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Petrofac Ltd (PFC.L)

PFC.L on London Stock Exchange

21 Apr 2017
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-5.50 (-0.67%)
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Latest Key Developments (Source: Significant Developments)

Petrofac awarded $1.3 billion project in Kuwait
Tuesday, 28 Mar 2017 06:38am EDT 

Petrofac Ltd : Petrofac awarded US$1.3 billion project in Kuwait . Awarded a contract for Kuwait Oil Company's (KOC) gathering centre project, GC 32, located in Burgan oil field, South East of Kuwait .Work will begin shortly and is scheduled to be completed in mid 2020.  Full Article

Petrofac reports FY net profit of $463 mln
Wednesday, 22 Feb 2017 02:00am EST 

Petrofac Ltd : FY net profit 463 million USD . Final dividend 0.438 usd per share . Total dividend 0.658 usd per share . full year dividend maintained at 65.80 cents per share . FY new order intake of US$1.9 billion; backlog of US$14.3 billion . FY total revenue $7,873 million versus $6,844 million . "whilst market remains competitive, bidding activity has increased in recent months" . Right-sized business with headcount reduction of 29% to around 13,500 employees in 2016 . IES is expected to deliver EBITDA in 2017 in range c.US$140 million to US$160 million .Group capital expenditure is expected to be in range us$300 million to US$350 million in 2017.  Full Article

Petrofac says awarded $25 mln BP contract
Monday, 6 Feb 2017 04:58am EST 

Petrofac Ltd : Secured award of a three-year extension to its existing contract in North Sea. .Contract, worth in region of $25 mln, was awarded following a competitive tender process.  Full Article

Petrofac expects to deliver net profit in 2016 in line with expectations
Tuesday, 30 Aug 2016 02:25am EDT 

Petrofac Ltd : Half year results - six months ended 30 June 2016 . H1 strong growth in revenue to $3.9 billion (2015: 3.2bn) with record activity levels . Expect to deliver net profit in 2016 in line with expectations: consensus net profit approximately $440m (4) before recognising final charge on laggan-tormore and excluding IES . Exceptional items and certain re-measurements of us$123 million post-tax, primarily non-cash items related to ies; net book value of ies portfolio stands at us$1.6 billion . Robust balance sheet with net debt (6) of us$877 million at 30 june 2016 (31 December 2015: $686m) . Interim dividend maintained at 22.00 cents per share (2015: 22.00 cents) . Group order intake of $1.0 billion in 1H 2016; strong bidding pipeline for engineering & construction for 2H 2016 and 2017 . Group backlog (7) stood at $17.4 billion at 30 June 2016 (31 december 2015: us$20.7bn), giving excellent revenue visibility for 2h 2016 and 2017 . Good progress on delivering cost efficiencies from group reorganisation and operational excellence initiatives . We are on track to meet expectations for full year 2016 and our high level of backlog gives us excellent revenue visibility for 2017. . "our backlog stands at high levels, giving us excellent revenue visibility for 2H 2016 and 2017 and our overall portfolio is in good shape".  Full Article

Petrofac says Alastair Cochran from BG will succeed Tim Weller as CFO
Tuesday, 30 Aug 2016 02:00am EDT 

Petrofac Ltd : Alastair cochran will join company on 3 october 2016 and, following a short handover, will formally succeed tim weller as chief financial officer and executive director, .Alastair, 46, will join petrofac from bg group plc , where he was most recently transition head of bg global strategy & business development.  Full Article

Petrofac says Tim Weller to set up in October; to join G4S
Monday, 15 Aug 2016 02:00am EDT 

Petrofac Ltd : Petrofac limited today announces that Tim Weller has advised board of his intention to leave group . Tim Weller will take up role of chief financial officer of G4S plc .Tim will leave group in October 2016 and search for his successor is underway..  Full Article

Petrofac says no evidence found that any director was aware of alleged Unaoil misconduct
Monday, 1 Aug 2016 02:00am EDT 

Petrofac Ltd : Concluded investigation commissioned by board into allegations related to historical provision of services to company by unaoil .Confirms that no evidence was found that any director of company was aware of alleged misconduct.  Full Article

Petrofac says awarded 3-year services contract for Repsol Sinopec's North Sea ops
Monday, 11 Jul 2016 10:25am EDT 

Petrofac Ltd : Confirms it will play a significant role in new contracting strategies launched by Repsol Sinopec Resources UK . As part of its revised approach Repsol Sinopec Resources UK has awarded Petrofac two major contracts to support significant areas of its business . Petrofac has been awarded a three-year engineering support services contract as a tier 1 contractor for major brownfield modifications across 12 assets . Around 300 personnel currently supporting these assets will transfer to petrofac at end of transition period. . Under separate three-year contract, co will provide operations,maintenance and construction personnel for five of Repsol Sinopec Resources UK's assets Further company coverage: [PFC.L] (Bengaluru Newsroom) ((+91 80 6749 1136;)).  Full Article

Petrofac reaches deal with Petronas to end offshore Malaysia contract
Monday, 11 Jul 2016 02:00am EDT 

Petrofac Ltd : Berantai RSC - agreement with Petronas . Have reached mutual agreement with Petronas for cessation of Berantai Risk Service Contract . Petronas will reimburse balance of outstanding capital and operational expenditures to Petrofac and its partners over period to June 2017 . As part of arrangement ownership of Berantai FPSO will be transferred to Petronas .Petrofac will use cash proceeds for general corporate purposes.  Full Article

Petrofac sees profit in 2016 to be in line with guidance
Tuesday, 21 Jun 2016 02:00am EDT 

Petrofac Ltd : Expect to deliver net profit in 2016 in line with our previous guidance . Net profit is expected to be broadly evenly split between first and second half of year . Group backlog stood at $18.9 bln at May 31 2016 . Net debt is expected to increase to around $1.1 bln at June 30 2016 .We see continuing investment from our clients in our core markets of Middle East and North Africa, in both key upstream and downstream projects.  Full Article

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