Petrofac’s pre-closing statement today revealed its net debt had hit $1.1billion.
However, the firm said it was in a strong financial position with an order backlog totalling $18.9billion – a slight dip from December’s $20.7billion backlog.
The debt reflects “payment of the 2015 final dividend and capital expenditure on owner furnished equipment for the JSD6000 and on the Greater Stella Area development”.
Chief executive Ayman Asfari said: “We are well-positioned in what is a challenging environment for the industry and we remain focused on our core proposition: strong project execution, a clear geographic focus, a disciplined approach to bidding and continued emphasis on cost management to maintain a sustainable, cost-effective structure.
“Our backlog gives us excellent revenue visibility for this year and beyond, and we are very active bidding on a strong pipeline of new opportunities as our clients continue to invest in our core markets.
“In IES, we remain committed to reducing the capital intensity of the portfolio and we expect to demonstrate significant progress over the remainder of the year.”
The company’s full interim results will be released on August 30.
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