Announcement • Oct 20
Petrofac Limited Announces Restructuring Update Further to its announcement on 1 October 2025, in which Petrofac Limited advised it was advancing more than one route to implement the Restructuring, it confirms that the Restructuring will result in no residual value being retained by existing shareholders. The Company remains focused on completing the Restructuring in the shortest possible time and by the end of November 2025. It has made very good progress towards implementation, and expects to shortly conclude a Lock Up Agreement in respect of the identified implementation route, which will support the Group’s operational capability and ongoing delivery. The Group expects to share further detail in the coming days. Announcement • Jul 03
Petrofac Limited Announces Court of Appeal Upholds Appeal Against Restructuring Plan The Court of appeal has upheld an appeal, brought by certain creditors connected with the Thai Oil project, against the Order of the High Court which sanctioned the Restructuring Plans of Petrofac Limited and Petrofac International (UAE) LLC. The appeal was upheld on narrow grounds associated with the terms of the New Money financing and the evidence provided in support of it, that had previously been accepted by the High Court. All other grounds of appeal were unsuccessful. The Company is carefully studying the detailed judgment, which was made available to it this morning, and will discuss with key stakeholders the implications of the judgment and potential routes forward. The Company will provide further updates in due course. Announcement • Jul 02
Petrofac Limited(LSE:PFC) dropped from FTSE All-Share Index (GBP) Petrofac Limited(LSE:PFC) dropped from FTSE All-Share Index (GBP) New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Negative equity (-US$651m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (UK£30.7m market cap, or US$40.9m). New Risk • Mar 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.9% average weekly change). Negative equity (-US$651m). Minor Risk Market cap is less than US$100m (UK£32.1m market cap, or US$41.4m). New Risk • Feb 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Negative equity (-US$651m). Minor Risk Market cap is less than US$100m (UK£37.9m market cap, or US$47.6m). Announcement • Jan 08
Petrofac Limited Announces Resignation of Sara Akbar as Non-Executive Director, Effective from 31 January 2025 Petrofac Limited announced that Non-executive Director Sara Akbar has notified the Board of her intention to step down from her duties to pursue other business interests. She will do so from 31 January 2025. a result of the Board changes announced now, the Directors now sit on the following Board Committees as follows; Nominations Committee: René Médori (Chair), Matthias Bichsel, David Davies. Audit Committee: David Davies (Chair), Matthias Bichsel, Aidan de Brunner. Compliance & Ethics Committee: Mattias Bichsel (Chair), David Davies, René Médori. Remuneration Committee: Matthias Bichsel (Chair), David Davies, René Médori. Special Committee: Aidan de Brunner (Chair), Tareq Kawash, Afonso Reis e Sousa. Reported Earnings • Oct 02
First half 2024 earnings released: US$0.40 loss per share (vs US$0.27 loss in 1H 2023) First half 2024 results: US$0.40 loss per share (further deteriorated from US$0.27 loss in 1H 2023). Revenue: US$1.24b (flat on 1H 2023). Net loss: US$208.0m (loss widened 48% from 1H 2023). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has fallen by 56% per year, which means it is performing significantly worse than earnings. Announcement • Sep 10
Petrofac Limited Announces Resignation of Ayman Asfari and Francesca Di Carlo as Directors Petrofac Limited announced the resignations of Ayman Asfari and Francesca Di Carlo as directors of the company with effect from 31 July 2024. Announcement • Sep 02
Petrofac Limited, Annual General Meeting, Sep 23, 2024 Petrofac Limited, Annual General Meeting, Sep 23, 2024. Location: the offices of linklaters llp, one silk street, ec2y 8hq, london United Kingdom Reported Earnings • Jun 04
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: US$0.97 loss per share (further deteriorated from US$0.60 loss in FY 2022). Revenue: US$2.50b (down 3.7% from FY 2022). Net loss: US$505.0m (loss widened 63% from FY 2022). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 120%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 53% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Dec 22
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -US$0.399 to -US$0.442 per share. Revenue forecast unchanged at US$2.46b. Energy Services industry in the United Kingdom expected to see average net income growth of 33% next year. Consensus price target down from UK£0.59 to UK£0.58. Share price rose 67% to UK£0.33 over the past week. Major Estimate Revision • Dec 14
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -US$0.341 to -US$0.399 per share. Revenue forecast unchanged at US$2.46b. Energy Services industry in the United Kingdom expected to see average net income growth of 33% next year. Consensus price target down from UK£0.81 to UK£0.60. Share price was steady at UK£0.20 over the past week. Announcement • Dec 05
Aidan de Brunner Joins Petrofac Limited as Non-Executive Director Petrofac Limited announced that Aidan de Brunner has joined the Company as a Non-Executive Director. Aidan brings to Petrofac over 20 years of board, management, investment and financial advisory experience gained across a variety of global businesses. As the Group pivots to the execution of the new contracts won in 2023, Aidan will commit a significant portion of his time to supporting the Board for a limited period. He will drive engagement with finance providers, investors and other stakeholders in an active review of strategic and financial options to deliver on Petrofac’s potential following its most successful period for new awards in many years. New Risk • Nov 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-US$66m). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Major Estimate Revision • Sep 14
Consensus EPS estimates fall by 56% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -US$0.236 to -US$0.368 per share. Revenue forecast unchanged at US$2.48b. Energy Services industry in the United Kingdom expected to see average net income growth of 23% next year. Consensus price target broadly unchanged at UK£0.90. Share price rose 6.3% to UK£0.80 over the past week. Reported Earnings • Aug 13
First half 2023 earnings released: US$0.32 loss per share (vs US$0.076 profit in 1H 2022) First half 2023 results: US$0.32 loss per share (down from US$0.076 profit in 1H 2022). Revenue: US$1.21b (down 3.2% from 1H 2022). Net loss: US$165.0m (down US$204.0m from profit in 1H 2022). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. New Risk • Aug 11
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$66m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-US$66m). Announcement • Aug 10
Petrofac Limited to Report First Half, 2023 Results on Aug 10, 2023 Petrofac Limited announced that they will report first half, 2023 results on Aug 10, 2023 Major Estimate Revision • Jun 29
Consensus EPS estimates fall by 101%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$2.43b to US$2.53b. Forecast EPS reduced from -US$0.156 to -US$0.313 per share. Energy Services industry in the United Kingdom expected to see average net income growth of 28% next year. Consensus price target broadly unchanged at UK£0.99. Share price was steady at UK£0.74 over the past week. Reported Earnings • May 30
Full year 2022 earnings released: US$0.60 loss per share (vs US$0.68 loss in FY 2021) Full year 2022 results: US$0.60 loss per share. Revenue: US$2.59b (down 15% from FY 2021). Net loss: US$310.0m (loss widened 27% from FY 2021). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Energy Services industry in the United Kingdom. Major Estimate Revision • May 03
Consensus EPS estimates fall by 198%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$2.37b to US$2.45b. Forecast EPS reduced from -US$0.059 to -US$0.177 per share. Energy Services industry in the United Kingdom expected to see average net income growth of 9.0% next year. Consensus price target down from UK£1.15 to UK£1.06. Share price rose 17% to UK£0.75 over the past week. Major Estimate Revision • Apr 14
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2022 has been updated. 2022 expected loss increased from -US$0.234 to -US$0.272 per share. Revenue forecast unchanged at US$2.49b. Energy Services industry in the United Kingdom expected to see average net income growth of 9.6% next year. Consensus price target broadly unchanged at UK£1.14. Share price fell 16% to UK£0.63 over the past week. Major Estimate Revision • Feb 23
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2022 has been updated. 2022 expected loss increased from -US$0.201 to -US$0.243 per share. Revenue forecast unchanged at US$2.50b. Energy Services industry in the United Kingdom expected to see average net income growth of 18% next year. Consensus price target down from UK£1.36 to UK£1.27. Share price fell 10% to UK£0.77 over the past week. Major Estimate Revision • Dec 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from US$0 to -US$0.09 per share. Revenue forecast unchanged at US$2.54b. Energy Services industry in the United Kingdom expected to see average net income growth of 6.9% next year. Consensus price target down from UK£1.63 to UK£1.56. Share price fell 5.9% to UK£0.73 over the past week. Announcement • Nov 17
Petrofac Limited, Annual General Meeting, May 12, 2023 Petrofac Limited, Annual General Meeting, May 12, 2023, at 09:30 Coordinated Universal Time. Buying Opportunity • Oct 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.4%. The fair value is estimated to be UK£1.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 27% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 12
First half 2022 earnings released: US$0.027 loss per share (vs US$0.26 loss in 1H 2021) First half 2022 results: US$0.027 loss per share (up from US$0.26 loss in 1H 2021). Revenue: US$1.23b (down 23% from 1H 2021). Net loss: US$14.0m (loss narrowed 84% from 1H 2021). Over the next year, revenue is forecast to grow 1.5%, compared to a 1.5% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 38 percentage points per year, which is a significant difference in performance. Buying Opportunity • Jun 23
Now 20% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be UK£1.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 22% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: US$0.54 loss per share. Revenue: US$3.06b (down 25% from FY 2020). Net loss: US$195.0m (loss widened 1.6% from FY 2020). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 13,350%. Over the next year, revenue is expected to shrink by 7.2% compared to a 7.0% growth forecast for the industry in the United Kingdom. Reported Earnings • Oct 28
First half 2021 earnings released: US$0.25 loss per share (vs US$0.23 loss in 1H 2020) The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2021 results: Revenue: US$1.60b (down 24% from 1H 2020). Net loss: US$86.0m (loss widened 10% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 29 percentage points per year, which is a significant difference in performance. Board Change • Sep 14
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. Non-Executive Director Francesca Di Carlo was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 07
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. Non-Executive Director Francesca Di Carlo was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Sep 07
CFO & Executive Director Alastair Cochran has left the company On the 1st of September, Alastair Cochran's tenure as CFO & Executive Director ended after 4.9 years in the role. As of June 2021, Alastair still personally held 147.54k shares (UK£163k worth at the time). Alastair is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.54 years. Reported Earnings • May 22
Full year 2020 earnings released: US$0.53 loss per share (vs US$0.22 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$4.08b (down 26% from FY 2019). Net loss: US$180.0m (down 347% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has fallen by 39% per year, which means it is performing significantly worse than earnings. Reported Earnings • Apr 23
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$4.08b (down 26% from FY 2019). Net loss: US$180.0m (down 347% from profit in FY 2019). Is New 90 Day High Low • Jan 18
New 90-day low: UK£1.14 The company is down 3.0% from its price of UK£1.18 on 20 October 2020. The British market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 39% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£3.39 per share. Is New 90 Day High Low • Nov 25
New 90-day high: UK£1.75 The company is up 7.0% from its price of UK£1.64 on 26 August 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Energy Services industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£8.65 per share.