Restated Historical Results

RNS Number : 3488X

Petrofac Limited

14 February 2012

 



Press Release

14 February 2012

PETROFAC LIMITED

RESTATED HISTORICAL RESULTS

Petrofac, the international oil & gas service provider, introduced a new organisational structure during 2011. As previously announced, its 2011 full year results will be reported under the new structure.

The results of the group's two divisions (Engineering, Construction, Operations & Maintenance (ECOM) and Integrated Energy Services (IES)) will be reported under four reporting segments:

·     Onshore Engineering & Construction

·     Offshore Projects & Operations

·     Engineering & Consulting Services

·     Integrated Energy Services

The restated results for the years ended 31 December 2008-2010 and for the six months ended 30 June 2011 are set out below.

		Year ended	Year ended	Year ended	Six months ended
		31 December	31 December	31 December	30 June
		2008	2009	2010	2011
		US$m	US$m	US$m	US$m
Onshore Engineering & Construction
	Revenue	1,993.5	2,509.0	3,253.9	1,903.7
	EBITDA	252.4	337.3	471.8	248.5
	Operating profit	241.2	312.4	438.1	235.8
	Net income	206.3	265.1	373.0	205.9
Offshore Projects & Operations
	Revenue	776.6	626.7	721.9	581.0
	Pass-through revenue	221.2	190.3	195.5	97.6
	EBITDA	24.7	19.7	27.3	41.3
	Operating profit	17.8	17.8	24.5	39.2
	Net income	16.4	12.8	17.2	31.8
Engineering & Consulting Services
	Revenue	235.0	114.3	173.4	96.2
	EBITDA	32.5	22.5	25.6	18.3
	Operating profit	24.4	17.8	19.8	16.5
	Net income	17.5	17.4	21.1	14.8
Integrated Energy Services*
	Revenue	435.1	484.1	384.2	256.7
	EBITDA	118.6	181.0	127.7	38.1
	Operating profit	75.6	94.1	73.7	20.2
	Net income	37.4	61.1	38.0	6.0
Corporate, consolidation adjustments & eliminations
	Revenue	(110.7)	(78.7)	(179.2)	(126.5)
	EBITDA	(9.1)	(10.8)	(18.0)	(14.2)
	Operating profit	(3.4)	(10.1)	(17.6)	(13.9)
	Net income	(12.6)	(2.8)	(16.3)	(12.2)
Total
	Revenue	3,329.5	3,655.4	4,354.2	2,711.1
	EBITDA	419.0	549.7	634.4	332.0
	Operating profit	355.6	432.0	538.5	297.8
	Net income	265.0	353.6	433.0	246.3

Note: EBITDA and Operating profit includes the Group’s share of losses from associates.

* Excluding the gain from the EnQuest demerger in April 2010

A downloadable version of the above is available on the Petrofac website:

www.petrofac.com/presentations.html.

Ends

For further information contact:

Petrofac Limited                                                                         [phone]

Jonathan Low, Head of Investor Relations

Tess Palmer, Investor Relations Manager

Tulchan Communications Group Ltd                                                [phone]

Stephen Malthouse

Martin Robinson

[e-mail]

Notes to Editors

Petrofac

Petrofac is a leading international service provider 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. 

The group delivers services through two divisions: Engineering, Construction, Operations & Maintenance (ECOM - comprising Onshore Engineering & Construction, Offshore Projects & Operations and Engineering & Consulting Services) and Integrated Energy Services (IES). Through these divisions Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil & gas assets.

With more than 15,000 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai, Mumbai, Abu Dhabi and Kuala Lumpur and a further 21 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.

For additional information, please refer to the Petrofac website at www.petrofac.com.

 

END

 

 

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