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Petrofac Ltd (PFC.L)

PFC.L on London Stock Exchange

841.00GBp
23 Sep 2016
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Latest Key Developments (Source: Significant Developments)

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

Petrofac says notes worth $73.2 mln validly tendered
Monday, 9 May 2016 10:30am EDT 

Petrofac Ltd : $73,229,000 principal amount of notes were validly tendered and not validly withdrawn pursuant to tender offer .Has accepted for purchase $73,229,000 of notes validly tendered.  Full Article

Petrofac says reached settlement on Shetland Isles gas plant
Friday, 6 May 2016 10:33am EDT 

Petrofac Ltd : Client has informed us that there will be a partial application of liquidated damages. . Now co expects to recognise a final charge in first half of year of £70 million, principally made up of liquidated damages. .Reached final commercial settlement with its client in respect of laggan-tormore gas plant in Shetland Isles..  Full Article

Petrofac Ltd executive paid $2 mln bribe to win oil deal in Kuwait - the Times - Reuters News
Wednesday, 6 Apr 2016 03:08pm EDT 

Petrofac Ltd:Petrofac executive paid $2m bribe to win oil deal in Kuwait - the Times, citing documents - RTRS.  Full Article

UPDATE 1-Tunisia says UK firm Petrofac shutting down local operation due to protests

* PM Chahed holds emergency meeting over crisis (Adds government , confirmation, details)