Headlines 2013 revenue and net profit significantly weighted towards 2H 2013, reflecting the phasing of project delivery On course to deliver modest growth in net profit in 2013 and, given our high quality portfolio and strong…
ECOM Key contract awards Strong ECOM order intake for 1H 2013 of US4.9 billion (1H 2012: US1.4 billion) Upper Zakum, Abu Dhabi, US2.9bn EPC contract to develop the UZ750 field development Bab Compression, Abu Dhabi, US500m expansion…
ECOM Update on major projects Onshore Engineering South Yoloten (aka Galkynysh) gas field development, Turkmenistan, Asab & Construction onshore oil field development, Abu Dhabi and El Merk gas processing facility, Algeria,…
ECOM Update on major projects UK business very robust with increased levels of activity from core clients such Offshore Projects & Operations as Apache, EnQuest and CNR Laggan-Tormore, Shetland, is now midway through its…
ECOM increase in Petrofac Emirates interest Following a strategic review, Mubadala decided to transfer some of their investments to the private sector Opportunity arose to increase our economic interest in Petrofac Emirates to 75%,…
ECOM New business prospects Strong pipeline of bidding opportunities for onshore engineering and construction projects in our core markets for 2H 2013 and beyond Anticipate continuing growth of Onshore Engineering & Construction…
IES Update on major projects Took over operation of Pnuco and offshore Arenque blocks in late March and early July 2013 following successful Production Enhancement Contracts transition Magallanes and Santuario achieved…
IES Update on major projects Berantai 13 wells from the first phase of the development brought online Berantai full field development, including FPSO topsides, Risk Service Contracts achieved in less than 21 months…
IES Update on major projects Equity Upstream Investments Commenced production from 3rd phase of development of Block PM304, West Desaru, in August 2013, only 18 months from approval of the FDP by Petronas Drilled two new wells in…
IES New business prospects Focus remains on delivering value from existing projects and building geographical hubs Bidding on PECs in Indonesia and Malaysia, have signed an MoU to explore PEC opportunities in Kazakhstan and are…
Tim Weller Chief Financial Officer
Income Statement USm 1H 2013 1H 2012 Variance restated Revenue 2,794 3,187 12% Operating profit* 295 412 28% Profit before tax 300 413 27% Income tax expense (58) (89) 35% Profit for the period 242 324 25% Profit attributable…
Backlog Backlog of US14.3 billion at 30 June 2013 (Dec 2012: US11.8 billion), reflecting strong order intake in 1H 2013 and increase in economic interest in Petrofac Emirates Onshore Engineering & Construction backlog increased to…
Cash flow and gross cash balances Net debt stood at US370 million at 30 June 2013 reflecting: Working capital outflows of US485 million due to a decrease in trade payables, including a reduction in advances received from customers of…
Onshore Engineering & Construction Revenue i31% project phasing, including scheduling of recent awards and rephasing of In Salah southern fields development, result in revenues being weighted to 2H 2013 US2.2 billion of revenues in…
Offshore Projects & Operations Revenue h1% 1H 2013 revenues broadly flat due to project phasing Expect to deliver full year double-digit revenue growth, with US1.0bn in hand for H2 2013 at 30 June 2013 Net profit i61% 1H 2012…
Engineering & Consulting Services Revenues h75% strong growth in revenues reflecting a substantial increase in activity levels, including on a project in Malaysia and consolidation of RNZ from April 2013 Net profit h20% reflecting…
Integrated Energy Services Revenue h32% growth predominantly driven by an increasing contribution from PECs Net profit i33% 1H 2012 included a gain in relation to the sale of 75% of the share capital in the company holding the FPF1…
Summary and outlook As previously indicated, 2013 revenue and net profit significantly weighted towards the second half of the year, reflecting the phasing of project delivery 30 June 2013 backlog of US14.3 billion, greatly improves…
Appendices
Appendix 1: Group organisation structure Divisions Engineering, Construction, Operations & Maintenance Integrated Energy Services (IES) (ECOM) Chief Executive, Andy Inglis Chief Executive, Marwan Chedid Reporting segments…
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 El Merk gas…
Appendix 3: Key IES projects Production Enhancement Contracts (PEC) END DATE 2025 (+10 YR TRANSITION Ticleni, Romania PERIOD EXTENSION OPTION) TRANSITION Magallanes and Santuario, Mexico PERIOD 2037 TRANSITION Pnuco, Mexico *…
Appendix 5: Segmental performance Onshore Engineering & Construction earned 56% of revenue and 74% of net profit Middle East and Africa: due to geographic diversification, represents only 37% of revenues in 1H 2013 CIS and Asia:…
Appendix 6: Employees More than 18,000 people in 7 key operating centres and 24 offices EPC headcount includes the engineering offices in India, which although reported in Engineering & Consulting Services principally support Onshore…
Loading...
