Introduction
During the year we renewed our commitments on operational excellence and cost efficiency across the business, and refocused our priorities on our core areas of expertise.
We continue to identify and progress cost saving opportunities which will deliver benefits in 2016 and beyond. The strength of our backlog and position in our core
markets means our revenue visibility is better than it has been at any other point in
our 35-year history.
Ayman Asfari
Group Chief Executive
Group performance at a glance
Performance Highlights 2015
1 Before exceptional items and certain re-measurements.
Onshore Engineering & Construction (OEC) Onshore Engineering & Construction delivers onshore engineering, procurement and construction projects. Predominantly focused on markets in the Middle East, Africa and the Caspian region of the CIS.
Group revenue contribution
Offshore Projects & Operations (OPO) Offshore Projects & Operations, which includes our Offshore Capital Projects service line, specialises in both offshore engineering and construction services, for greenfield and brownfield projects, and the provision of operations and maintenance support, onshore and offshore.
Group revenue contribution
Engineering & Consulting Services (ECS) Engineering & Consulting Services is Petrofac’s centre of technical engineering excellence. From offices across the Middle East and North Africa, CIS, Asia-Pacific, Europe and The Americas, we provide engineering services across the life cycle of oil and gas assets. Our teams execute all aspects of engineering, including conceptual studies, front-end engineering and design (FEED) and detailed design work, for onshore and offshore oil and gas fields and facilities.
Group revenue contribution
Integrated Energy Services (IES) Integrated Energy Services provides an integrated service for hydrocarbon resource holders under innovative commercial models that are aligned with their requirements. Projects cover upstream developments, both greenfield and brownfield, and related energy infrastructure projects, and can include investment.
Group revenue contribution
1 Before exceptional items and certain re-measurements.
Segmental performance (PDF 1MB)Our business model
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Year in review 2015
Excellent revenue visibility In a challenging market, Petrofac has enjoyed high levels of new orders and contract extensions. In 2015 we increased our order backlog further to US$20.7 billion, and our pipeline of bidding opportunities remains robust. This sets us apart from our peers and gives us excellent visibility of future revenues.
Year in review 2015 (PDF 1MB)
1. UKCS
Five-year contract extension from EnQuest for Duty Holder and brownfield modifications services for the Kittiwake platform.
Duty Holder Support Services contract to
support Oranje-Nassau Energie (ONE) US$45 million over three years.
Renewed six operations and maintenance contracts in the UKCS, including one for five years with
Canadian Natural Resources International (CNRI) across its North Sea assets.
Petrofac and GE awarded a contract worth over £110 million to connect up to 336 megawatts
of clean energy from the Galloper Offshore Wind Farm off the coast of Suffolk, UK, to the British grid.
2. Iraq
US$100 million one-year extension operations and maintenance services contract with South Oil Company.
Three-year general construction management services
contract by BP Iraq for the Rumaila field.
Multi-million dollar technical training contract with Shell Iraq.
3. Kuwait
US$4 billion award for Kuwait Oil Company’s (KOC) Lower Fars heavy oil development programme, Petrofac leading a consortium with Greece-based Consolidated
Contractors Company (CCC) as its partner.
Award for KOC’s Manifold Group Trunkline system in the north of Kuwait, valued at approximately US$780 million.
4. Saudi Arabia Contract to undertake the engineering, procurement and construction of a sulphur recovery plant as part of Saudi Aramco’s Fadhili gas programme.
5. Oman Circa US$900 million engineering, procurement and construction management contract (EPCm) for Petroleum Development Oman to provide services for its Yibal Khuff project.
6. Bahrain Contract win for installation of a new gas dehydration facility for Tatweer Petroleum.
7. Australia Award of an Integrity and Maintenance Programme Development contract for the Ichthys LNG Project.
Downloads
Full Annual report and accounts
Download the Annual report (PDF 10MB)
Strategic report
Download the Strategic report (PDF 6MB)
Corporate responsibility
Download Corporate responsibility (PDF 1MB)
Governance
Download Governance (PDF 3MB)
Financial statements
Download Financial statements (PDF 2MB)
