Financial performance

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.

 

 
  2017 2016 2015 2014 2013
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
343 320 9 581 650
Return on capital employed 21% 17% 3% 18% 28%

 

References

  1. Backlog restated to exclude IES projects
  2. Business performance before exceptional items and certain re-measurements
  3. Profit for the year attributable to Petrofac Limited shareholders, as reported in the consolidated income statement

 Download notes to the financial statements (PDF)

With a healthy order backlog and good revenue visibility, I am confident that Petrofac is well positioned for 2018.

Ayman Asfari, Group Chief Executive