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Petrofac says profits to be weighted in the 2nd half of the year

Petrofac confirmed its net profit for the 1st half the year.

Petrofac on June 27, 2017, confirmed its net profit for the 1st half the year is expected to be between $135 million and $145 million.


The firm made a net profit of $416 million in 2016. It would need post a net profit of $281 million in the 2nd half of the year to remain on par.


Its group chief executive said the firm had made a positive start.

«Our core business continues to trade in line with expectations and we remain competitive, securing new contract awards in both our E&C and EPS divisions throughout the last 6 months. In IES, performance in the 1st half of 2017 has been impacted by lower realised oil prices, lower capital investment in Mexico and our delayed entry onto the Greater Stella Area development licence,» said Ayman Asfari.


Petrofac is currently under investigation by the UK Serious Fraud Office (SFO).

The firm made no mention of the investigation, which was launched in May, in today’s trading statement.


The SFO’s probe covers suspected bribery, corruption and money laundering and is linked to a wider investigation into Unaoil, a Monaco-based business.


In the wake of the investigation, Petrofac suspended its chief operating office Marwan Chedid.

Mr Chedid is barred from having any contact with the wider leadership team.


In today’s trading statement, Petrofac recorded $1.7 billion worth of new order intake.

It has a backlog totaling $13 billion. Its net debt is $1.1 billion.


Source : Neftegaz.RU