Petrofac records most successful year for new awards

Petrofac Limited has provided an interim management statement, noting that it is on track to deliver net profit in the range of US$ 580 million – US$ 600 million for the full year 2014.

This has been the most successful year for new awards, with ECOM order intake of US$ 9.4 billion to date.

Commenting on the results, CEO Ayman Asfari said: "This is already our most successful year for new awards in ECOM, with ECOM order intake of US$ 9.4 billion in the year to date, which has been secured at bid margins, on a country-by-country basis, in line with the last few years.

"In IES, our focus remains on the delivery of key operational milestones on the existing project portfolio. During the period we achieved first oil on Cendor phase 2 on Block PM304 in Malaysia, a significant operational landmark on the project, with ramp up of production expected in the near-term.

"With activity levels stepping up over the second half of the year, in line with our expectations, we remain on track to deliver net profit in the range US$ 580 million to US$ 600 million for the full year 2014."

To read the full statement, please visit Petrofac’s website.

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/20102014/petrofac-interim-statement-october-2014-1667/