Headlines Strong financial performance in 2011: net profit growth of 25% Year-end backlog of US10.8bn, gives excellent revenue visibility for 2012 Strong bidding pipeline for 2012 and beyond 2012 net profit growth expected to be…
Group reorganisation Following good progress in implementing our group reorganisation, our 2011 results are presented on this basis: Divisions Engineering, Construction, Operations & Integrated Energy Services (IES) Maintenance…
Strategy drivers of growth UPDATE Opening engineering office in Geographical Expand existing business into new Nigeria expansion geographies Expanded Asia Pacific hub to 1,250 people Successful delivery of SEPAT and…
ECOM Key contract awards Onshore Engineering & 2011 Construction In Salah development, Algeria US1.2bn contract to develop southern fields Majnoon field, Iraq US240m EPCM contract for field development 2012 to date Badra…
ECOM Update on major projects South Yoloten gas field development, Turkmenistan reached percentage of completion threshold required to recognise profit in Onshore Engineering & Construction South Yoloten gas field December…
ECOM Update on major projects Offshore Projects & Operations SEPAT offshore early production system, Malaysia SEPAT offshore early production system, Malaysia first oil achieved ahead of schedule in December 2011 FPSO Berantai,…
ECOM New business prospects Strong pipeline of bidding opportunities in our core markets for 2012 and beyond Market underpins double-digit average revenue growth in ECOM over medium-term Expect to maintain Onshore Engineering &…
IES Key contract awards Awarded Magallanes and Santuario blocks in 1st round of bidding process in Enhancement Production Mexico Contract Commenced operations on target (1 February 2012) after 3 month transition Minimum…
IES Update on major projects Cendor phase 1 gas lift compression system is operational PSC, Malaysia Cendor phase 2 detailed engineering for wellhead platform and pipelines PM304 complete; first oil expected Q2 2013 West…
IES Schlumberger Co-operation Agreement Agreement between Petrofac Integrated Energy Services and Schlumberger Production Management (SPM) Focused on delivering projects in the production enhancement market Working together…
IES New business prospects Ongoing discussions with a number of resource holders (both IOCs and NOCs) with regard to Production Enhancement Contracts and Risk Service Contracts Number of opportunities through structured bidding…
Income Statement USm 2011 2010 Variance Revenue 5,800.7 4,354.2 33% Operating profit 679.3 538.5 26% Profit before tax 680.6 543.5 25% Income tax expense (141.0) (110.5) Profit for the year 539.6 433.0 25% Profit attributable…
2011 year-end backlog Backlog of US10.8 billion gives excellent revenue visibility for 2012 Onshore Engineering & Construction backlog lower at US6.4bn (Dec 2010: US9.0bn) following period of consolidation and focus on project…
Cash flow and gross cash balances Net cash balances increased to US1.5 billion: Significant working capital inflows due to an increase in advance payments and a decrease in WIP in Onshore Engineering & Construction Investing…
IES development expenditure Approximately US0.5 billion deployed on IES projects in 2011 c. US350 million capital expenditure predominantly on acquisition and upgrade of supporting infrastructure US130 million in operating cash…
Onshore Engineering & Construction Continues to perform strongly: Revenue h27% high activity levels due to progress on projects won in 2009 and 2010 Net profit h24% continued strong operational performance Net profit margin in…
Offshore Projects & Operations Strong growth in revenue and net profit: Revenue h73% record activity levels, particularly from capital projects Net profit h153% due to record activity levels and a provision release following…
Engineering & Consulting Services Strong growth in revenue and net profit: Revenues h20% higher activity levels in Indian offices to support Onshore Engineering & Construction Net profit h46% higher activity levels in Indian offices…
Integrated Energy Services Lower EBITDA and net profit as many projects in development phase: Revenue h35% commencement of Berantai RSC Net profit i40% cessation of the Dubai Petroleum service operator contract in 2010, lower…
Summary and outlook Strong financial performance, with 2011 net profit growth of 25% Year-end backlog of US10.8 billion, gives excellent revenue visibility for 2012 Competitive position in our core markets, which have strong growth…
Appendices
Appendix 1: Key ECOM projects Customer key: Original contract NOC/NOC led company/consortium Joint NOC/IOC company/consortium IOC/IOC led company/consortium value to Petrofac Asab onshore oil field development, Abu Dhabi US2,300m…
Appendix 2: Key IES projects and milestones END DATE Production Enhancement Contracts 2025 (+10 YR TRANSITION Ticleni, Romania PERIOD EXTENSION OPTION) TRANSITION Magallanes and Santuario, Mexico PERIOD 2037 Risk Service…
Appendix 3: Effective tax rate Tax charge by segment 2011 2010(1) Onshore Engineering & Construction 17% 17% Offshore Projects & Operations 22% 27% Engineering & Consulting Services 7% (6%) Integrated Energy Services 55% 46% Group 21%…
Appendix 4: Segmental performance Onshore Engineering & Construction earned 68% of revenue and 83% of net profit Middle East and Africa: remains a key geographic market for Onshore Engineering & Construction CIS & Asia: primarily…
Appendix 5: Employee numbers 15,400 people in 7 key operating centres and 24 offices EPC headcount includes the engineering offices in India and Indonesia, which although reported in Engineering & Consulting Services principally…
Notes EBITDA means earnings before interest, tax, depreciation and amortisation and is calculated as profit from operations before tax and finance costs adjusted to add back charges for depreciation, amortisation and impairment. Net…
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