Headlines 2014 revenue and net profit significantly weighted towards 2H 2014, reflecting the phasing of project delivery Remain on track to deliver net profit in the range US580 million to US600 million for the full year 2014, in…
ECOM Key contract awards Most successful year for new awards; ECOM order intake for 1H 2014 of US7.2bn (1H 2013: US4.3bn) Clean Fuels Project, Kuwait US1.7bn EPC contract to develop the Mina Abdulla refinery in Onshore…
ECOM Update on major projects In Salah, Algeria completed full remobilisation on the In Salah southern fields development Upper Zakum, Abu Dhabi agreed capacity enhancements and continue to make good progress on the project ECOM…
IES Update on major projects Block PM304 start-up of FPSO in progress for Cendor phase 2 production; original Equity Upstream Investments Cendor MOPU currently being decommissioned FPF1 good progress implementing changes to…
IES PetroFirst Infrastructure Partners Petrofac and First Reserve have created PetroFirst Infrastructure Partners to deploy capital to purchase a number of existing assets from IES to invest in new energy infrastructure projects that…
Income Statement 1H 2014 1H 2013 Variance USm restated 2,535 2,794 9% Revenue Operating profit* 205 295 31% Profit before tax 188 300 37% Income tax expense (53) (58) 9% Profit for the period 135 242 44% Profit attributable to…
30 June 2014 backlog Backlog increased 35% to stand at record levels of 30 June 2014 backlog US20.3bn at 30 June 2014 (Dec 2013: US15.0bn) ageing (US billions) OEC backlog increased 45% in H1 2014 to US11.3bn (Dec 2013: US7.8bn)…
Movement in net debt Net debt stood at US1.3bn at 30 June 2014 reflecting: working capital outflows of US229m predominantly due to an increase in trade receivables and WIP and a reduction in accrued contract expenses investing…
Onshore Engineering & Construction Revenue 39% reflecting the phasing of project delivery due to several large projects substantially completed in 2013 and low activity levels on recent awards while the projects are in their early…
Offshore Projects & Operations Revenue 57% reflecting increased activity levels on capital projects such as the Laggan- Tormore gas plant, the modification and upgrade of the FPF1 floating production facility and the SARB3 project in…
Engineering & Consulting Services Revenues 19% reflecting activity on a number of recent project awards and the In Salah Gas and In Amenas consultancy contract, awarded in January 2013 Net profit 33% as there was a lower…
Integrated Energy Services Revenue 11% - commencement of operations on West Desaru in 2H 2013, increased activity levels on Mexico PECs and for Petrofac Training more than offset reduction in Berantai RSC which has moved into…
Outlook In ECOM, we have already had our most In IES, we are making good progress on successful year ever for new awards with addressing project performance issues and US8.4bn of order intake in the year to date, the delivery of key…
Appendices
Appendix 1: Group organisation structure Divisions Engineering, Construction, Operations & Integrated Energy Services (IES) Maintenance (ECOM) Chief Operating Officer, Chief Executive, Marwan Chedid Rob Jewkes Reporting…
Appendix 2: Key ECOM projects Original contract NOC/NOC led company/consortium Joint NOC/IOC company/consortium IOC/IOC led company/consortium value to Petrofac Gas sweetening facilities project, Qatar US600m Laggan-Tormore gas…
Appendix 3: Key IES projects Production Enhancement Contracts (PEC) END DATE 2025 (+10 YR Ticleni, Romania TRANSITION PERIOD EXTENSION OPTION) TRANSITION Magallanes and Santuario, Mexico PERIOD 2037 TRANSITION Pnuco, Mexico*…
Appendix 5: Segmental performance Onshore Engineering & Construction earned 36% of Group revenue and 65% of net profit Middle East and Africa: due to geographic diversification, represents only 46% of revenues in 1H 2014 CIS and…
Appendix 6: Employees Approximately 18,800 people in 7 key operating centres and 24 offices Around 30% of our employees are shareholders/participants in employee share schemes Total headcount 100 3,400 5,200 4,300…
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 and amortisation Net profit (for…
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