We are well-positioned, with a healthy order backlog and good revenue visibility.
We delivered solid full year results, good operational performance and strong financial discipline in 2017, while maintaining our focus on best-in-class and safe project execution for our clients.
We are also delivering our clear, focused strategy. The Group has secured awards in a broad range of markets during the year. Operational excellence is maintaining our strong competitive position and protecting our differentiated margins. And, we are continuing to reduce capital intensity and enhance returns, evidenced by the disposal of non-core assets and our decision to exit the deep-water market.
Our competitive position helped secure a strong recovery in new orders in 2017, particularly in the second half of the year. Tendering activity remains high, we are well positioned on several bids and we are maintaining our bidding discipline in a competitive market.
|Revenue (US$ million)||6,395||7,873||6,844||6,241||6,329|
|Backlog (US$ billion)1||10.2||11.7||17.6||15.6||15.0|
|EBITDA (US$ million)2||730||704||312||935||1,031|
|Diluted earnings per share (cents)2||100.9||93.3||2.6||169.0||189.1|
|Net profit (US$ million)2,3
|Return on capital employed||21%||17%||3%||18%||28%|
With a healthy order backlog and good revenue visibility, I am confident that Petrofac is well positioned for 2018.
Ayman Asfari, Group Chief Executive