Financial performance

We delivered good results, strong operational performance and excellent progress delivering our strategy in the first half of the year. 

We remain focused on our core and delivering organic growth as the market recovers. The Group has secured US$3.3 billion of new orders in both established and adjacent markets [August 2018], and we are well placed on several bids due for award before the end of the year. Our focus on operational excellence is reflected in improved margins and continued good progress across our project portfolio in the first half.

The Group is also making significant progress reducing capital intensity, signing agreements to sell the JSD6000 installation vessel, our interests in the Chergui gas concession and Greater Stella Area development, as well as a 49% interest in our Mexican operations. These transactions will increase our focus on our core and strengthen our balance sheet.

 
  1H 2018 1H 2017 2017 2016 2015 2014
Revenue (US$ million) 2,785 3,126 6,395 7,873 6,844 6,241
Backlog (US$ billion) 9.7   10.2 11.7 17.6 15.6
EBITDA (US$ million)1 333 323 730 704 312 935
Diluted earnings per share (cents)2 56.1 46.1 100.9 93.3 2.6 169.0
Net profit (US$ million)1,2
190 158 343 320 9 581
Return on capital employed 24% 15% 21% 17% 3% 18%

 

Interim revenue 2018

 

Interim backlog 2018

 

Interim EBITDA 2018

 

Interim diluted earnings per share 2018

 

Interim net profit 2018

 

Interim return on capital employed 2018

 

References

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

 Download notes to the financial statements (PDF)

With good revenue visibility, a strong competitive position and a healthy bidding pipeline, we are well-positioned for the second half of the year and beyond.

Ayman Asfari, Group Chief Executive [August 2018]