Financial performance

We reported good results for 2018 that reflect solid execution and excellent progress delivering our strategy.

Healthy new order intake reflects our strong competitive position. Furthermore, operational excellence protected margins and maintained good progress delivering our project portfolio. Our results also benefitted from the sale of non-core assets as we transition back to a capital light business. Together, these returned Petrofac to a net cash position well ahead of schedule and delivered another year of improvement in returns.

Looking forward, we are well-positioned for 2019:

  • Good revenue visibility
  • Busy tendering pipeline in core and growth markets
  • Higher degree of uncertainty in the level of awards in the near-term
  • Targeting a book-to-bill of greater than 1.0x for the year

Our management and people remain resolutely focused on best-in-class delivery for clients, positioning the business for growth and enhancing returns.

  2018 2017 2016 2015 2014
Revenue (US$ million) 5,829 6,395 7,873 6,844 6,241
Backlog (US$ billion) 9.6 10.2 11.7 17.6 15.6
EBITDA (US$ million)1 671 748 704 312 935
Diluted earnings per share (cents)2 106.2 100.9 93.3 2.6 169.0
Net profit (US$ million)1,2
353 361 320 9 581
Return on capital employed 26% 21% 17% 3% 18%


Revenue 2018
Backlog 2018

Diluted earnings per share

Net profit 2018

Return on capital employed 2018


  1. Business performance before exceptional items and certain re-measurements
  2. Attributable to Petrofac Limited shareholders

 Download notes to the financial statements (PDF)