures in PETROFAC LTD, 7 currently shorting.

% Short

% Change

Date Changed

2.63%

0.12%

Thu February 22, 2024

0.88%

-0.02%

Thu March 7, 2024

2.69%

-0.09%

Fri March 1, 2024

1.81%

0.05%

Wed March 27, 2024

0.70%

0.07%

Thu November 30, 2023

1.21%

0.07%

Thu January 11, 2024

1.31%

0.07%

Thu March 14, 2024

Total shorts: 11.23%

Posts: 261
Opinion: No Opinion
Posted: December 14, 2017

Petrofac Trading update

RNS Number : 3011Z
Petrofac Limited
14 December 2017

14 December 2017

PETROFAC LIMITED
TRADING UPDATE

Petrofac issues the following pre-close trading update ahead of the announcement of its full year results for the year ending 31 December 2017 on 1 March 2018.

· Trading in line with expectations

· US$5.2 billion in new order intake year to date

· Net debt is forecast to be around US$850 million at 31 December 2017 in line with expectations

Ayman Asfari, Petrofac's Group Chief Executive, commented:

"Overall trading remains in line with expectations, underpinned by high levels of project activity, good project execution and strong financial discipline.

"We have seen a recovery in new order intake in 2017, securing US$5.2 billion in new awards in the year to date in both existing and new markets. Tendering activity remains high, we continue to maintain our bidding discipline in competitive markets and we have a healthy order backlog.

"Our portfolio is in good shape, and we remain focused on project delivery and maintaining our cost competitiveness through operational excellence. This - together with measures we are taking to strengthen our balance sheet - positions us well."

Engineering & Construction

We have delivered good progress across our portfolio of lump-sum engineering and construction projects. On our upstream projects, we have handed over the Khazzan central processing facility in Oman. We have also commissioned the In Salah southern fields development, introduced gas into the Reggane North Development plant and are ready for the introduction of gas into the Alrar gas plant, all in Algeria. Several other projects are now in the pre-commissioning or commissioning phase. On our downstream projects, the Sohar refinery in Oman is in commercial operation, the Petro Rabigh and Jazan south tank farm projects in Saudi Arabia are in the commissioning phase, and pre-commissioning activities have started on the KNPC Clean Fuels Project in Kuwait.

We have secured US$4.1 billion of new order intake in the year to date and continue to see a high level of tendering activity in our core markets.

Engineering & Production Services

Continued good performance in our international O&M contracts and EPCm projects has largely offset lower activity, utilisation and order intake in the UK North Sea. We have secured awards and extensions worth approximately US$1.1 billion in the year to date, predominantly in the UK, Iraq and Kuwait, as well as our first project in Turkey. We have also signed a long-term framework agreement with PDO Oman, which will add to backlog as projects are sanctioned.

We have maintained our focus on improving operational efficiency and utilisation, while positioning ourselves for a recovery in market conditions and growth in new markets.

Integrated Energy Services (IES)

EBITDA for the full year is expected to be at the bottom end of our US$80 million to US$100 million guidance range, reflecting licence entry in September and lower production from the Greater Stella Area development. Production on Block PM304 in Malaysia and the Chergui gas plant in Tunisia is in line with expectations. Investment in Mexico remains low pending migration of our Production Enhancement Contracts. The sale of our interest in the Pánuco Production Enhancement Contract to Schlumberger completed in August 2017.

Financial position

Backlog(1), excluding IES, stood at US$10.3 billion at 30 November 2017, reflecting a recovery in new order intake offset by progress on our existing portfolio of projects:

30 November 2017

31 December 2016

US$ billion

US$ billion

Engineering & Construction

7.5

8.2

Engineering & Production Services

2.8

3.5

Total

10.3

11.7

Recent UK tax law changes(2) will result in a non-recurring deferred tax charge being included within 2017 full year business performance results. As previously disclosed, the tax charge for the period would have been US$22 million higher if the new loss relief rules had applied at 30 June 2017.

Net debt is expected to be around US$850 million at 31 December 2017, reflecting strong working capital management and financial discipline. Group capital expenditure is expected to be lower than previous guidance at around US$175 million.

We continue to pursue a range of measures to deliver a sustainable reduction in net debt and strengthen our balance sheet. These include a relentless focus on operational excellence, reducing capital investment, rebasing our dividend and continuing to divest non-core assets.

Notes

(1) The Group is no longer recognising backlog in respect of the IES division (previously, backlog was recognised in relation to IES service contracts i.e. projects where we did not have entitlement to reserves). Backlog at 30 November 2017 includes US$1.0 billion for Petrofac's share of the Duqm refinery project in Oman. The project will commence upon receipt of the full notice to proceed from the client.

(2) Changes to UK carry forward tax loss relief rules were substantively enacted in October 2017, which will result in a non-recurring deferred tax charge being included within 2017 full year business performance results. As previously disclosed in the 2016 Annual Report (p144) and 30 June 2017 Half Year Report (p24), the recognised deferred tax asset at that date would have been US$22 million lower and the tax charge for the period would have been US$22 million higher if the new loss relief rules had applied at 31 December 2016 (or 30 June 2017).

Posts: 261
Opinion: Buy
Posted: December 13, 2017

Petrofac secures $160 million award from Basra Oil

Petrofac secures US$160 million award from Basra Oil Company​
Contract for Basra's Iraq Crude Oil export expansion project.

Posts: 261
Opinion: No Opinion
Posted: December 12, 2017

PETROFAC AWARDED CONTRACT FOR KHAZZAN

RNS Number : 1290Z
Petrofac Limited
12 December 2017

Press Release

12 December 2017

PETROFAC AWARDED CONTRACT FOR KHAZZAN

PHASE 2 IN OMAN

Petrofac has been awarded a lump-sum contract worth approximately US$800 million by BP for the Phase 2 central processing facility (CPF) at the Khazzan Phase 2 (Ghazeer) gas development in the Sultanate of Oman. This follows the US$ 1.4 billion Phase 1 CPF Khazzan project, awarded to Petrofac in February 2014, which celebrated first gas on 22 September this year.

The project comprises the addition of a third gas train with a capacity for nominally handling 500 million standard cubic feet of gas per day (mmscfd), which will help drive increased total production capacity from the CPF to 1,500 mmscfd. The Engineering, Procurement, Construction and Commissioning (EPCC) scope of work also includes liquid and compression trains and associated infrastructure, as well as brownfield work associated with connecting the Phase 1 and 2 facilities.

Ayman Asfari, Petrofac Group Chief Executive commented: "Petrofac has executed a large number of projects for BP across many aspects of our business and we are delighted to be supporting them on the next phase of this pioneering project in Oman. We have a very strong record for project execution in Oman and as part of this have delivered significant in-country value. We look forward to continuing to demonstrate our commitment to a sustainable and long-term presence in the Sultanate through the safe and timely delivery of this project for BP."

Bernard Looney, Chief Executive Upstream at BP, said: "The successful start of production from Khazzan Phase 1 was a major milestone for BP in 2017. We are now building on this, deepening our partnership with the Sultanate of Oman, as we work towards development of the second phase and this award to Petrofac will continue the relationship that delivered Phase 1."

Elie Lahoud, Petrofac Senior Vice President, Operations said: "We are proud to have been part of the Khazzan journey since the outset of Phase 1. This new award comes shortly after the start of production from the Phase 1 CPF facilities in September. That achievement provides us with a proven delivery model that, coupled with the knowledge gained from the earlier project and the strong support from our contractors, positions us well to deliver a great project for BP and Oman."

BP Oman is lead partner in the Khazzan project with a 60% interest. Oman Oil Company Exploration & Production holds 40%

Posts: 261
Opinion: No Opinion
Posted: December 5, 2017

Petrofac and SOCAR form joint venture

Petrofac’s Training Services business and the State Oil Company of the Republic of Azerbaijan (SOCAR) today signed a Shareholders Agreement to form a Joint Venture for the pursuit of training opportunities across the country’s oil & gas and petrochemical industries.

Under the Agreement, SOCAR’s stake in the Joint Venture has been determined at 51% and Petrofac’s at 49%. The Shareholders Agreement was signed by SOCAR’s President, Rovnag Abdullayev, and Petrofac’s Global Head of Training Services, Engineering and Production Services, Karim Osseiran.

The Joint Venture will provide tested, contemporary training and educational services for the workers of Azerbaijan’s energy sector and those engaged in energy projects in other countries.

In recent years, SOCAR’s Training, Educational and Certification Department has organised training in accordance with standards of world renowned organisations, such as OPITO and IOSH. In addition to installation of high quality equipment necessary for carrying out this training, the range of skills development offered by SOCAR has increased.

Petrofac brings its extensive experience of designing, building and operating unique training facilities which combine immersive technical training techniques and digital technology. In order to improve the links between academic education and production, the company will also provide capability to develop and assure competence across the HSSE, engineering, construction, operations, maintenance and drilling disciplines.

SOCAR is focused on driving nationalisation initiatives and its experience of establishing and operating energy-related facilities, including training centres, will be fully utilised within the Joint Venture. SOCAR will realise its competitive advantage by having the opportunity to provide training and certification services to personnel of foreign companies, thus utilising the commercial potential of training centres at its disposal.

Karim Osseiran, Global Head of Training Services, Petrofac Engineering and Production Services, speaking at the signing ceremony said: “We are delighted SOCAR has chosen to partner with us. Through our Joint Venture we are combining our industry credentials, local knowledge and depth of capabilities. This will enable us to deliver a step-change in workforce training and competence assurance in support of SOCAR’s nationalisation agenda.”

Speaking at the ceremony, SOCAR’s Vice President Khalik Mammadov stated: This is the next step in transforming oil capital into human capital. We believe establishing a partnership with Petrofac, renowned for the provision of training and development services globally, will be successful for SOCAR and of benefit to the oil and gas industry in Azerbaijan. SOCAR Petrofac will foster a sustainable approach to meeting the demand of the technical workforce in Azerbaijan and the wider region, through supporting local content and nationalisation goals.”

Posts: 261
Opinion: No Opinion
Posted: November 28, 2017

Petrofac named top EPC contractor by MEED

Petrofac has been named a top engineering, procurement and construction (EPC) contractor by MEED (formerly Middle East Economic Digest).

It was tied for first place with Saipem and JGC Corporation in MEED’s annual survey of the value of EPC contract awards in the Middle East and North Africa (MENA) hydrocarbon sector.

Each company was awarded US$1.9 billion of work on oil, gas and petrochemicals projects across the MENA region (excluding Iran and Turkey).

MEED referred to three significant contracts Petrofac has won in 2017:

A 50/50 joint venture with Samsung Engineering worth approximately US$2 billion with Duqm Refinery and Petrochemical Industries LLC in Oman
A US$600 million lump-sum EPC contract for the Salalah LPG extraction project in Oman
A US$1.3 billion lump-sum EPC contract for Kuwait Oil Company’s gathering centre project, GC 32

Find out more about our operations in the Middle East and North Africa.

Posts: 261
Opinion: Buy
Posted: November 18, 2017

Schlumberger/Halliburton looking to swoop

Shares in Petrofac enjoyed a much-needed boost yesterday as it was reported that US oilfield services giants Schlumberger and Halliburton were looking to swoop in on the troubled firm.

Its stock price jumped by 5.9 per cent, or 24.1p, to close the day at 431p. The rise will be welcomed by investors who have seen Petrofac’s share price plummet in recent months after it was investigated by the Serious Fraud Office for its alleged involvement in the Unaoil bribery scandal. City sources have suggested a price of around 600p per share under a proposed deal, significantly lower than its peak 946p price recorded prior to the SFO probe.

Posts: 261
Opinion: No Opinion
Posted: November 17, 2017

Petrofac in final talks with SACE, UKEF, Kexim

Petrofac in final talks with SACE, UKEF, Kexim to raise funds for USD 6bn Duqm refinery project.

Petrofac Limited is in final discussions with SACE (Servizi Assicurativi del Commercio Estero), UK Export Finance (UKEF), and Export-Import Bank of Korea (Kexim) to raise ECA-backed loans for the USD 6bn Duqm refinery project in Oman. This was according to Manu Soni, manager (strategy co-investment and structured finance) at the UK-based Petrofac’s UAE branch.

He added that the discussions are about to close and all the three ECAs will be involved in the project. Construction work on the project will start as soon as possible.

Posts: 261
Opinion: No Opinion
Posted: November 13, 2017

Petrofac beefs up defences amid threat of takeover

11 November 2017 • 8:15pm

OIL services firm Petrofac is readying its defence against the looming threat of an opportunistic takeover as its ­battle against corruption allegations drags on.

City sources told The Sunday Telegraph that a refreshed squad of advisers will be undertaking a forensic study of the firm’s true value as a pre-emptive strike against a hostile takeover following a sharp slump in its share price.

Petrofac has been left exposed to the possibility of an unwelcome swoop after its stock market value halved within weeks of a Serious Fraud Office probe commencing into its alleged involvement in the Unaoil corruption scandal.

The SFO is investigating whether the company secured service contracts by paying bribes to Unaoil, which it suspects was acting as a “middleman” in deals across the global industry. Both Petrofac and Unaoil have ­denied wrongdoing. Ayman Asfari, the group’s chief ­executive and largest shareholder, is also battling personal insider trading allegations made by the Italian authorities. These are also allegations that he denies.

Even though Petrofac has managed to snap up a string of lucrative ­contracts in the Middle East and Russia, its share price has remained at stubbornly low levels. Sources say this makes the firm a tempting target. Petrofac’s share price has crashed 51pc since the start of the year, leaving it with a market cap of £1.5bn.

Its position looks more precarious following a wave of deal activity in the oil services industry.

In recent weeks Wood Group completed a £2.2bn merger with Amec Foster-Wheeler, while Canada’s SNC-Lavalin snapped up UK-based WS Atkins in a £2.1bn deal over the summer.

According to industry insiders Mr Asfari is committed to turning the company around and is unlikely to welcome an approach. He currently holds over 18pc of the company, posing a ­serious hurdle for buyers.

A spokesperson for Petrofac said: “Petrofac keeps all of its advisory relationships under regular review as part of its ordinary course of business."

Source: http://www.telegraph.co.uk/business/2017/11/11/petrofac-beefs-defences-amid-threat-takeover/

Posts: 261
Opinion: No Opinion
Posted: November 9, 2017

Scotvalve secures late life asset maintanence cont

Scotvalve Services, part of the Petrofac Group, has secured a contract for the provision of wellhead maintenance services with a North Sea Operator.

The three-year award, which includes two one-year extension options, relates to the provision of maintenance for surface production wellhead equipment and tools.

From its state-of-the-art facility in Kintore, Aberdeenshire, Scotvalve will also manage repairs and the replacement of ageing infrastructure, through to the manufacture of new and bespoke parts.

David Hutchison, Operations Director, Late Life Asset and Decommissioning, Petrofac Engineering and Production Services (West), said: “We are delighted to be awarded this contract and we look forward to drawing on our experience of safe and efficient maintenance and support services to help our client maximise operational efficiency, whilst reducing and controlling operating expenditure.”

Scotvalve Services has a 32-year track record of providing specialist refurbishment and recertification services to the energy sector. Its Kintore facility has been designed to accommodate the largest equipment in the surface and sub-surface industry, allowing the safe and efficient dismantling and inspection of equipment, regardless of size or configuration.

Posts: 261
Opinion: Buy
Posted: October 19, 2017

Petrofac awarded Iraq PMC from PetroChina

Petrofac has been awarded a contract, valued at around US$30 million, to undertake Project Management Consultancy (PMC) services for the Halfaya Contract Area (Halfaya) in southern Iraq.

Working in support of PetroChina International Iraq FZE (PetroChina), as the lead operator of Halfaya, Petrofac’s Engineering and Production Services (EPS) East business will undertake project management services for five years.

Petrofac is responsible for managing and supervising the development and progress of several engineering, procurement and construction work scopes including: the central processing facility, power plant expansion, gas process plant and all associated facilities. For each work scope, activities will include the management of detailed design, procurement, construction and commissioning.

Manivannan Rajapathy, Managing Director, Petrofac EPS East said: “This important award reflects our growing capabilities in a core market. Through the provision of PMC services, we are demonstrating our competence and capabilities to oversee large programmes of work. This builds upon our long track record for in-country execution for existing clients, through the delivery of engineering, operations, maintenance and training activities.

“We are pleased to have the opportunity to support PetroChina and the Halfaya partners in the delivery of this key infrastructure project. Our focus is to support sustained production, through the successful conclusion of each phase, towards the overall production plateau target of around 400,000 barrels per day.”

Posts: 261
Opinion: No Opinion
Posted: October 11, 2017

John Pearson

Petrofac today announces it has appointed John Pearson to the new role of Chief Corporate Development Officer and Group Managing Director, Western Hemisphere, with immediate effect.

John will report to Group Chief Executive Ayman Asfari. As Chief Corporate Development Officer, he will assist in further strengthening key relationships with International and Independent Oil Company clients globally, as well as leading the implementation and development of the Group’s strategy. He will also manage the growth of our reimbursable business, Engineering and Production Services in the Western Hemisphere through leading geographic and service line expansion, and exploring longer-term growth opportunities.

John joins following a 28-year career with AMEC Foster Wheeler, during which he has held several positions including President, Global Oil, Gas & Chemicals and multi-market roles running the Americas region and the Northern Europe & CIS region. Most recently, John had responsibility for the development of AMEC Foster Wheeler’s global Oil, Gas and Chemicals strategy, and was heavily involved in the development of the company’s new operating model. John is also a past Co-Chair of Oil & Gas UK, the operator and contractor trade association.

Ayman Asfari said: “I am delighted that John is joining us in this new role that has been created to give dedicated leadership commitment to the continued evolution of our offering. John’s fresh perspective, proven leadership pedigree and experience of the European and Americas markets will help us capitalise on the exciting opportunities we see for organic growth in complementary areas and adjacent markets. With John and the rest of the senior management team I look forward to creating shareholder value from these opportunities.”

John said: “I am truly excited to be joining Petrofac, whose agility and innovation in adapting to new market conditions I have always admired. There is more to be gained now, by the energy supply chain adapting rapidly to the new market realities we and our clients face, than at any point in the last 30 years. I look forward to working with Ayman and the team in continuing to transform our offer for our clients and to deliver shareholder value.”

Group Managing Director Craig Muir will focus on delivering the strategic organic expansion of Petrofac’s EPS business in the Eastern Hemisphere.

Posts: 261
Opinion: No Opinion
Posted: October 9, 2017

Petrofac signs Master Services Agreement with Gazp

Petrofac signs Master Services Agreement with Gazprom Neft

Petrofac has secured a three-year master services agreement (MSA) to support Gazprom Neft Middle East B.V. (Gazprom Neft) with the provision of engineering services on a call-off basis for the Garmian field in the Kurdistan region of Iraq.

The MSA was secured following a competitive tendering process and augments Petrofac’s extensive footprint in Iraq, where it has been providing engineering, operations, maintenance and training services since 2010.

Gazprom Neft has been Operator of the Garmian field since early 2016. Through the provision of engineering services Petrofac aims to support the planned brownfield works to debottleneck and expand the Central Processing Facility (CPF).

Steve Webber, Senior Vice President, Petrofac Engineering & Production Services, East said: “We are delighted Gazprom Neft has selected Petrofac as one of its key suppliers in support of the Garmian field CPF upgrade project.

“We have been working with this key client in Iraq for more than three years and hope to take this opportunity to build on our relationship through the demonstration of Petrofac’s fit-for-purpose and value-driven engineering solutions in the Kurdistan region.”

Posts: 261
Opinion: No Opinion
Posted: September 27, 2017

Interim Dividend - exchange rate 9.47 pence

Interim Dividend - exchange rate 9.47 pence per share

Petrofac Limited
27 September 2017

Interim Dividend - exchange rate

Petrofac Limited hereby confirms that further to the announcement made on Wednesday, 30 August 2017 of an interim dividend of 12.70 US cents per ordinary share payable on Friday, 20 October 2017 to shareholders on the register of members at the close of business on Friday, 22 September 2017, the exchange rate to be used to convert the dividend payment from US dollars to UK Sterling (for those shareholders who did not elect to receive payment in US dollars) will be US$1.3404:£1 (based on the exchange rate on Wednesday, 27 September 2017).Â

Accordingly, the UK Sterling amount of dividend payable on Friday, 20 October 2017 will be 9.47 pence per share.

Posts: 261
Opinion: Strong Buy
Posted: September 26, 2017

Re: Psychological £4.50

£4.50 target broken. Now £4.60

Posts: 261
Opinion: No Opinion
Posted: September 25, 2017

Psychological £4.50

The psychological £4.50 is being tested today.

Posts: 261
Opinion: No Opinion
Posted: September 21, 2017

Kepler Capital target price lowered to GBX 600

Petrofac Limited (LON:PFC) had its target price lowered by equities researchers at Kepler Capital Markets from GBX 700 ($9.44) to GBX 600 ($8.09) in a note issued to investors on Tuesday. The brokerage presently has a “buy” rating on the stock. Kepler Capital Markets’ target price suggests a potential upside of 33.96% from the stock’s previous close.