Petrofac Posts Net Loss of $133M in 1H 2015

Oilfield services firm Petrofac revealed in its half year results statement Tuesday a net loss of $133 million for the six month period ended June 30, 2015.

The result was partly due to problems with the Laggan-Tormore gas plant, which recorded incremental losses in the first half of 2015 of approximately $263 million after tax “as a result of additional completion and pre-commissioning work”. Petrofac’s 1H 2015 financial result was a stark difference to the company’s net profit of $136 million, which was posted in the first half of 2014. Petrofac’s earnings at the EBITDA level for 1H 2015 were $9 million, compared to $340 million registered in 1H 2014.

Ayman Asfari, Petrofac’s group chief executive, commented in a company statement:

“Against the backdrop of a challenging environment for the industry, we are in a strong position. We have record levels of backlog in ECOM [Engineering, Construction, Operations and Maintenance], which brings excellent revenue visibility for the rest of this year and beyond. Our clients are continuing to invest in large strategic projects in our core markets, where we have an unrivalled track record and a very cost-competitive delivery capability. We continue to drive operational efficiencies to maintain our cost-competitiveness and we are working with our clients to address cost pressures and generate value for them whilst protecting our margins.

“As we look forward, we are focusing on our traditional areas of strength, driving for best in class operations and project delivery and improving our cash generation as we reduce the capital intensity of the business and deliver value from our IES [Integrated Energy Services] portfolio.”

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
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

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aberdeen Firm to Hire More Staff in 20... (Mar 30)
 -  CGG, KGOC Teams to Work Together on In... (Mar 30)
 -  Aker Solutions Reduces Total Headcount... (Mar 30)
 -  First Workers Complete New Industry Tr... (Mar 29)
 -  Mexico, UK Strengthen Ties with 5-Day ... (Mar 29)

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Business Analyst
Expertise: Project Management
Location: Houston, TX
Field Project Assistant
Expertise: Project Management
Location: Midland, TX
Tax Specialist Required for Global Service Company in Houston
Expertise: Accounting
Location: Houston, TX
search for more jobs

Brent Crude Oil : $52.42/BBL 2.12%
Light Crude Oil : $49.51/BBL 2.35%
Natural Gas : $3.17/MMBtu 2.25%
Updated in last 24 hours