Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Petrofac Limited (PFC)

  Print      Mail a friend       Annual reports

Tuesday 26 August, 2014

Petrofac Limited

Interim results for six months ended 30 June 2014

RNS Number : 9476P
Petrofac Limited
26 August 2014
 



Press Release

26 AUGUST 2014

PETROFAC LIMITED

 

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2014

 

·     Most successful year for new awards, with ECOM order intake of US$7.2 billion in 1H 2014; backlog(1) up 35% to stand at record levels of US$20.3 billion at 30 June 2014 (31 December 2013: US$15.0 billion), giving very good revenue visibility for the rest of this year and beyond

·     ECOM continues to perform in line with expectations; IES making good progress on addressing project performance issues

·     As previously guided, our revenue and net profit for 2014 is significantly weighted towards the second half of the year, reflecting the phasing of project delivery:

Revenue of US$2.5 billion (2013: US$2.8 billion)

EBITDA of US$340 million (2013: US$405 million)

Net profit(2) of US$136 million (2013: US$243 million)

Earnings per share (diluted) of 39.80 cents (2013: 70.72 cents)

·     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

·     Interim dividend maintained at 22.00 cents per share (2013: 22.00 cents)

·     Net debt of US$1.3bn at 30 June 2014 (December 2013: US$0.7bn); subsequently reduced by US$0.4bn following completion of Petrofac FPSO Holding Limited transaction in August 2014

Ayman Asfari, Petrofac's Group Chief Executivecommented on the interim results:

"In ECOM, we have already had our most successful year for new awards, bid at margins consistent with our medium-term guidance, reflecting ongoing high levels of investment by our customers in our core geographic markets and our strong competitive position. Our pipeline of bidding opportunities remains attractive and we are confident of securing a number of further awards and contract extensions during the second half of the year.

 

"In IES, we are making good progress on addressing project performance issues and the delivery of key operational milestones. Looking further ahead, we have re-focused our IES business development plans and our innovative venture with First Reserve reinforces the role of IES as an enabler for the Petrofac group, allowing us to concentrate our resources on our core strengths and underlining our commitment to capital discipline."

 

OPERATIONAL HIGHLIGHTS

 

ENGINEERING, CONSTRUCTION, OPERATIONS & MAINTENANCE (ECOM)

Onshore Engineering & Construction

·     Achieved order intake in 1H 2014 of US$4.5 billion, securing major new awards in Kuwait, Oman and Algeria

·     Agreed capacity enhancements on the Upper Zakum field development in Abu Dhabi and making good progress on the project

·     Fully remobilised on the In Salah southern fields development in Algeria

 

Offshore Projects & Operations

·     Secured a number of extensions during the first half of the year for services provided in the UK North Sea, including for TOTAL and EnQuest

·     Awarded our largest offshore EPCI project to date with the award of a contract from TenneT, for the BorWin3 offshore wind farm grid connection in the North Sea

·     Construction of Petrofac JSD6000 going to plan and early pipeline of bidding opportunities established

 

Engineering & Consulting Services

·     Awarded largest ECS project to date: a US$1 billion engineering and procurement contract for Petroleum Development Oman to provide services for the Rabab Harweel Integrated Project facility

·     Undertaken a wide range of conceptual studies and FEED studies during the first half of the year, including a FEED study for the Thamama production zone for ADCO

 

INTEGRATED ENERGY SERVICES (IES)

·     Start-up of FPSO in progress for Cendor phase 2 production on Block PM304 in Malaysia; original Cendor MOPU currently being decommissioned

·     Good progress implementing changes to expedite completion of remaining works on FPF1; sailaway scheduled for spring 2015 and first production on Greater Stella Area in mid-2015

·     In process of agreeing a revised Field Development Plan for the Ticleni field in Romania

·     Continue to make good progress on our production enhancement contracts in Mexico, including early appraisal success on Santuario

·     Reached a mutually acceptable agreement with Bowleven to terminate our Strategic Alliance Agreement in respect of the Etinde Permit in Cameroon

 

OUTLOOK AND DIVIDENDS

In ECOM, we have already had our most successful year for new awards, with order intake in the year to date of US$8.4 billion. Our backlog stands at record levels and gives us very good revenue visibility for the second half of the year and beyond. Activity levels, revenue and net income are expected to increase substantially in the second half of the year as we move into the execution phase on a number of major projects. Our pipeline of bidding opportunities remains attractive and, given our strong competitive position in our core markets, we are confident of securing a number of further awards and contract extensions during the second half of the year. Our disciplined approach to business development, with bid margins, on a country-by-country basis, in line with the last few years, and our relentless focus on project execution give us confidence that we will maintain sector-leading net margins in Onshore Engineering & Construction.

 

In IES, we are making good progress on addressing project performance issues and the delivery of key operational milestones. Looking further ahead, we continue to see good demand for the provision of integrated services and we are prioritising those opportunities which make the best use of our existing core areas of strength, offer clear synergies with ECOM, and deliver attractive returns on capital employed.

 

Work in progress increased during the first half of the year, with the largest increase in relation to the Laggan-Tormore project in Shetland, UK, following a step-up in activity levels in recent months to address the impact of exceptionally poor winter weather. The management of working capital and the resolution of commercial settlements remains a high priority. We have made positive progress during the second half of the year to date, with reductions expected in respect of a number of the most significant working capital positions over the next few months.

 

The Board has declared an interim dividend of 22.00 cents per share, in line with the 2013 interim dividend, and, notwithstanding the year-on-year reduction in net profit expected in 2014, intends to pay a full year dividend in line with the 2013 full year dividend.

 

We remain on track to deliver net profit in the range US$580 million to US$600 million for thefull year 2014, in line with previous guidance.

 

Ends



 

Click on, or paste the following link into your web browser, to view the Group financial statements of Petrofac Limited for the six months ended 30 June 2014:

 

 

Notes

(1)      Backlog consists of the estimated revenue attributable to the uncompleted portion of lump-sum engineering, procurement and construction contracts and variation orders plus, with regard to engineering, operations, maintenance and Integrated Energy Services contracts, the estimated revenue attributable to the lesser of the remaining term of the contract and five years. Backlog will not be booked on Integrated Energy Services contracts where the Group has entitlement to reserves. The Group uses this key performance indicator as a measure of the visibility of future revenue. Backlog is not an audited measure.

(2)         Net profit for the period attributable to Petrofac Limited shareholders.

(3)         The interim dividend will be paid on 17 October 2014 to eligible shareholders on the register at 19 September 2014. Shareholders who have not elected to receive dividends in US dollars will receive a sterling equivalent, based on the exchange rate on the record date. Shareholders have the opportunity to elect by close of business on the record date to change their dividend currency election.

 

 

Analyst presentation

A presentation for analysts will be held at 9.30am today, which will be webcast live via: http://cache.merchantcantos.com/webcast/webcaster/4000/7464/16532/38745/Lobby/default.htm

 

A replay of the event will be available online for a number of months. Should you have any difficulty accessing the online broadcast or replay, an audio broadcast and replay is available:

 

Audio broadcast

UK & International Number:          +44 (0) 20 3003 2666

 

Audio playback (available for 7 days)

UK & International Number:          +44 (0) 20 8196 1998

Audio playback PIN                       3277217#

 

Disclaimer:

This announcement contains forward-looking statements relating to the business, financial performance and results of Petrofac and the industry in which Petrofac operates. These statements may be identified by words such as "expect", "believe", "estimate", "plan", "target", or "forecast" and similar expressions, or by their context. These statements are made on the basis of current knowledge and assumptions and involve risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements and neither Petrofac nor any other person accepts any responsibility for the accuracy of the opinions expressed in this presentation or the underlying assumptions. No obligation is assumed to update any forward-looking statements.



For further information contact:

Petrofac Limited                                                                +44 (0) 207 811 4900

Jonathan Low, Head of Investor Relations

Jonathan Edwards, Investor Relations Officer

 

Alison Flynn, Head of Media Relations                                    +44 (0) 207 811 4913

 

Tulchan Communications Group LLP                                      +44 (0) 207 353 4200

Stephen Malthouse

Martin Robinson

petrofac@tulchangroup.com

 

 

Notes to Editors

 

Petrofac

 

Petrofac is a leading international service provider to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC). 

 

Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil & gas assets.

 

With more than 18,000 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.

 

For additional information, please refer to the Petrofac website at www.petrofac.com.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR XELFLZVFZBBV