The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Petrofac has moved up on our ranking as the company continues to advance major projects in the region, both offshore and onshore. Moving into the second half of 2022, a significant increase in bidding activity has put the company firmly on the path to grow its backlog over the full year.
Supported by a strong commodity price environment and an increasing focus on energy security, Petrofac is focusing on new energy infrastructure projects, capitalising on the growing investment in this market.
As of 11 August 2022, Petrofac’s E&C division reported 18-month pipeline of opportunities worth $45 billion with $7 billion of bids already submitted and a further $7 billion under tender. Opportunities scheduled for the second half of 2022 are expected to be awarded evenly over the period. Petrofac’s reinstatement to ADNOC’s commercial directory provides significant growth potential in 2023, and activity is picking up across many of its core markets.
Petrofac has set an ambitious target to reach net zero in Scope 1 and 2 emissions by 2030. Also, the company has committed to have 30% women in leadership roles by 2025.