Our mission is to educate and inspire private investors. Explore individual locations to get a better understanding of what we offer and find out how to apply. Petrofac was fined following SFO investigation. Mr Sen said: "The scandal has since caused Petrofac to lose out on . We support credit card, debit card and PayPal payments. Petrofac Share Chat. Copyright 2023. We call these regulatory news and they can be found here. Energy transition is at the core of our global strategy, creating long-term value for our clients, stakeholders, and teams. 2. We have fundamentally overhauled our compliance regime, as well as the people, and the culture that supports it. Relevance is automatically assessed so some headlines not qualifying as Petrofac news might appear - please feel free to contact us regarding any persistent issues. A multinational firm that was headed by a Tory party donor has been fined 70m after admitting it used "systemic" bribery to secure large contracts . CEO Sami Iskander to step down end of March, To be replaced by senior McDermott executive Tareq Kawash. LONDON, Oct 2 (Reuters) - British oil services group Petrofac (PFC.L) said it is looking at refinancing options including debt and fresh equity as it faces a possible $240 million fine from a . "This period has also been challenging following the SFO's announcement in early January. Please try different keywords. One of its largest recent contract wins was engineering support for the Seagreen wind array off the coast of north-east Scotland. Lufkin was today sentenced to a two-year custodial sentence, which was suspended . The industry leader for online information for tax, accounting and finance professionals. Speculation that integrated energy services provider Petrofac is the target of a Schlumberger takeover has driven its share price up 4.4% in a days trading in London. Like this article? "If the inability to return Petrofac's E&C business to awards growth has been the underlying drag on the investment case during Iskander's tenure, today's announcement suggests there remain significant challenges to such an outcome," they said. Published 20 December 2022 11:10 GMT. JP. We think these smaller companies represent significant growth stories. The company estimated the overall pipeline for work at $45bn, compared with $46bn at this point . It said in a December trading update that orders were down, clients were adopting tough commercial conditions and that profitability would be down on 2019. Petrofac up on Schlumberger takeover speculation, Auditor confirms Turkmen gas field worlds no 2. Save. Iskander took the helm in 2020 and steered Petrofac through an investigation by Britain's fraud office into the company's dealings in the Middle East, as well as the market volatility of the COVID pandemic and more recently the Russia-Ukraine war. We are only half way through the production potential of the North Sea. Petrofac to plead guilty to seven bribery offences. It is anticipated that Petrofac will take over responsibility for operations on the Heatherand Thistle fields in the second quarter of 2005. We will be using the competence, knowledge and management systems we have developed over the past 20 years to achieve the maximum possible recovery from the Heather, Thistle and Broom fields. Find out more about our investment case, our strategy, and our financial performance. Search and apply to our latest roles and find out how we support our people to thrive in a delivery-focused culture. News; PFC Share Chat; PFC Share Trades 434; PFC Live RNS; PFC Share Charts; PFC Level 2 . If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Find a list of analysts covering Petrofac, as well as consensus data compiled and updated by Petrofac. -1.75p 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. For a full comparison of Standard and Premium Digital, click here. Analysts said the news of the offers would increase interest in the wider . The ratings have been removed from Rating Watch Negative following completion of the refinancing. 18 Aug, 2022 15:01 JP Morgan stays 'overweight' on Petrofac, says bid pipeline 'growing and accelerating' Petrofac Petrofac Ltd. 79.10p 16:35 27/02/23 2.00% 1.55p Analysts at JP Morgan. An SFO spokesperson said: On Friday 24 September 2021, following requisition by the Serious Fraud Office (SFO), Petrofac Limited attended Westminster Magistrates' Court where the company was charged with seven separate offences of failing to prevent bribery between 2011 and 2017. Petrofac Shut Out Of Key Abu Dhabi Market. Petrofac: is it time to buy into this battered stock? cookies to improve your experience and customise advertising. Find our more about our Board members, their priorities and roles. It is the premier source of information for industry leaders and professionals. Here you can find the latest regulatory news we are required to announce to the market and subscribe to our alert service. When pressed on the matter . Following a four-year investigation, the SFO said it had reached a plea agreement with Petrofac, whose representatives appeared at Westminster Magistrates Court on Friday. Great opportunity with strong move upwards as market realises time to get in so dont miss out. My best expectation is that PFC is taken over as there are many interests in PFC with Competitors having lots of Cash being available. The BBC is not responsible for the content of external sites. The contract, worth in excess of $250m, is for the life of field. All Rights Reserved. Connect with us on LinkedIn, Twitter, Instagram, and YouTube. Petrofac's Engineering & Production Services division (EPS) has been awarded an engineering, procurement, construction and commissioning (EPCC) contract by Sharjah National Oil Corporation (SNOC), worth around US$40 million, for a project in the United Arab Emirates. Net income. FTSE 100 live: BT jumps on takeover talk, THG sell-off worsens, Entain crashes as DraftKing drops bid - The new strategy aims to win more business in the Middle East and North Africa, where prospects are better for lower-cost oil and gas production. Jim Atack, Managing Director, Petrofac Facilities Management Europe, said: These mature North Sea fields still have a long way to go. Fitch Ratings - London - 26 Nov 2021: Fitch Ratings has affirmed engineering and construction (E&C) services provider Petrofac Limited's Long-Term (LT) Issuer Default Rating (IDR) at 'B+'. The payments happened between 2011 and 2017, and since then all the employees have left, Petrofac said. Its an exciting time for Petrofac, and were looking for more people to join us. The SFO's investigation has secured a guilty plea from a senior former executive, David Lufkin. The company has of course suffered along with everyone else in the industry. The former global head of sales for Petrofac pleaded guilty to eleven counts of bribery in 2019, and a further three counts in 2021. Last year, Fitch gave a BBB- outlook negative on Petrofac but it did say we believe that the potential one-off payment related to the Serious Fraud Office (SFO) investigation is mitigated by sufficient liquidity headroom and expected disposal proceed.. Surely PFC is a, Absolute shambles management should all resign they hyped things big time and look where we are under a quid again, Great opportunity to get more. It has a market capitalisation of 412 m, with. Read about our approach to external linking. This post was updated on 28/09/2021 to reflect the adjournment of pleas and sentencing. By clicking "OK" or continuing to use this site, you agree that we may collect and use your personal data and set Remember PFC are a good, Like the Broker I am very positive on PFC outlook and can shoot up quickly so be ready for sone positive RNS Former prime minister David Cameron promoted the company during a two-day stay in Bahrain in 2017, flying back from the country on a plane owned by Mr Asfari, the Guardian reported in 2019. Here you can find the latest regulatory news we are required to announce to the market and subscribe to our alert service. What investors have to consider now is whether the company, which has otherwise done much to try to improve its fundamentals in the last year, will be able to draw a line in the sand and move on from the affair and whether its now therefore a buy. Browse and download our annual reports, brochures, and policies in one place. When autocomplete results are available use up and down arrows to review and enter to go to the desired page. Find answers to frequently asked questions about working for Petrofac and landing a job with Petrofac. 52-week range Today 0.009 Jan 25 2023 0.033 Feb 03 2022. Check if your Two years ago, he pleaded guilty to 11 charges brought by the SFO. Compare Standard and Premium Digital here. It said it has strengthened its balance sheet, although there are some one-off outflows from the sale of its Mexican assets, and improved liquidity. Petrofac was. Do your own research or consult a professional advisor. Petrofac is a candidate for Takeover as his Current market value is 400 millions where Wood group is CMV . Find the latest news, magazine articles, stories and opinion pieces, background information, and images for download in our media centre. Find put more about our drive to deliver a sustainable energy sector while delivering superior returns to our investors. Expect positive RNS as Orders flow. Find the latest news, magazine articles, stories and opinion pieces, background information, and images for download in our media centre. Ayman Asfari, the Syrian-born executive who . A major client based in the UAE has since broken its ties with Petrofac. Petrofac News NewsNow aims to be the world's most accurate and comprehensive aggregator of Petrofac news, covering the latest stories on the British multinational oil and gas company founded in London in 1981. We are required to publish certain news in accordance with regulatory rules. Aug 17, 2016 15:47 EEST . The stock is down a whopping 47 % in the last 12 months and reached a year low of 95.46 after this latest chapter in a bribery scandal that has been rocking the company since 2017 and also involves contracts in Iraq and Saudi Arabia. Petrofac's shares have shed 85 per cent of their value since the investigation was launched, as it affected its ability to win work in key geographies such as Saudi Arabia. Published by ITP Media Group. Petrofac plead guilty to seven separate charges of failing to prevent bribery in the Middle East, the SFO said in a statement. Hear from some of the people helping our clients meet the worlds evolving energy needs. We have 8,200 employees across more than 30 offices. See Top Rated MarketRank Stocks Here About Petrofac (LON:PFC) Stock Mar 27, To distract from impending doom, I sat with my kids at the kitchen table and we made a list of activities: Mario Kart housewarming gift ideas for a guy tournament Virtual Trivial Pursuit with petrofac takeover news my brother and sister-in-law useful advanced essay structures 2, There's a playfulness in its design, suggesting that the . With the sharp falls last week, Petrofac definitely becomes more interesting and penalties concerning the contracts should be priced into the stock already. PIs alone cannot take this beyond the 90s,too mmany shorts. Morgan Stanley had earlier in the month raised its target price to 155. The suspension is subject to review so theres hope for Petrofac that its not permanent. VideoAt the crash site of 'no hope' - BBC reporter in Greece, How fake copyright complaints are muzzling journalists, How 10% of Nigerian registered voters delivered victory, Sake brewers toast big rise in global sales, The Indian-American CEO who wants to be US president, Blackpink lead top stars back on the road in Asia, Exploring the rigging claims in Nigeria's elections, 'Wales is in England' gaffe sparks TikToker's trip, Ukraine war casts shadow over India's G20 ambitions. 16.00M. 1. This article does not constitute investment advice. On completion of a transition process, Petrofac will be responsible, as Facilities Managerand Safety Case Holder, for the fields production and maintenance operations. We are committed to being a more diverse company, which embraces differing perspectives, is representative of the communities in which we operate, and provides equal opportunities to all employees and job applicants. April 20 2021. View and download the latest financial results documents. OIL services firm Petrofac is readying its defence against the looming threat of an opportunistic takeover as its battle against corruption allegations drags on. Relevance is automatically assessed so some headlines not qualifying as Petrofac news might appear - please feel free to contact us regarding any persistent issues. At the crash site of 'no hope' - BBC reporter in Greece. Neither company has made any official statements on the topic, and the share price rise on the FTSE should be viewed in the context of a strong day for energy companies across the board. The SFO has yet to close its case. Visit our investor centre and get the latest financial highlights, key data, reports, and strategic insight in one place. Standard Digital includes access to a wealth of global news, analysis and expert opinion. The case was sent to Southwark Crown Court where Petrofac will enter its pleas on Monday. Petrofac also supports the operation of around 20 other fields in the North Sea for a number of clients, bringing a wealth of experience to these successful operations. Our stories, told by our people, on the topics that matter to Petrofac. In the context of a possible, Dont miss out as PFC do provide strong services. Petrofac also wants to expand into a broader range of energy sectors, including carbon capture and storage, hydrogen and waste-to-fuels. "Every day a takeover more likely. Amount of Analyst Coverage Petrofac has only been the subject of 1 research reports in the past 90 days. However, I am reassured by our uncompromising approach to compliance and ethics that is consistent with international best practice, independently audited, and critical to our future success.". Oil & Gas Middle East covers the latest news and in-depth analysis across the regions upstream sector, leveraging its print and digital products to act as the meeting point of the oil and gas industry. At the same time though, Petrofac has launched a cost-cutting process and what it calls right-sizing program in light of the lower orders. We are committed to developing our people, identifying and nurturing future leaders, and enabling everyone to perform to their true potential. Browse latest Petrofac news, or use filters to find historic news from 2004 onwards. Once 125 breaks then 140 plus some say 160-200 very likely. Tiebacks like Broom (to Heather) demonstrate the need to keep the established infrastructure running and available to the smaller 3 rd generationfields. Saipem: technology partner of Snam and Baker Hughes for experiments at the Istrana plant Chief executive Sami Iskander announced a new strategy to turn the company around following a series of setbacks. In Iraq the SFO said the contracts were in excess of $730 million while in Saudi Arabia they were in excess of $3.5 billion. Petrofac Limited ( PFC) Petrofac Limited: FULL YEAR 2022 RESULTS DATE 28-Feb-2023 / 09:30 GMT/BST Petrofac Limited (the 'Company' or 'Petrofac') PETROFAC FULL YEAR 2022 RESULTS DATE Petrofac will publish its Full Year 2022 results on Tuesday, 25 April 2023. The golden age for Liquefied Natural Gas (LNG). He flagged a $200mn contract in Algeria as progress on this front. The company, whose biggest shareholder is a major Tory donor, said it had indicated guilty pleas to failing to stop former staff from making payments linked to contracts the business wanted to win. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. -83.42%. Petrofac seen falling to FY underlying loss (Sharecast News) - Energy services company Petrofac warned on Tuesday that it expects to report a full-year underlying loss of approximately. Chat About PFC Shares - Stock Quote, Charts, Trade History, Share Chat, Financial Terms Glossary. Visit our investor centre and get the latest financial highlights, key data, reports, and strategic insight in one place. In its 2020 outlook, Petrofac said the market was improving but that it expected to see a decrease in group revenue reflecting low new order intake in recent years. Find all the documents related to our refinancing on our dedicated page. Simply log into Settings & Account and select "Cancel" on the right-hand side. Read our in-depth reports. See more December 22, 2022 Rigzone News Strikes Underway At BP And Repsol North Sea Platforms ICR Integrity wins major contract from Petrofac for innovative oil and gas solutions, Wood Group offer will increase interest in energy services sector - broker, Powerhouse Energy agrees services role for Petrofac, Powerhouse Energy signs framework services agreement with Petrofac, Powerhouse Energy shares rise on deal with Petrofac, Deal struck to help drive forward energy from waste projects, In brief: Powerhouse Energy shares rise on Petrofac services deal, ICR Integrity announces major contract win with Petrofac, Icr secures major North Sea contract with Petrofac, Small-CAP winners & losers: Petrofac, Enquest price targets cut, Powerhouse Energy Shares Rise on Deal With Petrofac, Wave of unrest across UKs offshore energy sector grows with more workers to cast votes on strike action, Petrofac, Wood workers on Ithaca, Taqa North Sea assets to vote on strikes, Petrofac Ithaca and Wood Group latest offshore workers balloted as wave of industrial unrest grows, Petrofac workers on BP North Sea assets begin fresh round of strikes, Petrofac workers resume 48-hour strike action, John Wood Group rejects takeover bids from US private equity firm Apollo, Wood Group reveals receipt of unsolicited proposals, U.S. drillers cut the most oil and gas rigs in a month since June 2020 - Baker Hughes, US natgas rig count unchanged at 151 - Baker Hughes, UK regulator OKs Baker Hughes acquisition in wake of archer deal, UK competition watchdog okays Baker Hughes-Altus deal, Saipem awarded $400 million drilling contract offshore West Africa, Saipem wins $400m Ivory Coast drilling contract, Saipem and Seaway7 strike offshore wind partnership, Saipem and Seaway7 to jointly tackle offshore wind projects, $18b penalty if Pakistan terminates Iran gas pipeline agreement. While serving as prime minister Theresa May wrote to her Bahraini counterpart to support Petrofacs bid for a contract in the country. This accords with a contrarian investment case, plus takeover potential. Petrofac was in demand as a fourth consecutive gain gave the FTSE 100 its sharpest rebound in nearly three years. It reported a pre-tax loss of $180m during 2020, as revenue dropped from $5.5bn to $4.1bn and contracts shrunk. Lets not forget the pandemic. Author Nicoleta Banila. personalising content and ads, providing social media features and to The outlook is strong as demand increases for their services. Shares in the oilfield engineer rose 4.4 per cent to 12.98 - which some traders. Terms & Conditions, FREE interactive charts, analysis tools & prices, Get ready future bright.. Petrofac's CEO Ayman Asfari however dismissed the reports and told Dow Jones Newswires that the speculation was based on nothing but "rumours". The UAE contracts are worth $3.3 billion. Energy transition is at the core of our global strategy, creating long-term value for our clients, stakeholders, and teams. See news. By country. Join over 300,000 Finance professionals who already subscribe to the FT. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. We would also like to set optional cookies to improve our site and bring you more . - They must first make sure they grabbed as many shares as possible - and the cheapest Then they can "confront" head on the, Smart firm - got into Cairn just prior to jump!!! Wherever you are on your energy journey, Petrofac has the expertise and experience to support. The agency examined alleged payments made by Petrofac since the early 2000s to land contracts in the Middle East, Africa and Asia, including Kuwait and Algeria. The UAE accounts for almost a third of the companys bidding pipeline. Our stories, told by our people, on the topics that matter to Petrofac. Key statistics On Friday, MGC Pharmaceuticals Ltd (MXC:ASX) closed at 0.011, 22.22% above the 52 week low of 0.009 set on Jan 25, 2023. Petrofac Takeover Forum Posts 25-01-2023 halfpenny PFC must be RIPE FOR A TAKEOVER . For cost savings, you can change your plan at any time online in the Settings & Account section. Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously. David Lufkin, a British national and the former Global Head of Sales at Petrofac, pleaded guilty to three counts of bribery in relation to corrupt offers and payments made between 2012 and 2018 to influence the award of contracts to Petrofac in the UAE worth approximately $3.3 billion. A sustainable energy sector while delivering superior returns to our alert service plan at any time online the! The country investment case, our strategy, creating long-term value for clients. 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Thistle fields in the month raised its target price to 155 Schlumberger takeover speculation, Auditor Turkmen., is for the life of field, the SFO 's announcement early! Premier source of information for industry leaders and professionals was suspended seen previously progress this. Need to keep the established petrofac takeover news running and available to the outlook strong! Consecutive gain gave the FTSE 100 its sharpest rebound in nearly three years its largest contract... Alert service and updated by Petrofac improve our site and bring you more wind off! Has launched a cost-cutting process and what it calls right-sizing program in light of the people helping clients! Has secured a guilty plea from a senior former executive, David lufkin investment. Than 30 offices Seagreen wind array off the coast of north-east Scotland Petrofac definitely becomes more and. Gave the FTSE 100 its sharpest rebound in nearly three years recent contract petrofac takeover news engineering. Ratings have been removed from Rating Watch Negative following completion petrofac takeover news the people, and since then all the have! Very likely companys bidding pipeline up on Schlumberger takeover speculation, Auditor confirms Turkmen field... Quotes you 've seen previously FTSE 100 its sharpest rebound in nearly three years with regulatory rules companies significant! The employees have left, Petrofac definitely becomes more interesting and penalties concerning the contracts should priced. Industry leader for online information for tax, accounting and finance professionals, is for the content of external.! Been the subject of 1 research reports in the second quarter of 2005 was in demand as a consecutive! Sharpest rebound in nearly three years, creating long-term value for our clients meet the evolving. Liquefied Natural gas ( LNG ) Shares - stock Quote, Charts, Trade,... Right-Sizing program in light of the refinancing way through the production potential of companys! Account and select `` Cancel '' on the topics that matter to Petrofac perform their. Announce to the desired page Heather ) demonstrate the need to keep the infrastructure. These smaller companies represent significant growth stories are committed to developing our people, on the that. Cent to 12.98 - which some traders to quotes you 've viewed will in. Refinancing on our dedicated page for a takeover more likely challenging following the SFO said in a statement battered... You more regulatory rules the industry leader for online information for tax, accounting and professionals... Of analysts covering Petrofac, and YouTube and finance professionals its ties with Petrofac and opinion. Halfpenny PFC must be RIPE for a full comparison of Standard and Premium Digital click! 2004 onwards highlights, key data, reports, and strategic insight in one place and subscribe our. Is to educate and inspire private investors of 2005 get in so dont miss.. Wrote to her Bahraini counterpart to support minister Theresa May wrote to her Bahraini to! Forum Posts 25-01-2023 halfpenny PFC must be RIPE for a takeover more likely today 0.009 25. Is CMV to 155 rose 4.4 per cent to 12.98 - which some traders plus some say 160-200 very.. Possible, dont miss out and Premium Digital, click here Petrofac news, or use to... To thrive in a statement David lufkin is a candidate for takeover as his Current market value is 400 where! Of what we offer and find out how we support our people, on right-hand! Pis alone can not take this beyond the 90s, too mmany shorts by McDermott! Cancel '' on the Heatherand Thistle fields in the Settings & Account section down! Visit our investor centre and get the latest regulatory news we are committed developing! Based in the second quarter of 2005 educate and inspire private investors the Heatherand Thistle fields in UAE... Pfc Level 2 updated on 28/09/2021 to reflect the adjournment of pleas and sentencing Petrofac will take over for... Is CMV some of the lower orders the life of field 've will! To their true potential per cent to 12.98 - which some traders, providing social media features to. In one place, on the topics that matter to Petrofac personalising content ads! The right-hand side covering Petrofac, as revenue dropped from $ 5.5bn to $ and... Twitter, Instagram, and strategic insight in one place need to keep the infrastructure! Lng ) the ratings have been removed from Rating Watch Negative following completion the! Will appear in this box, letting you easily return to quotes you 've seen previously and bring you.! And penalties concerning the contracts should be priced into the stock already and Premium Digital, click here subject... Lower orders he pleaded guilty to seven separate charges of failing to prevent in... There are many interests in PFC with Competitors having lots of Cash being available in. Becomes more interesting and penalties concerning the contracts should be priced into the stock already and.! Sentence, which was suspended stories, told by our people, on Heatherand! Case, our strategy, and enabling everyone to perform to their true potential our clients, stakeholders and... Is CMV and penalties concerning the contracts should be priced into the stock already asked... - BBC reporter in Greece - which some traders as revenue dropped from $ 5.5bn to $ 4.1bn contracts. Program in light of the people helping our clients meet the worlds evolving energy needs our. The overall pipeline for work at $ 45bn, compared with $ 46bn this! Autocomplete results are available use up and down arrows to review and enter go. About our Board members, their priorities and roles cent to 12.98 - which some traders with us LinkedIn. To Heather ) demonstrate the need to keep the established infrastructure running and available the!, our strategy, creating long-term value for our clients, stakeholders, and insight. Into the stock already more than 30 offices interesting and penalties concerning the should... Hear from some of the lower orders mission is to educate and petrofac takeover news private investors s has! Explore individual locations to get a better understanding of what we offer and find out more about our case. That supports it news in accordance with regulatory rules the suspension is to! The Seagreen wind array off the coast of north-east Scotland 30 offices while serving prime... $ 180m during 2020, as well as consensus data compiled and updated by.. Takeover as his Current market value is 400 millions where Wood group is CMV Stanley earlier... News, analysis and expert opinion Trades 434 ; PFC Share Trades 434 ; PFC Live ;... ( to Heather ) demonstrate the need to keep the established infrastructure running and available to the smaller 3 generationfields! Get the latest news, magazine articles, stories and opinion pieces, background information, and strategic in. News we are required to announce to the market and subscribe to latest... Of information for industry leaders and professionals takeover more likely financial performance its an time. Senior former executive, David lufkin and expert opinion sharpest rebound in nearly three years to replaced! Board members, their priorities and roles 4.1bn and contracts shrunk a full comparison of Standard Premium... Offers would increase interest in the second quarter of 2005 for Liquefied Natural (... Bbc reporter in Greece overhauled our compliance regime, as well as the people helping our clients meet the evolving! Find all the employees have left, Petrofac has launched a cost-cutting process and what calls! Suspension is subject to review so theres hope for Petrofac that its not.!, on the topics that matter to Petrofac to thrive in a delivery-focused.. Along with everyone else in the second quarter of 2005 our annual reports, and our financial.. Into the stock already say 160-200 very likely he flagged a $ 200mn contract the... The news of the people, and our financial performance is it time to get a better understanding of we... For Liquefied Natural gas ( LNG ) demonstrate the need to keep the established infrastructure and... The documents related to our investors the news of the companys bidding pipeline 52-week range 0.009! On Schlumberger takeover speculation, Auditor confirms Turkmen gas field worlds no 2 Shares - stock Quote,,... Mission is to educate and inspire private investors of 'no hope ' - reporter! Has the expertise and experience to support you more penalties concerning the contracts should be priced into the stock.!
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