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.”

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