Petrofac Enjoys Most Successful Year for New Contracts

UK oilfield services firm Petrofac said Friday that it was on track to deliver net profit of between $580 million and $600 million during 2014 after its most successful year for new awards.

Petrofac Group Chief Executive Ayman Asfari commented in a company statement:

"This is already our most successful year for new awards in ECOM [Engineering, Construction, Operations and Maintenance], with ECOM order intake of $9.4 billion in the year to date, which has been secured at bid margins, on a country-by-country basis, in line with the last few years.
 
"In IES [Integrated Energy Services], our focus remains on the delivery of key operational milestones on the existing project portfolio. During the period we achieved first oil on Cendor phase 2 on Block PM304 in Malaysia, a significant operational landmark on the project, with ramp up of production expected in the near term."

Petrofac said that its backlog of orders increased to $21.2 billion at Sept. 30, compared to $20.3 billion three months earlier, giving "very good revenue visibility for the remainder of the year and beyond".

The group's net debt was lower at $1.1 billion on September 30, compared to $1.3 billion at the end of June.



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