RE:RE:RE:If this POFS doesnt sail this week!!If the platform is ready then any delay from here should be brief, but it will be out of Petrofac's and Ithaca's hands, if someone down the line does not raise their hand and shout 'check' (including the weather) then we will be delayed.
Petrofac have weathered the sector downturn relatively well but they do have some debt and they know that they need cash flow in order to really take advantage of the sector bounce back which should begin with a vengeance by the end of this year. The cash from GSA is critical to Petrofac, not for their survival but rather for muscling ahead of rivals for what should be a multi year boom for the oil services sector. Cash flow for petrofac from their share of the GSA could wipe out most of Petrofac's debt within 2 years.
The importance to Petrofac of the GSA project is far greater IMO than the GSA's operational size might suggest.
Personally I am enjoying this, my Ithaca holding has nearly double bagged already and I expect to 5 bag or more before we are through. What's not to like?
Doug