Petrofac has closed 2013 on an upward trend with $3billion (£1.8billion) worth of new contracts awarded year to date and an opening backlog.
The global oil and gas services provider recorded a 1% increase in revenues to $6.3billion compared to 2012 following the delivery of major projects in Abu Dhabi and Turkmenistan; starting production from the West Desaru Block PM304 in Malaysia; winning its first deepwater development on the Lakach project with Pemex and securing a 20 year agreement with the Nigerian Petroleum Development Company to develop further NPDC’s offshore block OML119, among others.
A number of new awards, including Algeria, Oman and Iraq, has added to the firm’s backlog by 27%, or $3.2billion, to a record level of $15billion in the period.
“Having delivered modest earnings growth and good operational performance in 2013, we begin 2014 in an encouraging position with record backlog, a project portfolio in excellent shape, a strong bidding pipeline and US$3 billion of new awards already secured in the year to date,” said Ayman Asfari, Petrofac’s group chief executive.
“We see significant long-term growth potential for Petrofac and the depth of capability, skills and talent across the Group gives me confidence that we will continue to build on our proven
track record this year and beyond. In line with our previous guidance, we expect flat to modest growth in net profit in 2014 and remain confident of a return to strong earnings growth in 2015.”
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