- Petrofac Supports Surrey SATRO to Train Engineers of the Future25 November 2008
- Petrofac Wins Brownfield Consultancy Contract in Abu Dhabi24 November 2008
- Petrofac Training Launches Fourth Emergency Management Simulator in UK21 November 2008
- Northern Producer on Location in Don20 November 2008
- Award Winning Partnership Between Petrofac and Kincorth Academy Celebrates 10 Years18 November 2008
- Petrofac awarded US$543 million lump-sum contract with Kuwait Oil Company13 November 2008
- Petrofac Acquires Production Technology Specialist29 August 2008
- Interim Results for the Six Months Ended 30 June 200827 August 2008
- Petrofac Commences Offshore Construction and Drilling on Don26 August 2008
- Petrofac Training to Pilot the new Minimum Safety Training Standards25 August 2008
- Cycle Challenge Raises £60,000 for Cancer Charities21 August 2008
- Petrofac Commences Production from Chergui11 August 2008
- Petrofac Upgrades Fire Training Facility5 August 2008
- Petrofac Secures Further Gas Plant Project in Egypt1 August 2008
- Petrofac Receives Field Development Approval For Don28 May 2008
- Petrofac FPAL Verify Certificate26 May 2008
- AGM Resolutions Poll Results19 May 2008
- Interim Management and AGM Statement16 May 2008
- Petrofac Expands in Norway15 May 2008
- Petrofac Awarded Contract in Southern North Sea13 May 2008
- Sudan Divestment Task Force removes divestment recommendation on Petrofac12 May 2008
- Petrofac Opens Training Centre in Houston7 May 2008
- Petrofac Secures Further Award for Kashagan Field Development Project18 April 2008
- Petrofac Training Demonstrates Commitment to Sakhalin Island14 April 2008
- Venture Extends Contract with Petrofac7 April 2008
- Petrofac Awarded Ebla Gas Plant Project in Syria, Agrees to Acquire Equity in Production Sharing Contract4 April 2008
- Petrofac Awarded Two North Sea Projects3 April 2008
- SPD Lands Major Management Contract Offshore Mozambique27 January 2008
- Production Recommences on Thistle Alpha15 January 2008
- Petrofac and Dubai Petroleum to open Training Centre13 January 2008
- Petrofac secures Northern Producer and submits field development plans for Don Area Developments10 January 2008
Interim Management Statement
10 October, 2008
Petrofac, the international oil & gas facilities service provider, issues the following Interim Management Statement for the period 1 July 2008 to 10 October 2008.
As noted in the Interim Results announcement released on 27 August 2008, demand for the group’s services remains robust with a continuing positive outlook for new project awards. Trading performance for the year to date has been in line with our expectations and cash balances at the end of September were in excess of US$650 million.
Subsequent to the Interim Results announcement, the Engineering & Construction division announced the establishment of Petrofac Emirates, a joint venture with Mubadala Petroleum Services Company LLC, a wholly owned subsidiary of Mubadala Development Company. Petrofac Emirates will be based in Abu Dhabi and will provide a full range of engineering, design, procurement and construction services for onshore oil & gas, refining and petrochemical projects throughout the United Arab Emirates.
Following the acquisition of Eclipse Production Technology Limited in July, the Operations Services division acquired Caltec Limited, a production technology specialist in late August. These acquisitions complement the division’s well operations management business, SPD Group, acquired in January 2007, and further broaden the division’s capability, which now extends from the management of surface facilities and well operations, to the ability to deliver solutions to enhance and improve production, particularly in mature fields.
The Energy Developments division continues to make good progress with the development of the West Don and Don Southwest fields in the UK North Sea, with modifications to the Northern Producer floating production facility, subsea infrastructure development and the recently commenced drilling programme progressing on budget and on schedule for first oil in the first half of 2009. The Chergui gas plant in Tunisia, which commenced commercial production of gas in early August, is now operating at close to full capacity.
The group’s backlog at the end of September was approximately US$4.3 billion (30 June 2008: US$4.8 billion), comprising approximately US$2.3 billion from the Engineering & Construction division (30 June 2008: US$2.7 billion) and approximately US$2.0 billion from the Operations Services division (30 June 2008: US$2.1 billion). The group’s financial position has not changed significantly from 30 June 2008, with the group’s balance sheet remaining strong.