26 June 2008
Petrofac Limited - Trading Update
Petrofac, the international oil & gas facilities service provider, issues the following pre-close trading update ahead of the announcement of its interim results for the six months ending 30 June 2008, expected to be on 27 August 2008.
As noted in the group’s Interim Management and AGM statement on 16 May 2008, the group has had a good start to the year and is confident that 2008 will be another year of strong growth.
Subsequent to the Interim Management and AGM statement, the Operations Services division was awarded the duty holder contract to provide turnkey operations services on the Northern Producer, the floating production facility to be used on the Don fields in the UK North Sea. The contract is estimated to be worth approximately £15 million per annum. In addition, Petrofac Training has been awarded a contract to manage and operate the Chemical Process Technology Centre on Jurong Island in Singapore.
The Energy Developments division has made good progress with its development in the Don area, receiving Field Development Programme approval, and on its Chergui development in Tunisia, where gas was introduced into the central processing plant on 17 June and gas exports are expected to begin in the next few weeks.
The Engineering & Construction division has secured more than US$1 billion of new awards in the year to date and, with a healthy bidding pipeline, expects to be able to announce further awards in the coming months. The group’s backlog at the end of June is expected to be approximately US$4.6 billion (31 December 2007: US$4.4 billion), comprising approximately US$2.6 billion from the Engineering & Construction division (31 December 2007: US$2.5 billion) and approximately US$2.0 billion from the Operations Services division (31 December 2007: US$1.9 billion).