Petrofac demerges subsidiary
4th Mar 2010 07:09
Petrofac is proposing to hive off its UK Continental Shelf assets into a new company to be formed with Swedish oil and company Lundin Petroleum. The UK oil and gas facilities service provider will demerge its Petrofac Energy Developments subsidiary and combine it with the UK Continental Shelf oil &
Read moreThursday newspaper round-up: Petrofac, BA, M&S...
4th Mar 2010 06:02
The Petrofac oil services group is on the verge of acquiring a string of North Sea fields in a deal that would pave the way for a $1 billion spin-out of its exploration and production division. The group is in advanced talks with Sweden's Lundin Petroleum to buy the fields in the Norwegian and Briti
Read morePetrofac does not deny demerger report
1st Feb 2010 07:52
Petrofac, the oil & gas facilities service provider, refused to deny it plans to spin off its North Sea assets, saying it keeps its options under regular review. The FT reported earlier that the FTSE 100 group is in talks to spin off its North Sea oil and gas assets into a separate listed company a
Read moreLondon close: Healthy gain for Footsie
14th Jan 2010 16:26
London blue chips rose near the close to finish the day handily ahead, despite a disappointing response to the latest retail updates. Primark and British Sugar owner Associated British Foods was one of the few risers. The group had a better than anticipated end to 2009 and expects a 'significant in
Read moreLondon afternoon: US data hits London
14th Jan 2010 14:28
Disappointing US retail sales for December had repercussions this side of the pond, prompting the morning's gains to be pared. US retail sales fell by 0.3% month-on-month in December, against expectations of a slight rise. Miners remain wanted with Xstrata, Rio Tinto, Kazakhmys and Antofagasta am
Read moreLondon midday: Miners lift Footsie
14th Jan 2010 12:08
Footsie is in the blue as strength in the mining sector offsets weakness among retailers following a stream of updates from the sector. Xstrata, BHP Billiton, Rio Tinto, Kazakhmys, Eurasian Natural Resources and Antofagasta are all among the best performers. Rio Tintohailed another very strong qu
Read moreLondon open: Miners leading the way
14th Jan 2010 08:25
Miners are leading London's top stocks higher in early dealings on a busy day on the company news front. Xstrata, Vedanta Resources, BHP Billiton, Rio Tinto, Kazakhmys, Eurasian Natural Resources and Antofagasta are all among the best performers. Rio Tinto hailed another very strong quarter for ir
Read morePetrofac in bolt-on acquisition
14th Jan 2010 07:57
Oil and gas facilities service provider Petrofac has completed the bolt-on acquisition of mechanical services business Scotvalve Services. Petrofac is paying an initial £3m for the Abderdeen-based business, with up to a further £2m payable depending on performance over the next three years. Scotva
Read moreLondon close: More gains for FTSE 100
6th Jan 2010 16:34
It was another day of gains for the FTSE 100 after the leading share index hauled itself into the blue in afternoon trading. Marks & Spencer was among the stocks dragging Footsie lower and finished firmly in the red. It was not the numbers from the fashion and food retailer that upset the market s
Read moreLondon afternoon: Leading shares mixed
6th Jan 2010 13:50
The list of Footsie constituents is now almost evenly split between risers and fallers but the blue-chip index remains in negative territory, weighed down by Marks & Spencer, which remains out of favour after a disappointing trading update. It was not the numbers from Marks & Spencer that upset th
Read moreLondon midday: No sparks from Marks
6th Jan 2010 11:52
Leading shares were attempting their second rally of the morning as the lunchtime session started, but almost two-thirds of FTSE 100 constituents remain in the red. Chief among them is M&S. The cold weather may have seen woolly jumpers and slippers fly off the shelves at Marks & Spencer in the days
Read moreLondon close: Dull day for blue chips
30th Dec 2009 16:44
Footsie closed near its low for the day after banks and miners turned down on very low volumes ahead of a short day's trading tomorrow. A flat start on Wall Street didn't help, but it was Royal Bank of Scotland, Barclays and Standard Chartered that led the the banks down while miners Fresnillo, Rio
Read moreLondon midday: Stocks slip lower
30th Dec 2009 11:43
Tops stocks are lower with two of the bigger sectors of the market weighing. Royal Bank of Scotland, Barclays and Standard Chartered are down amongst the banks while miners Fresnillo, Rio Tinto, Lonmin and Anglo American also fall. Petrofac, the oil services firm, is outperforming after news of
Read morePetrofac wins $100m Turkmen deal
30th Dec 2009 09:30
Oil and gas fabrications specialist Petrofac has been chosen by Turkmengas, the state-owned national gas company of Turkmenistan, to help develop the South Yoloten gas field, south east of the capital Ashgabat. The first phase of the contract, valued at approximately $100m, will involve Petrofac co
Read moreLondon open: Very quiet start
30th Dec 2009 09:03
There is very little movement so far this morning among London's blue chips despite a dip overnight in Asia as investors fretted about metal prices. Oil shares in contrast are strong this morning as the price of crude rose to $79 on the prospect of a very cold US winter and rising longer term deman
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