Headlines Strong financial performance in 2010, including US125m gain on EnQuest demerger Year-end backlog increased to US11.7bn following record order intake of US7.8bn; augmented by US1.2 billion award in January, giving…
Backlog Record backlog gives outstanding revenue visibility Engineering & Construction backlog 45% to US9.0bn following awards in Turkmenistan, Qatar, Kuwait and Malaysia Offshore Engineering & Operations backlog 54% due to good…
Managing risk as we grow We continue to grow our geographic footprint and expand our service offering Achieving growth successfully requires a robust approach to risk management: leveraging our local knowledge and relationships to…
South Yoloten, Turkmenistan Two-stage contract awarded in December 2009 by state-owned Turkmengas 1) US100m FEED study/initial planning for 10 bcma gas processing facility and surface field facilities for 20 bcma 2) lump-sum EPC for…
Laggan Tormore, UK Offshore Engineering & Operations led contract for the development of a gas processing plant on the Shetland Islands for Total Supported by Engineering & Construction; highlights the strength of our combined…
Seven Energy, Nigeria We have entered into a strategic alliance with Seven Energy, a Nigerian production and development company We will assist with Seven Energy to develop its production, processing and transportation assets Seven…
Integrated services Increased opportunity to provide integrated services to resource holders A broad range of commercial models are offered by Production Solutions and Energy Developments Anticipate significant investment over the…
Malaysian operations Multiple ongoing projects creates efficiencies and alignment with the customer Cendor Sepat Berantai 50 miles 4 10
Berantai field, Malaysia We have signed a Risk Services Contract to lead the development of the Berantai field We will work with local partners Kencana and Sapura to develop the field and then operate it for seven years Departure…
Cendor field (phase 2), Malaysia Second phase of development of Block PM304 is underway Near field resource areas identified which could sustain production from phase 2 infrastructure for many years Berantai Field Development Plan…
Income Statement USm 2010 2009 Restated Variance Revenue 4,354.2 3,655.4 19% Operating profit 663.5 432.0 54% Profit before tax 668.4 438.3 52% Income tax expense (110.5) (84.5) Profit for the period 557.9 353.8 58% EnQuest…
Cash flow and gross cash balances Cash position remains strong at US1.1bn: Net working capital outflows due to an increase in WIP on Engineering & Construction contracts and a reduction in advance payments Investing activities…
Engineering & Construction Continues to perform strongly: Revenue 30% - high activity levels due to projects won in 2009 and late 2008 Net profit 41% - due to continued strong operational performance, substantial completion of…
Offshore Engineering & Operations Growth in revenue and net profit: Net revenue 21%, net profit 34% - due to increased activity levels from major new contract awards in 2H 2009 and 2010 and a general improvement in market…
Engineering, Training, Production Solutions Mixed results across the business units: Revenues slightly improved an increase in Training and Engineering Services, largely offset by lower revenues in Production Solutions Net profit…
Energy Developments Results primarily affected by EnQuest demerger gain and loss of contribution from the Don assets: Excluding Dons contribution revenue 2% primarily due to higher average oil prices Excluding demerger gain and Dons…
Summary and outlook Strong financial performance, with 2010 net profit growth of 26% on a like-for-like basis Record year-end backlog of US11.7 billion, augmented by US1.2 billion award in January, gives outstanding revenue…
Appendices
Appendix 1: Largest current EPC contracts 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…
Appendix 2: Effective tax rate Tax charge by segment 2010 2009 reported(1) restated Engineering & Construction 17% 19% Offshore Engineering & Operations 27% 27% Engineering, Training and Production Solutions (4%) 2% Energy…
Appendix 3: Segmental performance Engineering & Construction earned 72% of revenue and 83% of net profit Middle East and Africa: a key geographic market for Engineering & Construction Europe: activity principally in UK North Sea,…
Appendix 4: Employee numbers 13,900 people in 6 key operating centres and 19 offices EPC headcount includes the engineering offices in Mumbai and Chennai, which although reported in ETSPS principally support E&C activities…
Appendix 5: Organisational structure Segments Reporting Offshore Engineering, Training Services and Energy Engineering & Construction Engineering & Production Solutions Developments Operations Business Engineering &…
26 Revenue recognition acceptance certificate Profit recognition Final Project risk Warranty phase acceptance Provisional certificate 100% Mechanical completion Robust Completion systems to facilitate…
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.…
Contact information: Jonathan Low Tess Palmer Head of Investor Relations Investor Relations Officer irpetrofac.com irpetrofac.com 020 7811 4900 020 7811 4900
Loading...
