Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Pieridae Energy Ltd T.PEA

Alternate Symbol(s):  PTOAF

Pieridae Energy Limited is a Canadian energy company. The Company is an upstream producer and midstream custom processor of natural gas, natural gas liquids, condensate, and sulphur from the Canadian Foothills and adjacent areas in Alberta and in northeast British Columbia (BC). It owns and operates three sour gas processing complexes at Waterton, Caroline and Jumping Pound. Its footprint covers over a million gross acres (807,000 net acres) in the Foothills and makes up conventional gas reservoirs in North America. Across Alberta and British Columbia, its footprint stretches over one million gross acres of land, with ownership of three deep cut gas plants and more than 3,800 kilometers of pipelines. Its foothills include the southern foothills, central foothills and northern foothills. Its southern foothills have three main fields: Waterton, Carbondale, and Burmis. The Company also has a production facility in the Northern Foothills of Alberta and in Northern BC.


TSX:PEA - Post by User

Bullboard Posts
Comment by commonsense9on Oct 05, 2020 8:22pm
149 Views
Post# 31671300

RE:RE:RE:RE:RE:Pieridae Engages EPCC Contractor Bechtel

RE:RE:RE:RE:RE:Pieridae Engages EPCC Contractor BechtelKBR was getting progress payments for their work. It shows in the quarterly financials. My guess is that they were doing it at a bit of a loss- partial payment for their real costs. They might even have been getting full cost reimbursement. Then they decided they didnt want to be in this game at all. Walked away and presumably did not collect payment due in return for not being sued over breach of contract.

I bet you anything that Bechtel is being paid FULL costs. Period. So that they don't lose a dime on doing this. Then if they feel like it, they will put in a real bid....  one that is not so high that it invites refusal.

This is the absolute opposite of the way the negotiating is supposed to work- where you have a project owner that NEEDS construction costs to be as low as possible, negotiating with a builder that is hungry for the job.

Before the industry was shrinking back, PEA was already not in a position to get concessions out of builders. Now, it's just a joke. As always, Sorenson and Co keeps going through the motions- no matter how deperate things are- just keep those plates spiining and hope the miracle comes.

What else are they going to do? This isnt Shell where you cut your losses and go do something else.


BigFanLNG2018 wrote: Bechtel is doing the same thing everyone else did.  They've agreed to look at the project, evaluate the engineering and then decide if they'll bid the job.  They're not "doing it".  They haven't agreed to build it.  No one is going to enter into a lump sum contract worth $10B with a company that has a zero net worth.  Just bidding on a $10 billion project will cost a compant $5-20 million.  This is not like bidding to build a $2,000 deck on a house.  KBR spent almost a year evaluating the project before bowing out gracefully.  KBR was supposed to get paid around $10 million just to evaluate the project.  I'm guessing Bechtel is asking for a similar amount.  Pieridae is broke.  All these announcements are just deals contigent on other deals.  It's a house of cards. 


Bullboard Posts