- Press Statement28 December 2006
- Graduates Complete Training Programme19 December 2006
- Trading update18 December 2006
- Investment in UK North Sea Interest18 December 2006
- Education Project for Sudanese Community14 December 2006
- Petrofac Awarded Duty Holder Contract in the Southern North Sea14 December 2006
- UK's First Pipeline Training Facility opens in the UK1 December 2006
- Petrofac Awarded Irish Sea Duty Holder Contract27 November 2006
- Petrofac Wins Consecutive Gas Plant Contract in Egypt27 November 2006
- Petrofac Wins OCA Awards22 November 2006
- Hasdrubal Gas Plant Contract Award in Tunisia15 November 2006
- WaGE Meets Major Milestones14 November 2006
- Petrofac Wins Gas Plant Contract in Egypt14 November 2006
- Petrofac Awarded Strasshof Development FEED13 November 2006
- First Cargo Lifting from Cendor Field, Malaysia9 November 2006
- Investment in Tunisian Interest9 November 2006
- Petrofac Training to establish Deepwater Training function for BP USA29 March 2006
- Petrofac Training Secures Contract with ECITB24 March 2006
- Shell Selects RGIT Montrose to Deliver New Standard in Water Survival Training in the Gulf of Mexico6 March 2006
- Petrofac Wins Contract in Kazakhstan with Karachaganak Award1 March 2006
19 May, 2006
Petrofac, the international oil & gas facilities service provider, is holding its annual general meeting at 10.30 am today in London, UK. At the meeting, Chairman, Rodney Chase, will make the following statement:
“The current year has started strongly with projects in hand progressing well. With the significant value of contracts awarded towards the end of 2005, particularly in our Engineering & Construction (E&C) division, our principal focus has been on mobilising for these projects and on the execution of existing projects in hand. At the same time, we have been successful in securing a number of new and strategically important contracts and continue our bid preparation for selected contracts that are currently scheduled for award in the second half of 2006 and beyond.
Our E&C division is performing well with strong growth in both our lump sum EPC and reimbursable engineering services businesses. In the Middle East, a number of contracts are nearing completion while good progress has been made on our recent awards in Kuwait and Oman. We are particularly active in the Former Soviet Union, in Russia with the recently awarded Kovykta project management contract, and in Kazakhstan with the Kashagan engineering & procurement contract entering its final stages and the recent award of the related construction management contract and the award of a significant FEED study for the Karachaganak fourth train.
In Operations Services, our facilities management and training businesses are trading well in the buoyant UK oil & gas market with operations support contracts signed with CNR and Marathon in the UKCS. Internationally, our training business has secured new awards with BP and Shell in the Gulf of Mexico and acquired a training capability in Sakhalin Island.
The existing investments held by our Resources division continue to perform in line with expectations. Development of the Cendor field in Block PM304, offshore Peninsular Malaysia, is progressing according to the approved field development plan with the expectation of first oil later this year. Our portfolio of investments has been enhanced with the acquisition of an operating interest in the undeveloped West Don field and the increase of our interest in (& becoming operator of) the previously ab&oned Crawford field, both in the UK North Sea.
Overall, with oil & gas markets continuing to support strong demand for our services &, reflecting the Group’s performance during the year to date, we are increasingly confident with the outlook for the rest of the year. Furthermore, we believe that our strong focus on project execution and continuing investment in our service capabilities should yield continued success.”