Investment Case

We’re delivering a clear and focused strategy

Focus on our core:

  • Focus on differentiated EPC and asset support services
  • Drive operational excellence to maintain strong competitive position

Deliver organic growth:

  • Expand into adjacent markets
  • Grow downstream capability

Reduce capital intensity:

  • Focus on enhancing returns
  • Strong capital management

Operational excellence is maintaining our strong competitive position

We continue to drive down project support costs and overheads, protecting our differentiated margins. In 2017, we reduced project support costs by 16%.

We’re continuing to reduce capital intensity and enhance returns

In response to the challenging business environment, and our evolving business strategy, we’re focused on reducing capital intensity.

In 2017, we have:

  • Reduced capital expenditure by 44% to US$170 million
  • Reduced net debt to US$612 million, reflecting strong working capital management
  • Made good progress on our strategy to divest non-core assets, concluding the sale of our interest in the Pánuco field in Mexico, and migrating Santuario into a Production Sharing Contract

The outlook for the future is good

  • We have a healthy order backlog and good revenue visibility
  • Tendering activity remains high and we are maintaining our bidding discipline in a competitive market

With good visibility of revenues for 2018, and strong credentials in promising sectors of the market, we have a resilient business that is well positioned for the future.

Download our 2017 Full Year Results presentation to find out more about our investment proposition

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

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