Petrofac Issues Interim Management Statement

Petrofac Issues Interim Management Statement

On track to deliver net profit in the range US$580 million to US$600 million for the full year 2014, in line with previous guidance
· Most successful year for new awards, with ECOM order intake of US$9.4 billion in the year to date
· Group backlog(1) increased to US$21.2 billion at 30 September 2014 (30 June 2014: US$20.3 billion), giving very good revenue visibility for the remainder of the year and beyond
· Net debt stood at US$1.1 billion at 30 September 2014 (30 June 2014: US$1.3 billion)
Ayman Asfari, Petrofac’s Group Chief Executive,commented:
“This is already our most successful year for new awards in ECOM, with ECOM order intake of US$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, 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.
“With activity levels stepping up over the second half of the year, in line with our expectations, we remain on track to deliver net profit in the range US$580 million to US$600 million for the full year 2014.”
Source: PETROFAC LIMITED
Oil and Gas Press

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