Petrofac Annual General Meeting

Petrofac Limited holds its Annual General Meeting today. At the meeting, Group Chief Executive Ayman Asfari will reiterate that Petrofac delivered solid full year results in 2017 and is well positioned in 2018.

Mr Asfari said: “We delivered solid full year results in 2017, with business performance net profit up 7% to US$343 million dollars, underpinned by good project execution, high levels of activity, strong financial discipline and an excellent safety record. We saw a strong recovery in new orders, maintained our bidding discipline and continued to deliver our strategic objectives.

“We also continue to make good progress in 2018 delivering our strategy of focusing on our core, delivering organic growth and reducing capital intensity. Tendering activity remains high and the Group has been awarded more than US$1.7 billion of new orders in the year to date. We recently announced our exit from the deep-water market through the sale of the JSD6000 installation vessel, and we continue to retain strong liquidity.”

Commenting on Board changes taking effect at today’s meeting, Mr Asfari said: “I would like to thank our Chairman Rijnhard van Tets who steps down after many years of committed service to the Board, the last three as Chairman. This period has not been without challenge, and I commend Rijnhard for his unstinting commitment, wise counsel and sound leadership of the Board. René Médori brings important continuity as incoming Chairman and I look forward to working with him in his new role.”

Rijnhard van Tets said: “I would like to thank my fellow Board members, and the executive management team, for their support. Petrofac has a clear, focused strategy and I have every faith it will continue to grow and prosper over the longer term. I wish Ayman and the team every success in the future.”