Trading Statement
Petrofac Limited
25 June 2007
PETROFAC LIMITED
("Petrofac")
TRADING UPDATE
Petrofac, the international oil & gas facilities service provider, issues the
following pre-close trading update ahead of the announcement of its interim
results for the six months ending 30 June 2007, expected to be on 6 September
2007.
We are pleased to be able to report that the Group's strong operational
performance, highlighted in the recent AGM statement, is continuing and the
outlook for the rest of the financial year is viewed with increasing confidence.
In the absence of unforeseen circumstances, it is anticipated that the Group's
net profit for 2007 will be towards the higher end of current market
expectations (see note below).
During the year to date, order intake across the Group amounted to, in
aggregate, approximately US$600 million. Total backlog at the end of June 2007
is expected to be approximately US$3.8 billion (31 December 2006: US$4.2
billion; 30 June 2006: US$3.3 billion) comprising approximately US$2.0 billion
from our Engineering & Construction division (31 December 2006: US$2.2 billion;
30 June 2006: US$1.6 billion) and approximately US$1.8 billion from our
Operations Services division (31 December 2006: US$1.9 billion; 30 June 2006:
US$1.7 billion).
Note:
The current market expectations for Petrofac's net profit for the year ending 31
December 2007, referred to earlier in this announcement, are based on forecasts
provided to Petrofac by nine equity analysts. The range of those forecasts is
from US$146.0 million to US$162.0 million.
Ends
For further information, please contact:
Petrofac Limited +44 (0) 20 7811 4900
Ayman Asfari, Group Chief Executive
Keith Roberts, Chief Financial Officer
Jonathan Low, Head of Investor Relations
Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232
Ann-marie Wilkinson
Olly Scott
Notes to Editors
Definition of backlog and order intake
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 services and facilities
management contracts, the estimated revenue attributable to the lesser of the
remaining term of the contract and, in the case of life-of-field facilities
management contracts, five years. To the extent work advances on these
contracts, revenue is recognised and removed from the backlog. Where contracts
extend beyond five years, the backlog relating thereto is added to the backlog
on a rolling monthly basis.
Order intake comprises new contracts awarded, growth in scope of existing
contracts and the rolling increment attributable to contracts which extend
beyond five years.
Backlog and order intake include only the revenue attributable to signed
contracts for which all pre-conditions to entry have been met and only the
proportionate share of joint venture contracts that is attributable to Petrofac.
Backlog and order intake do not include any revenue expected to arise from
contracts where the client has no commitment to draw upon services from
Petrofac.
Backlog and order intake are not audited measures. Other companies in the oil &
gas industry may calculate these measures differently.
Petrofac
Petrofac is a leading international provider of facilities solutions 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) and
is a constituent of the FTSE 250 Index.
Through its three divisions, Engineering & Construction, Operations Services and
Energy Developments, Petrofac designs and builds oil & gas facilities; operates,
maintains or manages facilities and trains personnel; and, where return criteria
are met and service revenue synergies identified, co-invests with clients and
partners. Petrofac's range of services allows it to help meet its customers'
needs across the life cycle of oil & gas assets.
With more than 9,000 employees, Petrofac operates out of four strategically
located international centres, in Aberdeen, Sharjah, Woking and Mumbai and a
further 16 offices worldwide. The predominant focus of Petrofac's business is on
the UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth of
Independent States (CIS) and the Asia Pacific region.
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
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