Maintaining Petrofac FVE as Operational Continuity Overshadows Legal Woes
We our maintaining our fair value estimate of GBX 890 for Petrofac and reiterating our basic outlook on the company. We remain quite cautious, as reflected in our extreme uncertainty rating, in light of the serious fraud office investigation that began earlier this year, but remaining in place is our base-case view that the investigation will have minimal impact on the company’s fair value estimate.To be sure, the investigation is ongoing, and management's silence on the matter is somewhat unse...
Petrofac is a holding company. Co. is engaged as a service provider to the oil and gas production and processing industry. Co. designs, builds, operates and maintains oil and gas facilities. Co. has three segments: Engineering & Construction, which provides engineering, procurement and construction project execution services to the onshore and offshore oil and gas industry; Engineering & Production Services, which includes engineering and production services activities to the oil and gas industry; and Integrated Energy Services, which provides an integrated service for clients, with projects that cover upstream developments project, related energy infrastructure projects, and investment.
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