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.



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

RELATED COMPANIES