Petrofac (“Petrofac” or “the group”), the international oil & gas facilities service provider, is today holding a presentation for analysts and institutional investors to outline the group’s strategy for its Integrated Energy Services (“IES”) business. The event will be hosted by Ayman Asfari, Group Chief Executive, Keith Roberts, Chief Financial Officer and Andy Inglis, Chief Executive of IES.
IES is a new division made up of the Production Solutions, Energy Developments and Training Services businesses. Today’s presentation will highlight the significant opportunity Petrofac sees for IES to provide a fully integrated service for resource holders, by drawing on the extensive capabilities of the wider Petrofac group. The presentation will outline the group’s ambition to more than double its recurring 2010 earnings by 2015, with substantial growth expected to come from existing and new IES projects. IES will report as one reporting segment with effect from 1 January 2012.
Ayman Asfari, Group Chief Executive, will comment: “Since we formed the Energy Developments business in 1997, Petrofac has been on a journey to build up a full service capability that goes beyond engineering and construction. The scope and depth of our services distinguish Petrofac from many of our peers, and have allowed us to develop a highly differentiated offering for resource holders. I am confident that the Integrated Energy Services business will enable us to take advantage of a substantial and underdeveloped market opportunity that will generate strong sustainable growth for the business and create significant value for our customers and our shareholders.”
Andy Inglis, Chief Executive of Integrated Energy Services, will comment: “I firmly believe that Petrofac’s integrated service offering, which does not require the booking of reserves or the reporting of production, is tailored to the demands of today’s resource holders who prefer to retain control of their own national resources. Petrofac already has an established track record for integrated oilfield development under a variety of commercial frameworks, and with Integrated Energy Services we will seek to use the group’s extensive capability and expertise to satisfy an increasing industry demand.”
The presentation will take place at 2.30pm BST and webcast live on the Petrofac website and from this direct link: http://www.investorcalendar.com/IC/CEPage.asp?ID=164565
The event will also be recorded and will be made available along with the presentation material.