We are delivering our strategy of focusing on our core strengths

We have:

  • Delivered record revenues in our Engineering & Construction division
  • Continued growth in our reimbursable Engineering & Production Services division
  • Successfully started-up production from the Greater Stella Area development, with first hydrocarbons introduced in mid-February 2017
  • Continued to progress the migration of Production Enhancement Contracts in Mexico to Production Sharing Contracts
  • Delivered targeted savings and 30% reduction in headcount through our relentless focus on costs

We are focused on cash generation, reducing capital intensity and maintaining a strong balance sheet

In 2016 we:

  • Exceeded expectations in cash conversion, driven by strong working capital management
  • Reduced capex by 18%
  • Reduced net debt by 10%
  • Exited Ticleni and Berantai, releasing US$300m in proceeds

Review our key performance indicators to find out more

We are well positioned in challenging markets and for a recovery in our core markets

The outlook for the future is good:

  • Our backlog gives excellent revenue visibility for 2017
  • Our operational excellence initiatives are protecting margins and reinforcing our competitive position
  • Bidding activity is increasing, and we have a good pipeline of bidding opportunities
  • We are maintaining our bidding discipline

With excellent visibility of revenues for 2017, and strong credentials in promising sectors of the market, we have a resilient business that is well positioned for the future.

Market outlook

Long-term market fundamentals remain robust

Key performance indicators (KPIs)

We monitor and assess our performance by using stretching targets that help us deliver value