Sign In
24 Jun 2008 07:00
Tuesday, 24 June 2008
PETROFAC LIMITED
TRADING UPDATE
Petrofac, the international oil & gas facilities service provider, issues the following pre-close trading update ahead of the announcement of its interim results for the six months ending 30 June 2008, expected to be on 27 August 2008.
As noted in the group's Interim Management and AGM statement on 16 May 2008, the group has had a good start to the year and is confident that 2008 will be another year of strong growth.
Subsequent to the Interim Management and AGM statement, the Operations Services division was awarded the duty holder contract to provide turnkey operations services on the Northern Producer, the floating production facility to be used on the Don fields in the UK North Sea. The contract is estimated to be worth approximately £15 million per annum. In addition, Petrofac Training has been awarded a contract to manage and operate the Chemical Process Technology Centre on Jurong Island in Singapore.
The Energy Developments division has made good progress with its development in the Don area, receiving Field Development Programme approval, and on its Chergui development in Tunisia, where gas was introduced into the central processing plant on 17 June and gas exports are expected to begin in the next few weeks.
The Engineering & Construction division has secured more than US$1 billion of new awards in the year to date and, with a healthy bidding pipeline, expects to be able to announce further awards in the coming months. The group's backlog at the end of June is expected to be approximately US$4.6 billion (31 December 2007: US$4.4 billion), comprising approximately US$2.6 billion from the Engineering & Construction division (31 December 2007: US$2.5 billion) and approximately US$2.0 billion from the Operations Services division (31 December 2007: US$1.9 billion).
Ends
For further information, please contact:
Petrofac Limited +44 (0) 20 7811 4900
Ayman Asfari, Group Chief Executive
Keith Roberts, Chief Financial Officer
Jonathan Low, Head of Investor Relations
Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232
Charles Cook
Olly Scott
Petrofac
Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 100 Index.
Through its three divisions, Engineering & Construction, Operations Services and Energy Developments, Petrofac designs and builds oil & gas facilities; operates, maintains or manages facilities and trains personnel; and, where return criteria are met and service revenue synergies identified, co-invests with clients and partners. Petrofac's range of services allows it to help meet its customers' needs across the life cycle of oil & gas assets.
With more than 10,000 employees, Petrofac operates out of four strategically located international centres, in Aberdeen, Sharjah, Woking and Mumbai and a further 20 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), Africa, the Middle East, the Commonwealth of Independent States (CIS) and the Asia Pacific region.
For additional information, please refer to the Petrofac website at www.petrofac.com.
Follow the stocks
