Pro Forma Figures 2006 to 200

RNS Number : 3589S

Petrofac Limited

15 May 2009

 



PETROFAC LIMITED

PRO-FORMA FIGURES FOR 2006 TO 2008

Petrofac, the international oil & gas facilities service provider, introduced a new organisational structure as of 1 January 2009 to improve integration and create a broader platform for continued growth. The group's three divisions (Engineering & Construction, Operations Services and Energy Developments) were reorganised into seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training, Production Solutions and Energy Developments.

For segmental reporting purposes, Engineering & Construction and Engineering & Construction Ventures will be reported together as 'Engineering & Construction'. Offshore Engineering & Operations and Energy Developments will be reported as individual reporting segments. Engineering Services, Training and Production Solutions will be reported together as 'Others'.

The financial results for the six months to 30 June 2009 onwards will be reported on this basis. The pro-forma results for the comparative period, and for the full years 2006 to 2008 are set out below.

		Year ended	Year ended	Six months ended	Year ended
		31 December	31 December	30 June	31 December
		2006	2007	2008	2008
		US$000's	US$000's	US$000's	US$000's
Engineering & Construction
	Revenue	944,596	1,169,681	922,787	1,993,539
	EBITDA	111,899	140,259	102,563	252,370
	Net income	88,141	122,465	88,724	206,349
	Net income margin %	9.3%	10.5%	9.6%	10.4%
Offshore Engineering & Operations
	Revenue	683,067	774,616	377,089	776,564
	Pass-through revenue	186,322	180,529	87,080	221,154
	EBITDA	27,748	31,540	7,666	24,676
	Net income	17,131	19,201	4,739	16,443
	Net income margin %	2.5%	2.5%	1.3%	2.1%
	Net income margin excluding pass-through revenue	3.4%	3.2%	1.6%	3.0%
Energy Developments
	Revenue	62,125	132,832	77,688	153,357
	EBITDA	40,107	82,799	40,836	89,148
	Net income	14,365	33,388	16,335	21,880
	Net income margin %	23.1%	25.1%	21.0%	14.3%
Others (Engineering Services, Production Solutions & Training)
	Revenue	214,755	450,193	271,015	510,404
	Pass-through revenue	35,468	46,519	27,291	54,793
	EBITDA	20,534	53,283	31,075	61,890
	Net income	8,211	24,325	17,792	33,093
	Net income margin %	3.8%	5.4%	6.6%	6.5%
	Net income margin excluding pass-through revenue	4.6%	6.0%	7.3%	7.3%
Corporate
	Revenue	33	0	0	0
	EBITDA	(1,842)	(5,826)	(2,036)	(8,077)
	Net income	(8,259)	(10,957)	(4,280)	(8,545)
Consolidation adjustments & eliminations
	Revenue	(40,670)	(87,071)	(72,425)	(104,328)
	EBITDA	(97)	(796)	(867)	(1,055)
	Net income	743	294	(2,070)	(4,231)
Total
	Revenue	1,863,906	2,440,251	1,576,154	3,329,536
	Pass-through revenue	221,790	227,048	114,371	275,947
	EBITDA	198,349	301,259	179,237	418,952
	Net income	120,332	188,716	121,240	264,989
	Net income margin %	6.5%	7.7%	7.7%	8.0%
	Net income margin excluding pass-through revenue	7.3%	8.5%	8.3%	8.7%

A downloadable version of the above and a diagram mapping the old and new reporting segments is available from www.petrofac.com

Ends

For further information contact:

Petrofac Limited

Jonathan Low, Head of Investor Relations        [phone]

Bell Pottinger Corporate & Financial                [phone]

Ann-marie Wilkinson

Olly Scott

 

END

 

 

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