News
December
November
- 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
October
September
August
- 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
July
June
May
- 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
April
- 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
March
February
January
- 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
Final Results for the year ended 31 December 2007
10 March, 2008
Petrofac Limited (Petrofac, the group or the Company), a leading international provider of facilities solutions to the oil & gas production and processing industry, today announces its results for the year ended 31 December 2007.
Download the 2007 final results in PDF format
Part 1 (272 KB)
Part 2 (667 KB)
FINANCIAL HIGHLIGHTS
- Revenue of US$2,440.3 million (2006: US$1,863.9 million), up 30.9%
-
EBITDA (1) of US$301.3 million (2006: US$198.3 million), up 51.9%
- Engineering & Construction EBITDA of US$173.9 million, up 36.6%
- Operations Services EBITDA of US$51.2 million, up 55.6%
- Energy Developments EBITDA of US$82.8 million, up 106.5% - Net profit (2) of US$188.7 million (2006: US$120.3 million), up 56.9%
- Backlog (3) at 31 December 2007 of US$4,441 million (2006: US$4,173 million), up 6.4%
- Return on capital employed (4) of 47.3% (2006: 45.7%)
- Earnings per share (fully diluted) of 54.14 cents (2006: 34.87 cents), up 55.3%
- Final dividend of 11.50 cents (5.71 pence (5) ) per ordinary share taking dividends for the full year to 16.40 cents per ordinary share (8.15 pence), up 85.7%
OUTLOOK
For Petrofac, 2008 has started in the same vein as 2007 closed: with strong demand for our services and a fine record of execution from our businesses and we expect to deliver another year of good growth.
The level of backlog in the Engineering & Construction division provides good visibility for current year revenue. We expect to announce further contract awards in the coming months which, together with a healthy bidding pipeline in our core markets, should underpin continued strong revenue growth in 2008 and beyond with net profit margins being broadly maintained at recent levels.
We expect to see further good growth in the Operations Services division. We have targeted net profit margins (on revenue excluding pass-through revenue (6) ) of 5% in the Operations Services division in the medium-term and we expect to make further progress towards that target in 2008.
2008 should see significant activity within our Energy Developments division. We will undertake a further drilling programme in Permit PM304, offshore Malaysia, where we are actively reviewing options for the next phase of the field’s development. We now expect first gas from the Chergui development in Tunisia before the middle of the year. The development of the Don Area assets in the UKCS proceeds apace with a further drilling campaign commencing in the first half of this year. The refurbishment programme for the proposed production vessel and installation of subsea infrastructure is proceeding and we are on track to commence production in 2009. We continue to review further investment opportunities and are hopeful of adding to the division’s portfolio of investments during the current year.
Commenting on the results, Ayman Asfari, Group Chief Executive, said:
“We are delighted with the performance of the group over the year and are very pleased to be able to report another strong set of financial results. We have delivered strong revenue and net profit margin growth across all three divisions. Operationally, we are performing well on our contract portfolio, including the new projects commenced during the year. Our Energy Developments operational assets performed well and we made good progress with our assets under development, including the submission of final field development plans for the Don Area assets. The demand for our services remains strong and given the strength of our backlog, expected E&C contract awards and a healthy outlook in terms of business development opportunities in our core markets, we are well positioned for continued strong growth over the medium term.”
Ends