We believe that the dynamic economics within the industry play to Petrofac’s strengths in operational excellence – as well as our flexible approach and our expertise in developing innovative commercial approaches with our clients.
With our strong ethos of balancing quality with cost-consciousness, we had already begun to adapt to price constraints in the industry before the reduction in oil prices.
As clients consider any new investments, or seek to improve their existing operational efficiency, it is abundantly clear that now, more than ever, they will demand certainty of delivery and budget, and will incentivise gains in efficiency. In particular, we believe they will look for three key things from their suppliers:
Also, while we would not want to downplay the challenges faced by our sector, the lower oil price environment continues to offer some new opportunities for a company such as Petrofac, including:
Given our business model and our distinctive, delivery-focused culture, the new environment represents a definite opportunity for us. It also means that, when oil prices do eventually recover, Petrofac can emerge in an even stronger position.
Petrofac is well positioned and has strong credentials in promising sectors of the market