Petrofac Gets Its Largest EPCI Project in Offshore Wind

Petrofac has issued the its pre-close trading update ahead of the announcement of its interim results for the six months ending 30 June 2014 on 26 August 2014.

• Good operational performance from ECOM with good progress being made across the EPC portfolio; focused on delivering improved operational performance on certain IES projects
• ECOM order intake of US$6.8 billion in the year to date; Group backlog stands at record levels of US$20.1 billion at 31 May 2014 (31 December 2013: US$15.0 billion)
• In line with previous guidance, net profit for the full year 2014 expected to be in the range US$580 million to US$600 million; net profit expected to be significantly weighted toward H2 2014, reflecting phasing of OEC and OPO project delivery over the course of the year
• Net debt of US$1.3 billion at 31 May 2014 (31 December 2013: US$0.7 billion), reflecting ongoing investment in IES and the company’s offshore installation vessel, payment of the 2013 final dividend and a continued high level of working capital

Petrofac has secured a number of contract extensions and new wins in Offshore Projects & Operations in the year to date. The company was recently awarded a ten-year operations and maintenance contract with EnQuest, which supersedes an initial five year contract awarded to Petrofac in 2013, which will see Petrofac continue to provide operations and maintenance services on the Thistle, Heather and Northern Producer assets, and the EnQuest Producer floating production, storage and offloading vessel (FPSO).

Through Offshore Capital Projects, Petrofac recently secured its largest offshore engineering, procurement, construction and installation (EPCI) project to date (in consortium with Siemens) with the award of a major contract from TenneT, the German-Dutch transmission grid operator, for the BorWin3 offshore wind farm grid connection in the North Sea.