Petrofac has reported a $190m profit though as a result of some $207m of impairments and exceptional items the company recorded a a net loss of US$17m.

Ayman Asfari, Petrofac’s Group Chief Executive, commented: “We have reported a good set of first half results that reflect strong execution and excellent progress delivering our strategy.”

The company has also reported a healthy new order intake. “The Group has secured $3.3bn of new orders in both established and adjacent markets year to date, and is well placed on several bids due for award before the end of the year,” said Ayman. 

“Our focus on operational excellence is reflected in improved margins and continued good progress across our project portfolio in the first half. Furthermore, we are well positioned for the second half with good revenue visibility, a strong competitive position and healthy liquidity.

“The Group is also making significant progress reducing capital intensity, signing agreements to sell the JSD6000 installation vessel, our interests in the Chergui gas concession and Greater Stella Area development, as well as a 49% interest in our Mexican operations. These transactions will increase our focus on our core and strengthen our balance sheet.”

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4th September 2018