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Prices & Quotes - UK Markets - Petrofac Ltd. (PFC)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 129.30p
Change Today:
1.00p
Market Cap:
447.27m
Sector:
Oil Equipment, Services & Distribution

Petrofac extends banking facilities, says net debt will be better than expected

By Michele Maatouk

Date: Wednesday 07 Apr 2021

LONDON (ShareCast) - (Sharecast News) - Petrofac shares surged on Wednesday after the oilfield services provider said it has extended $700m of its banking facilities and that net debt is set to be better than expected.
With the "unanimous support" of its lenders, Petrofac has secured a $610m extension of its existing revolving credit facility to 2 June 2022, with an option to extend for a further six months, and a $90m extension of its bilateral term facility with Abu Dhabi Commercial Bank to 1 April 2022.

The increase in margin on these facilities reflects market conditions and remains competitive, the company said.

Existing financial covenants remain unchanged and will be tested on a quarterly basis. In line with Petrofac's liquidity policy, the extended revolving credit facility includes a minimum liquidity covenant of $100m.

Petrofac said the revised facilities of $700m represent a reduction in facility size of $450m, "in line with business requirements and reflecting the group's transition to a capital light business model". Both facilities were due to be repaid or prepaid on or before 2 June.

"The extension of these facilities, together with the issue of 300m in commercial paper under the Covid Corporate Financing Facility in February 2021, preserve the group's strong liquidity position which was $1.3bn at 31 March," it said.

The group now expects to report net debt of $116m as at 31 December 2020, better than expectations, and said it continues to target eliminating net debt "as market conditions and contract awards recover".

At 1300 BST, the shares were up 8.6% at 105.70p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Petrofac Ltd. Market Data

Currency UK Pounds
Price 129.30p
Change Today 1.00p
52 Week High 233.40p
52 Week Low 91.40p
Volume 1,628,620
Shares Issued 345.91m
Market Cap 447.27m
Beta 0.03

Performance Indicators

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What The Brokers Say

Strong Buy 1
Buy 0
Neutral 10
Sell 0
Strong Sell 0
Total 11
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Petrofac Ltd. Dividends

  Latest Previous
  Interim Final
Ex-Div 19-Sep-19 25-Apr-19
Paid 18-Oct-19 24-May-19
Amount 12.70¢ 25.30¢

Trades for 07-May-2021

Time Volume / Share Price
16:35 380,209 @ 129.30p
16:29 39 @ 129.70p
16:29 77 @ 129.30p
16:29 136 @ 129.30p
16:29 658 @ 129.30p

Petrofac Ltd. Key Personnel

CFO Alastair Cochran