Interim Results
Petrofac Limited
18 September 2006
PETROFAC LIMITED
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2006
Petrofac Limited (Petrofac, the group or the Company), a leading international
provider of facilities solutions to the oil & gas production and processing
industry, today announces its interim results for the six months ended 30 June
2006.
FINANCIAL HIGHLIGHTS*
• Revenue up 34% to US$927 million (2005: US$692 million)
• EBITDA(1) up 63% to US$88.8 million (2005: US$54.3 million)
• Net profit(2) up 67% to US$52.6 million (2005: US$31.5 million)
• First half order intake(3) of $1 billion with backlog(4) of US$3.3
billion at 30 June 2006 (31 December 2005: US$3.2 billion)
• Earnings per share (diluted) up 60% to 15.23 cents (2005: 9.50 cents)
• Interim dividend of 2.40 cents per ordinary share
* continuing operations
Commenting on the results, Ayman Asfari, Petrofac's Group Chief Executive, said:
"I am delighted to be able to report that Petrofac has continued to perform well
in the first half 2006 with strong growth in revenue and profits. With the
prevailing positive market conditions, we believe the group is well positioned
to benefit from the continuing strong demand for oil & gas services."
For further information, contact:
Petrofac Limited +44 (0) 20 7811 4900
Ayman Asfari, Group Chief Executive
Keith Roberts, Chief Financial Officer
Robin Caiger, Head of Investor Relations
Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232
Ann-marie Wilkinson
Geoff Callow
Notes
(1) EBITDA means earnings before interest, tax, depreciation and amortisation
and is calculated as profit from continuing operations before tax and net
finance costs adjusted to add back charges for depreciation, amortisation and
impairment.
(2) Net profit for the period attributable to Petrofac Limited shareholders.
(3) Order intake comprises new contracts awarded, growth in scope of existing
contracts and the rolling increment attributable to contracts which extend
beyond five years. Order intake is not an audited measure.
(4) Backlog consists of the estimated revenue attributable to the uncompleted
portion of lump-sum engineering, procurement and construction contracts and
variation orders plus, with regard to engineering services and facilities
management contracts, the estimated revenue attributable to the lesser of the
remaining term of the contract and, in the case of life-of-field facilities
management contracts, five years. The group uses this key performance indicator
as a measure of the visibility of future earnings. Backlog is not an audited
measure.
THE FOLLOWING IS AN EXTRACT FROM THE GROUP'S INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2006
BUSINESS REVIEW
Results
We are pleased to report that the group has continued to perform well in the
first half of 2006 with strong growth in revenue and profit.
In the six months ended 30 June 2006, revenue increased by 34% to US$926.9
million compared to the corresponding period in 2005 (2005: US$692.4 million).
EBITDA increased by 63% to US$88.8 million (2005: US$54.3 million) and net
profit increased by 67% to US$52.6 million (2005: US$31.5 million). This
primarily reflects revenue growth in the Engineering & Construction and
Operations Services divisions and margin enhancement in the Engineering &
Construction division.
The tax charge for the six months ended 30 June 2006 of US$21.9 million (2005 as
restated, see note 5: US$6.2 million) is based on the anticipated divisional
effective tax rates for the year ending 31 December 2006 and results in an
effective tax rate for the period of 29.4% (2005: 16.5%). The principal reason
for the increase in the effective tax rate was the recognition in the 2005
forecast full year effective tax rate of a tax credit of US$7.6 million for tax
losses in the holding company of the group's Malaysian upstream investment,
following approval of the field development plan.
Net interest payable for the period decreased to US$0.7 million (2005: US$3.4
million) due to higher average cash balances and reduced interest-bearing loans
and borrowings.
The net operating cash flow in the period was US$186.6 million (2005: US$12.1
million), representing 210.0% of EBITDA (2005: 22.4%). The group's net cash
increased to US$261.4 million at 30 June 2006 (31 December 2005: US$102.0
million) as a result of profits generated and a decrease in net working capital
utilised during the period. The net contract related working capital balances at
30 June 2006 were significantly higher than at 31 December 2005 as a result of
the increased levels of business activity in the first half of the year. The
favourable net working capital movement arose principally from advance payments
made by customers on long term engineering and construction contracts.
Interest-bearing loans and borrowings increased marginally during the period to
US$118.0 million (31 December 2005: US$106.9 million).
Diluted earnings per share attributable to continuing operations for the six
months ended 30 June 2006 increased to 15.23 cents per share (2005: 9.50 cents
per share) reflecting the group's improved profitability.
During the first six months of 2006, order intake(1) across the group amounted
to, in aggregate, approximately US$1.0 billion. At 30 June 2006, the group's
combined backlog for the Engineering & Construction and Operations Services
divisions was approximately US$3.3 billion (31 December 2005: US$3.2 billion).
Dividend
The Board has declared an interim dividend of 2.40 cents per share (2005 interim
(pre-listing) dividend: 3.01 cents) which will be paid on 27 October 2006 to
eligible shareholders on the register at 29 September 2006.
(1) Order intake comprises new contracts awarded, growth in scope of existing
contracts and the rolling increment attributable to contracts which extend
beyond five years. Order intake is not an audited measure.
Segmental review
US$'000
Revenue Operating Net profit EBITDA
For the 6 months profit
ended 30 June 2006 2005 2006 2005 2006 2005 2006 2005
Engineering &
Construction 578,958 398,987 55,694 22,867 44,320 21,669 60,671 28,055
Operations Services 325,337 279,668 12,296 12,391 7,203 7,544 14,007 13,296
Resources 23,113 22,572 7,550 8,769 3,898 8,109 14,745 15,730
Consolidation &
elimination (469) (8,817) (373) (2,946) (2,859) (5,866) (579) (2,735)
------------------------------------------------------------------
Group 926,939 692,410 75,167 41,081 52,562 31,456 88,844 54,346
Growth / margin
analysis Revenue growth Operating Net margin EBITDA margin
For the 6 months margin
ended 30 June 2006 2005 2006 2005 2006 2005 2006 2005
Engineering &
Construction 45.1% 111.9% 9.6% 5.7% 7.7% 5.4% 10.5% 7.0%
Operations Services 16.3% 41.8% 3.8% 4.4% 2.2% 2.7% 4.3% 4.8%
Resources 2.4% 4.7% 32.7% 38.8% 16.9% 35.9% 63.8% 69.7%
Group 33.9% 71.8% 8.1% 5.9% 5.7% 4.5% 9.6% 7.8%
Engineering & Construction
Given the significant value of contracts awarded towards the end of 2005, the
focus of the Engineering & Construction division has been on the mobilisation of
these projects and on the execution of other projects in hand.
In the Middle East, contracts for Qatar Petroleum and Kuwait Oil Company
(northern oil export system) are substantially complete and we are making good
progress with our more recent award with KOC (facilities upgrade project) and
with the Kauther and Harweel projects in Oman. We continue to see a high level
of activity in the Former Soviet Union, particularly in Russia and Kazakhstan.
In Russia, we are progressing well with the Kovykta project management contracts
and, building on our recently established engineering presence in Moscow,
various engineering services projects with other clients. In Kazakhstan, the
Kashagan engineering and procurement contract is approaching completion with
work underway on the recently awarded related construction management contract
whilst work continues on the front-end engineering and design study for the
Karachaganak fourth train. Completion of the BTC/SCP project continues to
progress in line with expectations and on a fully reimbursable basis.
Our strong operational performance has increased divisional revenue by 45% to
US$579.0 million (2005: US$399.0 million) and net profit by 104% to US$44.3
million (2005: US$21.7 million), representing a net margin of 7.7% (2005: 5.4%).
The increase in margin reflects the timing of profit recognition and increased
profitability of lump-sum EPC contracts. The division's backlog at 30 June 2006
was US$1.6 billion (31 December 2005: US$2.1 billion).
While the division continues to focus on the successful execution of projects in
hand, we are pursuing opportunities for new business on a selective basis in our
core regional markets with various contracts currently scheduled to be awarded
during the remainder of 2006 and into next year.
Operations Services
Our facilities management and training businesses continue to trade well in the
buoyant UK oil & gas market. During the first half of the year, we signed
operations support contracts with CNR International and Marathon and secured a
further twelve month renewal of our contract with Maersk Oil. We were also
awarded a small life-of-field service operator contract by Helix Energy Services
for a normally unmanned installation in the Camelot field. Petrofac Brownfield,
which provides maintenance and modifications engineering services, has continued
its significant growth and now employs over 500 staff, three times that of a
year ago, and has projects underway for a variety of clients including Lundin
Petroleum, Marathon and Talisman Energy. Our international facilities management
business continued to perform in line with our expectations during the period
with contracts in hand in Kuwait, Iran, Sudan and Papua New Guinea and also now
in Equatorial Guinea as part of the Marathon contract referred to earlier.
The training business continues to perform well in the UK and the services
offered were further strengthened during the period with the opening of Rubicon
Response's integrated Emergency Response Service Centre (ERSC) in Aberdeen. We
continue to make steady progress internationally with recent awards in the Gulf
of Mexico and the acquisition of a small Sakhalin-based training business.
Divisional revenue for the period increased by 16% to US$325.3 million (2005:
US$279.7 million) reflecting new business and increased pass-through revenue,
while net profit, at US$7.2 million (2005: US$7.5 million), was marginally lower
than the corresponding period last year, due principally to leasing costs
associated with new offices as the division invests for further growth. The
lower margin reflects both these additional costs and the increase in
pass-through revenue. The division's backlog increased to a record US$1.7
billion at 30 June 2006 (31 December 2005: US$1.1 billion).
In August 2006, we announced that our international facilities management
business had signed a service operator contract with Dubai Petroleum
Establishment (DPE), wholly-owned by the Government of Dubai, for the provision
of well and facilities management services to Dubai's offshore oil & gas assets.
The transition process has commenced and we will take full responsibility for
these operations from April 2007. The award of this major contract was as a
result of significant investment over a number of years in our international
business development activities and represents a material increase in scale for
the international Operations Services business.
Resources
The Resources division's operational assets, Ohanet and the KPC refinery,
performed well during the period and in line with our expectations. Divisional
revenue increased marginally to US$23.1 million (2005: US$22.6 million) on a
similar portfolio of assets. Net profit for the period was US$3.9 million (2005:
US$8.1 million). Net profit reported for the first half of 2005 reflected a
forecast full year effective tax rate which included recognition of an income
tax credit of US$7.6 million, of which US$3.5 million was recognised in the
first half of 2005, from tax losses in the holding company of our Malaysian
investment.
We continue to make good progress with the development of the Cendor field in
Block PM304, Malaysia, proceeding on schedule and within budget. The mobile
offshore production and drilling units are on station and, with drilling
underway, commercial production is due to commence during the second half of the
year. With regard to our UKCS interests, work is progressing well on the field
development plan for blocks 211/18a and 211/18c in the West Don field, which was
acquired earlier in the year, and we increased our interest in Block 9/28a part
B (containing the Crawford Field) from 5.58% to 29%, assuming operatorship of
the field.
Outlook
Market conditions continue to be strong and we believe are likely to remain so
as the relative under-investment in the oil & gas industry in recent years is
addressed through long-term programmes of capital expenditure by our clients.
With a continuing focus on project execution, our Engineering & Construction
division is well positioned to maintain its strong financial performance and
generate an improving net margin, in particular as existing lump-sum contracts
near completion during the remainder of 2006. We continue to see strong demand
for our services which has allowed us to be more selective in our bidding
activity, targeting contracts due for award in the second half of this year.
Our Operations Services division has achieved significant growth in recent years
and, following the investment made in the first half of this year, is well
placed to deliver full year performance in line with our expectations. Looking
further ahead, the recent award of the service operator contract by DPE should
make an important contribution to the division's growth from April 2007.
The principal focus of our Resources division has been to bring the Cendor
development to production and to progress our other investments which are
currently under development. We continue to appraise a range of new
opportunities, both in upstream assets and energy infrastructure, which will
leverage our capabilities in facilities engineering and operational management,
and are confident of expanding our investment portfolio in the coming months.
The importance of having the right people in support of contract execution
cannot be overstated and is key to generating a strong and sustainable financial
return. We now have approaching 8,000 employees, compared to less than 5,000
only a year ago, and are well placed to continue to capitalise on opportunities
for further growth through our established presence, in particular in the Middle
East and India, and our commitment to employee share ownership.
We believe the group is well positioned to benefit from our clients' increased
demand for services and to deliver another year of strong growth.
Rodney Chase Ayman Asfari
Chairman Group Chief Executive
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 30 June 2006
6 months 6 months Year ended
ended ended
30 June 30 June 31 December
2006 2005 2005
Unaudited Unaudited Audited
Notes US$'000 US$'000 US$'000
Continuing operations
Revenue 3 926,939 692,410 1,485,472
Cost of sales 4 (809,660) (618,197) (1,324,673)
--------------------------------------
Gross profit 117,279 74,213 160,799
Selling, general and administration
expenses (42,438) (34,073) (74,928)
Other income 829 2,819 5,223
Other expenses (503) (1,878) (2,491)
--------------------------------------
Profit from continuing operations
before tax
and net finance costs 75,167 41,081 88,603
Finance costs (3,552) (4,786) (8,448)
Finance income 2,870 1,389 3,193
--------------------------------------
Profit before tax 74,485 37,684 83,348
Income tax (expense)/income - UK (4,329) 525 (7,106)
- Overseas (17,546) (6,753) (845)
--------------------------------------
5 (21,875) (6,228) (7,951)
--------------------------------------
Profit for the period from continuing
operations 52,610 31,456 75,397
Discontinued operations
Loss for the period from discontinued
operations (49) (202) (815)
--------------------------------------
Profit for the period 52,561 31,254 74,582
======================================
Attributable to:
Petrofac Limited shareholders 52,513 31,254 74,582
Minority interests 48 - -
--------------------------------------
52,561 31,254 74,582
======================================
Earnings per share (US cents) 6
From continuing and discontinued
operations:
- Basic 15.25 10.90 24.52
- Diluted 15.21 9.44 22.17
From continuing operations:
- Basic 15.26 10.97 24.79
- Diluted 15.23 9.50 22.41
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
At 30 June 2006
30 June 30 June 31 December
2006 2005 2005
Unaudited Unaudited Audited
Notes US$'000 US$'000 US$'000
ASSETS
Non-current assets
Property, plant and equipment 9 125,294 123,806 120,431
Goodwill 10 53,361 49,631 49,183
Intangible assets 11 12,532 372 2,982
Available-for-sale financial assets 4,379 2,273 2,413
Other financial assets 906 4,533 680
Deferred income tax assets 5,885 2,094 5,576
-------------------------------------
202,357 182,709 181,265
-------------------------------------
Current assets
Inventories 1,109 1,635 1,156
Work in progress 354,389 153,609 235,047
Trade and other receivables 278,802 222,186 325,716
Due from related parties 16 20,177 31,490 28,402
Other financial assets 12 14,497 10,105 4,501
Cash and short-term deposits 379,338 141,427 208,896
-------------------------------------
1,048,312 560,452 803,718
-------------------------------------
Assets of discontinued operation
classified as held for sale 1,667 1,914 1,667
-------------------------------------
TOTAL ASSETS 1,252,336 745,075 986,650
=====================================
EQUITY AND LIABILITIES
Equity attributable to Petrofac Limited
shareholders
Share capital 8,629 7,184 8,629
Share premium 66,210 29,219 66,210
Capital redemption reserve 10,881 10,881 10,881
Treasury shares 14 (8,144) - (17)
Other reserves 16,476 (5,516) (12,426)
Retained earnings 167,938 87,179 121,850
------------------------------------
261,990 128,947 195,127
Minority interests 257 - -
------------------------------------
TOTAL EQUITY 262,247 128,947 195,127
------------------------------------
Non-current liabilities
Interest-bearing loans and borrowings 74,212 85,717 76,187
Provisions 9,723 6,934 8,284
Other financial liabilities 10,577 6,381 1,222
Deferred income tax liabilities 2,659 2,922 3,121
------------------------------------
97,171 101,954 88,814
------------------------------------
Current liabilities
Trade and other payables 226,082 146,242 219,425
Due to related parties 16 110 1,526 1,335
Interest-bearing loans and borrowings 43,739 69,308 30,683
Other financial liabilities 12 5,494 5,920 15,810
Income tax payable 19,724 4,937 2,210
Billings in excess of cost and estimated
earnings 130,370 15,922 69,776
Accrued contract expenses 467,399 270,319 363,470
-------------------------------------
892,918 514,174 702,709
-------------------------------------
TOTAL LIABILITIES 990,089 616,128 791,523
-------------------------------------
TOTAL EQUITY AND LIABILITIES 1,252,336 745,075 986,650
=====================================
INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 June 2006
6 months 6 months Year ended
ended ended
30 June 30 June 31 December
2006 2005 2005
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
OPERATING ACTIVITIES
Net profit/(loss) before income taxes and
minority interest:
Continuing operations 74,485 37,684 83,348
Discontinued operations (49) (202) (815)
-------------------------------------
74,436 37,482 82,533
Adjustments for:
Depreciation, amortisation and impairment 13,677 13,265 27,281
Share-based payments 315 - 897
Difference between end-of-service
benefits paid
and amounts recognised in the income
statement 1,439 1,022 2,372
Finance costs, net 682 3,350 5,195
Gain on disposal of investments - (1,819) (2,390)
Gain on disposal of property, plant and
equipment (6,605) (119) (271)
Other non-cash items, net 816 (454) (1,755)
--------------------------------------
Operating profit before working capital
changes 84,760 52,727 113,862
Trade and other receivables 48,349 (3,264) (106,794)
Work in progress (119,342) (44,572) (126,010)
Due from related parties 8,225 (10,601) (7,513)
Inventories 47 67 546
Current financial assets 348 9,457 15,121
Trade and other payables 9,355 (12,173) 61,010
Billings in excess of cost and estimated
earnings 60,594 (56,233) (2,379)
Accrued contract expenses 103,929 91,311 184,462
Due to related parties (1,225) 73 (118)
Current financial liabilities (193) (266) 4,261
--------------------------------------
194,847 26,526 136,448
Other non-current items, net 69 (1,645) (4,022)
--------------------------------------
Cash generated from operations 194,916 24,881 132,426
Interest paid (3,331) (5,296) (9,097)
Income taxes paid, net (5,542) (7,548) (15,085)
--------------------------------------
Net cash flows from operating activities 186,043 12,037 108,244
--------------------------------------
Of which discontinued operations (537) (112) (619)
6 months 6 months Year ended
ended ended
30 June 30 June 31 December
2006 2005 2005
Unaudited Unaudited Audited
Notes US$'000 US$'000 US$'000
INVESTING ACTIVITIES
Purchase of property, plant and
equipment (27,566) (6,257) (17,556)
Acquisition of subsidiary, net of cash
acquired 8 (568) (4,073) (4,073)
Purchase of minority interest - - (1,644)
Purchase of intangible oil & gas assets (1,137) (372) (3,079)
Purchase of available-for-sale
financial assets (501) (691) (691)
Proceeds from disposal of property,
plant and
equipment 16,575 1,955 647
Proceeds from disposal of assets of
discontinued
operation classified as held for sale - - 1,832
Proceeds from disposal of
available-for-sale financial
assets - 3,247 4,545
Net foreign exchange differences 2,480 474 (135)
Interest received 2,054 2,060 3,442
-----------------------------------
Net cash flows used in investing
activities (8,663) (3,657) (16,712)
-----------------------------------
Of which discontinued operations 2 1,895 1,892
FINANCING ACTIVITIES
Proceeds from interest-bearing loans
and borrowings 767 20,347 28,339
Repayment of interest-bearing loans and
borrowings (9,400) (31,176) (32,026)
Purchase of derivative financial
instruments - - (689)
Shareholders loan note transactions,
net 148 2,983 4,968
Transactions with employee share plan,
net - 655 537
Treasury shares purchased 14 (8,127) - -
Exercise of option to acquire group
shares - (2,400) (2,400)
Equity dividends paid (6,820) (6,586) (15,243)
-----------------------------------
Net cash flows used in financing
activities (23,432) (16,177) (16,514)
-----------------------------------
Of which discontinued operations - - -
NET INCREASE/(DECREASE) IN CASH AND
CASH EQUIVALENTS 153,948 (7,797) 75,018
Cash and cash equivalents at 1 January 202,841 127,823 127,823
-----------------------------------
CASH AND CASH EQUIVALENTS AT PERIOD
END 13 356,789 120,026 202,841
===================================
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2006
Attributable to shareholders of Petrofac Limited
Issued Capital
share Share redemption Treasury Other Retained Minority Total
capital premium reserve shares reserves earnings Total interests equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$' 000 US$' 000 US$' 000
For the six months
ended 30 June 2006
Balance at 1
January 2006 8,629 66,210 10,881 (17) (12,426) 121,850 195,127 - 195,127
--------------------------------------------------------------------------------
Foreign currency
translation - - - - 3,736 - 3,736 - 3,736
Net loss on
maturity of cash
flow hedges
recognised in
income statement - - - - 5,064 - 5,064 - 5,064
Net changes in
fair value of
derivatives - - - - 18,322 - 18,322 - 18,322
Changes in the
fair value of
available-for-sale
financial assets - - - - 1,465 - 1,465 - 1,465
Share-based
payments charge - - - - 315 - 315 - 315
--------------------------------------------------------------------------------
Total income and
expenses for the
period
recognised in
equity - - - - 28,902 - 28,902 - 28,902
Net profit for the
period - - - - - 52,513 52,513 48 52,561
--------------------------------------------------------------------------------
Total income and
expenses for the
period - - - - 28,902 52,513 81,415 48 81,463
Treasury shares
(note 14) - - - (8,127) - - (8,127) - (8,127)
Dividends (note 7) - - - - - (6,425) (6,425) - (6,425)
Minority interests
acquired (note 8) - - - - - - - 209 209
--------------------------------------------------------------------------------
Balance at 30 June
2006 (unaudited) 8,629 66,210 10,881 (8,144) 16,476 167,938 261,990 257 262,247
================================================================================
For the six months
ended 30 June 2005
Balance at 1
January 2005 7,166 28,553 10,881 - 27,047 64,911 138,558 - 138,558
---------------------------------------------------------------------------------
Foreign currency
translation - - - - (2,497) - (2,497) - (2,497)
Net gain on
maturity of cash
flow hedges
recognised in
income statement - - - - (9,148) - (9,148) - (9,148)
Net changes in
fair value of
derivatives - - - - (19,824) - (19,824) - (19,824)
Changes in the -
fair value of
available-for-sale
financial assets - - - - (1,094) - (1,094) (1,094)
--------------------------------------------------------------------------------
Total income and
expenses for the
period
recognised in
equity - - - - (32,563) - (32,563) - (32,563)
Net profit for the
period - - - - - 31,254 31,254 - 31,254
--------------------------------------------------------------------------------
Total income and
expenses for the
period - - - - (32,563) 31,254 (1,309) - (1,309)
Petrofac ESOP
transactions, net 18 666 - - - - 684 - 684
Exercise option to
acquire group
shares - - - - - (2,400) (2,400) - (2,400)
Dividends (note 7) - - - - - (6,586) (6,586) - (6,586)
--------------------------------------------------------------------------------
Balance at 30 June
2005 (unaudited) 7,184 29,219 10,881 - (5,516) 87,179 128,947 - 128,947
================================================================================
Attributable to shareholders of Petrofac Limited
Issued Capital
share Share redemption Treasury Other Retained
capital premium reserve shares reserves earnings Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$' 000
For the year ended 31
December 2005
Balance at 1 January
2005 7,166 28,553 10,881 - 27,047 64,911 138,558
--------------------------------------------------------------
Foreign currency
translation - - - - (4,248) - (4,248)
Net gain on maturity of
cash flow hedges
recognised in income
statement - - - - (5,628) - (5,628)
Net changes in fair
value of derivatives - - - - (28,549) - (28,549)
Changes in the fair
value of
available-for-sale
financial assets - - - - (1,048) - (1,048)
--------------------------------------------------------------
Total income and
expenses for the year
recognised in equity - - - - (39,473) - (39,473)
Net profit for the year - - - - - 74,582 74,582
--------------------------------------------------------------
Total income and
expenses for the year - - - - (39,473) 74,582 35,109
Petrofac ESOP
transactions, net 65 1,398 - (17) - - 1,446
Conversion of debt
instruments 1,398 36,259 - - - - 37,657
Exercise option to
acquire group shares - - - - - (2,400) (2,400)
Dividends (note 7) - - - - - (15,243) (15,243)
--------------------------------------------------------------
Balance at 31 December
2005 (audited) 8,629 66,210 10,881 (17) (12,426) 121,850 195,127
==============================================================
The attached notes 1 to 16 form part of these consolidated financial statements.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2006
1 CORPORATE INFORMATION
Petrofac Limited is a limited liability company registered in Jersey under the
Companies (Jersey) Law 1991 and is the holding company for the international
group of Petrofac subsidiaries (together "the group"). The group's principal
activity is the provision of facilities solutions to the oil & gas production
and processing industry. The interim condensed consolidated financial statements
of the group for the six months ended 30 June 2006 were authorised for issue in
accordance with a resolution of the Board of Directors on 15 September 2006.
2 BASIS OF PREPARATION AND ACCOUNTING POLICIES
Basis of preparation
The condensed consolidated financial statements have been prepared on a
historical cost basis, except for derivative financial instruments and
available-for-sale financial assets that have been measured at fair value. The
functional currency of the consolidated financial statements is United States
dollars (US$), as a significant proportion of the group's assets, liabilities,
income and expenses are US$ denominated. The consolidated financial statements
are presented in US$ and all values are rounded to the nearest thousand
(US$'000) except where otherwise stated.
Statement of compliance
The interim condensed consolidated financial statements of Petrofac Limited and
all its subsidiaries have been prepared in accordance with accounting principles
generally accepted in the island of Jersey and, in accordance with International
Financial Reporting Standard (IFRS) IAS 34 'Interim Financial Statements' and in
compliance with the applicable requirements of Jersey law. They do not include
all of the information required in the full annual financial statements, and
should be read in conjunction with the consolidated financial statements of the
group as at and for the year ended 31 December 2005.
Accounting policies
The accounting policies and methods of computation adopted in the preparation of
these consolidated financial statements are consistent with those followed in
the preparation of the group's financial statements for the year ended 31
December 2005, except as referred to below.
The group has adopted new and revised Standards and Interpretations issued by
the International Accounting Standards Board (IASB) and the International
Financial Reporting Interpretations Committee (IFRIC) of the IASB that are
relevant to its operations and effective for accounting periods beginning on or
after 1 January 2006. The principal effects of the adoption of these new and
amended standards are discussed below:
IFRS 6 'Exploration for and evaluation of mineral resources'
The group has adopted IFRS 6 'Exploration for and evaluation of mineral
resources' with effect from 1 January 2006. IFRS 6 prescribes guidelines
relating to the measurement and recognition of exploration and evaluation
expenditures.
The adoption of IFRS 6 did not affect the group's operating results or financial
position as its policy for capitalisation of acquisition and appraisal
expenditures was consistent with IFRS 6.
Amendment to IAS 21 'The effects of changes in foreign exchange rates - net
investments in foreign operations'
The group adopted Amendment to IAS 21 'Net investment in foreign operations'
with effect from 1 January 2005. The amendment to IAS 21 requires all exchange
differences arising from the group's net investment in subsidiaries to be taken
directly to equity, irrespective of which group entity provides the investment.
The adoption of this amendment to IAS 21 did not affect the group's operating
results or financial position for the period ended 30 June 2005.
3 SEGMENT INFORMATION
The group's primary continuing operations are organised on a worldwide basis
into three business segments: Engineering & Construction, Operations Services
and Resources. The following tables present revenue and profit information
relating to the group's primary business segments for the six months ended 30
June 2006, six months ended 30 June 2005 and the year ended 31 December 2005.
Included within the consolidation and eliminations columns are certain balances,
which due to their nature, are not allocated to segments.
Continuing operations
Engineering Operations Consolidation Discontinued Total
& &
Construction Services Resources eliminations Total operations Eliminations operations
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Six months ended 30 June
2006
Revenue
External
sales 578,832 324,994 23,113 - 926,939 33 - 926,972
Inter-segment
sales 126 343 - (469) - - - -
--------------------------------------------------------------------------------------------
Total revenue 578,958 325,337 23,113 (469) 926,939 33 - 926,972
============================================================================================
Results
Segment
operating
results 55,694 12,296 7,550 342 75,882 (51) - 75,831
Unallocated
corporate
costs, net - - - (715) (715) - - (715)
--------------------------------------------------------------------------------------------
Profit /
(loss) before
tax
and net
finance costs 55,694 12,296 7,550 (373) 75,167 (51) - 75,116
Finance costs (147) (1,312) (128) (1,965) (3,552) - - (3,552)
Finance
income 3,313 83 56 (582) 2,870 2 - 2,872
--------------------------------------------------------------------------------------------
Profit /
(loss) before
income tax 58,860 11,067 7,478 (2,920) 74,485 (49) - 74,436
Income tax
(expense)
/ income (14,540) (3,816) (3,580) 61 (21,875) - - (21,875)
Minority
interests - (48) - - (48) - - (48)
--------------------------------------------------------------------------------------------
Net profit /
(loss) 44,320 7,203 3,898 (2,859) 52,562 (49) - 52,513
============================================================================================
Other segment information
Depreciation 4,977 1,613 7,195 (206) 13,579 - - 13,579
Other
amortisation - 98 - - 98 - - 98
Continuing operations
Engineering Operations Consolidation Discontinued Total
& &
Construction Services Resources eliminations Total operations Eliminations operations
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Six months ended 30 June
2005
Revenue
External
sales 390,216 279,622 22,572 - 692,410 115 - 692,525
Inter-segment
sales 8,771 46 - (8,817) - 115 (115) -
-------------------------------------------------------------------------------------------
Total revenue 398,987 279,668 22,572 (8,817) 692,410 230 (115) 692,525
===========================================================================================
Results
Segment
operating
results 22,867 12,391 8,769 392 44,419 (249) - 44,170
Unallocated
corporate
costs, net - - - (3,338) (3,338) - - (3,338)
-------------------------------------------------------------------------------------------
Profit /
(loss) before
tax
and net
finance costs 22,867 12,391 8,769 (2,946) 41,081 (249) - 40,832
Finance costs (126) (1,086) (708) (2,866) (4,786) - - (4,786)
Finance
income 1,637 41 62 (351) 1,389 47 - 1,436
-------------------------------------------------------------------------------------------
Profit /
(loss) before
income tax 24,378 11,346 8,123 (6,163) 37,684 (202) - 37,482
Income tax
(expense)
/ income (2,709) (3,802) (14) 297 (6,228) - - (6,228)
-------------------------------------------------------------------------------------------
Net profit /
(loss) 21,669 7,544 8,109 (5,866) 31,456 (202) - 31,254
===========================================================================================
Other segment information
Depreciation 5,188 905 6,961 (316) 12,738 - - 12,738
Other
amortisation - - - 527 527 - - 527
Year ended 31 December
2005 (audited)
Revenue
External sales 833,648 605,493 46,331 - 1,485,472 204 - 1,485,676
Inter-segment
sales 24,558 (162) - (24,396) - - - -
--------------------------------------------------------------------------
Total revenue 858,206 605,331 46,331 (24,396) 1,485,472 204 - 1,485,676
==========================================================================
Results
Segment
operating
results 52,592 25,250 18,495 740 97,077 (875) - 96,202
Unallocated
corporate
costs, net - - - (8,474) (8,474) - - (8,474)
-------------------------------------------------------------------------
Profit /
(loss) before
tax
and net
finance costs 52,592 25,250 18,495 (7,734) 88,603 (875) - 87,728
Finance costs (166) (2,043) (986) (5,253) (8,448) - - (8,448)
Finance income 4,023 82 129 (1,041) 3,193 60 - 3,253
--------------------------------------------------------------------------
Profit /
(loss) before
income tax 56,449 23,289 17,638 (14,028) 83,348 (815) - 82,533
Income tax
(expense)
/ income (1,386) (7,711) 683 463 (7,951) - - (7,951)
--------------------------------------------------------------------------
Net profit /
(loss) 55,063 15,578 18,321 (13,565) 75,397 (815) - 74,582
==========================================================================
Other segment information
Depreciation 10,948 2,216 14,099 (672) 26,591 - - 26,591
Other
amortisation - - - 440 440 - - 440
Impairment
losses - - - - - 250 - 250
4 COST OF SALES
Included in cost of sales for the six months ended 30 June 2006 is a US$6.5
million profit on disposal of fixed assets used to undertake an engineering and
construction contract.
5 INCOME TAX
The taxation charge for the six months ended 30 June 2006 of US$21,875,000
represents 29.4% of the profits before tax (June 2005: 16.5% as restated). The
charge for the six months ended 30 June 2006 has been arrived at by applying the
anticipated full year ending 31 December 2006 divisional effective tax rates
(which equate to a full year group composite rate of 31.1%) to the results for
the six months ended 30 June 2006. The 30 June 2005 income tax figures have been
restated based on the best estimate of the group's effective tax rate at that
date rather than on the actual tax charge calculated for the discrete period of
six months to 30 June 2005, in order to present a more comparable tax charge to
a reader of the financial statements. This restatement has increased the income
tax charge in the income statement by US$4,936,000, reduced the deferred income
tax asset in the balance sheet by US$3,937,000 and increased the income tax
liability in the balance sheet by US$999,000 .
The significant increase in the interim effective tax rate is due primarily to
the impact of an income tax credit of US$7,600,000 relating to previously
unrecognised tax losses on the Cendor project in Malaysia which were reflected
in the forecast full year effective tax rate applied to the six months ended 30
June 2005.
The major components of the income tax expense are as follows:
6 months 6 months Year ended
ended ended
30 June 30 June 31 December
2006 2005 2005
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Current income tax
Current income tax charge 22,008 10,494 13,495
Adjustments in respect of current income tax
of previous years 308 (292) (590)
Deferred income tax
Relating to origination and reversal of
temporary differences (459) (3,974) (4,929)
Adjustment in respect of deferred income tax
of previous year 18 - (25)
-------------------------------------
21,875 6,228 7,951
=====================================
6 EARNINGS PER SHARE
Basic earnings per share amounts are calculated by dividing the net profit for
the period attributable to ordinary shareholders by the weighted average number
of ordinary shares outstanding during the period.
Diluted earnings per share amounts are calculated by dividing the net profit
attributable to ordinary shareholders, after adding interest relating to
convertible share warrants, by the weighted average number of ordinary shares
outstanding during the period, adjusted for the effects of dilutive warrants and
options on ordinary shares.
The weighted average number of ordinary shares used for calculating both basic
and diluted earnings per share for the six months ended 30 June 2005 have been
restated to reflect the Company's 40:1 share split in October 2005.
The following reflects the income and share data used in calculating basic and
diluted earnings per share:
6 months 6 months Year
ended ended ended
30 June 2006 30 June 2005 31 December
2005
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Continuing and discontinued operations
Net profit attributable to ordinary
shareholders for basic
earnings per share 52,513 31,254 74,582
Income statement charge on variable rate
unsecured loan
Notes - 1,317 1,873
-------------------------------------
Net profit attributable to ordinary
shareholders for diluted
earnings per share 52,513 32,571 76,455
Continuing operations
Add net loss for the period from 49 202 815
-------------------------------------
discontinued operations
Net profit attributable to ordinary
shareholders for diluted
earnings per share 52,562 32,773 77,270
=====================================
6 months 6 months Year ended
ended ended
30 June 2006 30 June 2005 31 December
2005
Unaudited Unaudited Audited
'000 '000 '000
Weighted average number of ordinary shares
for basic
earnings per share 344,390 286,680 304,141
Convertible share warrants - 55,920 39,361
Ordinary share option - 2,280 1,134
Unvested portion of LTIP shares - 240 166
Treasury shares 770 - -
--------------------------------------
Adjusted weighted average number of
ordinary shares for
diluted earnings per share 345,160 345,120 344,802
======================================
7 DIVIDENDS
All dividend per ordinary share figures below reflect the Company's 40:1 share
split in October 2005.
6 months 6 months Year ended
ended ended
30 June 2006 30 June 2005 31 December
2005
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Declared and paid during the period
Equity dividends on ordinary shares:
Final dividend for 2004: 2.30 cents - 6,586 6,586
2005 interim (pre-listing) dividend: 3.01
cents - - 8,657
Final dividend for 2005:1.87 cents 6,425 - -
--------------------------------------
6,425 6,586 15,243
======================================
The Company proposes an interim dividend of 2.40 cents per share which was
approved by the Board on 15 September 2006 for payment on 27 October 2006.
8 ACQUISITION OF SUBSIDIARY
On 28 April 2006, the group acquired a 100% interest in the share capital of PPS
Process Control and Instrumentation Services Limited (subsequently renamed, and
hereafter referred to as, Petrofac (Cyprus) Limited), a company incorporated in
Cyprus which is also the holding company of the subsidiaries listed below. The
Petrofac (Cyprus) Limited subsidiaries provide operations and maintenance
training on Sakhalin Island, Russia, and process control and instrumentation
services in Singapore, Malaysia and Indonesia. The total consideration for the
acquisition inclusive of transaction costs of US$211,000 and earn-out provision
of US$189,000 was US$2,000,000. The consideration of US$1,600,000 (excluding
transaction costs and earn-out provision) was settled by a cash payment of
US$527,000 and the extinguishment of receivables due from the vendor of
US$1,073,000.
The fair values of the identifiable assets and liabilities of Petrofac (Cyprus)
Limited and its subsidiaries at the date of acquisition are analysed below and
these values are provisional pending final agreement with the vendor.
Recognised on Carrying
acquisition Value
Unaudited Unaudited
US$'000 US$'000
Property, plant and equipment 43 43
Intangible assets (note 11) 1,561 -
Trade and other receivables 619 619
Income tax receivable 56 56
Cash and short-term deposits 170 170
------------------------
Total assets 2,449 888
------------------------
Less:
Trade and other payables (748) (748)
Minority interest (209) 6
------------------------
Total liabilities (957) (742)
------------------------
Fair value of net assets acquired 1,492 146
======
Goodwill arising on acquisition (note 10) 508
--------
Consideration 2,000
========
Cash outflow on acquisition:
Cash acquired with subsidiary 170
Cash paid on acquisition (527)
Legal expenses paid on acquisition (211)
--------
Net cash outflow on the acquisition of subsidiary (568)
========
The subsidiaries of Petrofac (Cyprus) Limited acquired by the group during the
period were as follows:
Name of Company Country of % shareholding
incorporation
PKT Technical Services Ltd Russia 50%
PKT Training Services Ltd Russia 100%
Pt PCI Indonesia Indonesia 80%
Process Control and Instrumentation
Services Pte Ltd Singapore 100%
Process Control and Instrumentation
Sendirian Berhad Malaysia 100%
Sakhalin Technical Training Centre Russia 80%
Intangible assets recognised on acquisition comprise customer contracts which
are being amortised over the remaining years of the contracts.
From the date of acquisition, Petrofac (Cyprus) Limited has contributed
US$19,000 to the net profit for the group. If the combination had taken place at
the beginning of the year, net profit for the group for the six months ended 30
June 2006 would have been US$52,591,000 and revenue from continuing operations
would have been US$928,146,000.
Included in the goodwill recognised above are certain intangible assets that
cannot be individually separated and reliably measured due to their nature.
9 PROPERTY, PLANT AND EQUIPMENT
During the period, the group acquired freehold land at a cost of US$5,454,000
and incurred further capital expenditure of US$4,726,000 on the construction of
a new office building.
10 GOODWILL
The increase in the goodwill balance in the current period represents exchange
differences of US$3,670,000 and additional goodwill on acquisition of Petrofac
(Cyprus) Limited and its subsidiaries of US$508,000 (note 8).
11 INTANGIBLE ASSETS
6 months 6 months Year ended
ended ended
30 June 2006 30 June 2005 31 December
2005
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Intangible oil & gas assets
At 1 January 2,982 6,721 6,721
Additions 7,876 2,118 4,825
Transferred to tangible oil & gas assets - (8,467) (8,467)
Exchange difference 211 - (97)
---------------------------------------
At period end 11,069 372 2,982
---------------------------------------
Other intangible assets
At 1 January - - -
Additions (note 8) 1,561 - -
Amortisation (98) - -
---------------------------------------
At period end 1,463 - -
---------------------------------------
Total intangible assets 12,532 372 2,982
=======================================
Intangible oil & gas assets at 30 June 2006 relate to the group's interest in
three UK offshore oil & gas licences.
On 9 February 2006, the group increased its interest in the Crawford field from
5.58% to 60.88% for a consideration of US$18,580,000, consisting of cash
consideration of US$2,400,000 and a deferred consideration of up to
US$16,180,000. The group simultaneously sold 31.88% of its interest to the
existing partners in the field on the same commercial terms and conditions
associated with the purchase of the field. The group has treated the purchase
and sale transaction as a single investment transaction based on its substance
and this forms part of the additions to intangible oil & gas assets shown above.
The net consideration consists of an initial net cash payment of US$1,000,000
and a net deferred contingent payment of up to US$6,743,000 for a further 23.42%
interest in the field.
Other intangible assets comprise the fair values of customer contracts arising
on acquisition (note 8). Customer contracts are being amortised over the
remaining years of the contracts.
12 OTHER CURRENT FINANCIAL ASSETS AND LIABILITIES
The movement in other current financial assets and liabilities in the period is
primarily due to changes in the fair value of derivative financial instruments
that the group uses to hedge its risk against foreign currency exposure on
sales, purchases and borrowings that are entered into in a currency other than
US dollars.
13 CASH AND CASH EQUIVALENTS
For the purposes of the interim condensed consolidated cash flow statement, cash
and cash equivalents comprise the following:
6 months 6 months Year ended
ended ended
30 June 2006 30 June 2005 31 December
2005
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Cash at bank and in hand 83,252 54,612 91,339
Short term deposits 296,086 86,815 117,557
Bank overdraft (22,549) (21,401) (6,055)
---------------------------------------
356,789 120,026 202,841
=======================================
14 SHARE-BASED PAYMENTS
Employee share schemes
On 13 September 2005, conditional upon listing on the London Stock Exchange, the
Company approved the establishment of three new employee share schemes, a
Performance Share Plan, a Deferred Bonus Share Plan and an approved Share
Incentive Plan, further details of which can be found in the 31 December 2005
Directors' Remuneration Report.
During the period, the Company acquired 1,460,135 of its own shares at a cost of
$8,127,000 in relation to the above share schemes.
On 24 April 2006, 431,194 US$0.025 ordinary shares of the Company were awarded
to participants in the Performance Share Plan and 547,980 US$0.025 matching
ordinary shares were granted to members of the Deferred Bonus Share Plan.
The group has recognised an expense in the income statement for the period to 30
June 2006 relating to these employee share-based incentives of US$315,000.
The fair value of the equity-settled awards granted during the six months ended
30 June 2006 in respect of the Deferred Bonus Share Plan were estimated based on
the quoted closing market price of 353p per Company share at the date of grant
with an assumed vesting rate of 97% per annum over the three year vesting period
of the plan.
The fair value of the non-performance related equity-settled awards granted
during the six months ended 30 June 2006 representing 50% of the total
Performance Share Plan award were estimated based on the quoted closing market
price of 353p per Company share at the date of grant with an assumed vesting
rate of 97% per annum over the three year vesting period of the plan. The
remaining 50% of these awards which are market performance based were fair
valued at 234p per share using a Monte Carlo simulation model taking into
account the terms and conditions of the plan rules and using the following
assumptions at the date of grant:
Share price volatility 28.0%
Share price correlation with comparator
group 10.0%
Risk-free interest rate 4.6%
Expected life of share award 3 years
15 CAPITAL COMMITMENTS
At 30 June 2006 the group had capital commitments of US$33,628,000 (for the year
ended 31 December 2005: US$3,410,000; six months ended 30 June 2005:
US$129,000).
16 RELATED PARTY TRANSACTIONS
The following table provides the total amount of transactions which have been
entered into with related parties:
Sales Purchases Amounts Amounts
to from owed owed
related related by to
related related
parties parties parties parties
US$'000 US$'000 US$'000 US$'000
Joint ventures Six months ended 30 June 2006
(unaudited) 775 174 20,177 110
Six months ended 30 June 2005
(unaudited) 3,520 160 29,731 1,497
Year ended 31 December 2005
(audited) 8,194 2,674 28,402 1,333
Directors' Six months ended 30 June 2006
loans (unaudited) - - - -
Six months ended 30 June 2005
(unaudited) - - 1,420 -
Year ended 31 December 2005
(audited) - - - -
Other Six months ended 30 June 2006
directors' (unaudited) - - - -
interests Six months ended 30 June 2005
(unaudited) - 30 339 29
Year ended 31 December 2005
(audited) - 30 - 2
All sales to and purchases from joint ventures are made at normal market prices
and the pricing policies and terms of these transactions are approved by the
group's management.
Directors' loans comprise loans advanced to directors of the Company for the
purchase of participatory interests in ordinary shares in the Company through
the Petrofac Executive Share Scheme which carry interest at rates between 3.4%
and 3.8%, dependent on the year of grant. The loans were repaid in full during
the second half of 2005.
Other directors' interests comprise payments made to a related party for
services provided to the group by a director of the Company.
Compensation of key management personnel
6 months 6 months Year ended
ended ended
30 June 2006 30 June 2005 31 December
2005
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Short-term employee benefits 1,098 970 4,249
End-of-service benefits 20 22 51
Share-based payments 68 55 169
Fees paid to non-executive directors 198 74 266
--------------------------------------
1,384 1,121 4,735
======================================
INDEPENDENT REVIEW REPORT TO PETROFAC LIMITED
Introduction
We have been instructed by the Company to review the Interim Condensed
Consolidated Financial Statements for the six months ended 30 June 2006 as set
out on pages 6 to 20 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.
This report is made solely to the Company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company, for our work,
for this report, or for the conclusions we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
'Review of interim financial information' issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making enquiries
of management and applying analytical procedures to the financial information
and underlying financial data and based thereon, assessing whether the
accounting policies have been applied. A review excludes audit procedures such
as tests of controls and verification of assets, liabilities and transactions.
It is substantially less in scope than an audit performed in accordance with
International Standards on Auditing (UK and Ireland) and therefore provides a
lower level of assurance than an audit. Accordingly we do not express an audit
opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2006.
Ernst & Young LLP
London
15 September 2006
SHAREHOLDER INFORMATION
Petrofac shares are traded on the London Stock Exchange using code 'PFC.L'.
Registrar Company Secretary and registered office
Capita Registrars Ogier Secretaries (Jersey) Limited
The Registry Whiteley Chambers
34 Beckenham Road Don Street
Beckenham St Helier
Kent BR3 4TU Jersey JE4 9WG
Legal advisers to the Company
As to English Law As to Jersey Law
Norton Rose Ogier
Kempson House Whiteley Chambers
Camomile Street Don Street
London EC3A 7AN St Helier
Jersey JE4 9WG
Joint brokers
Credit Suisse Lehman Brothers
1 Cabot Square 25 Bank Street
London E14 4QJ London E14 5LE
Auditors Corporate and financial PR
Ernst & Young LLP Bell Pottinger Corporate & Financial
1 More London Place 6th Floor
London SE1 2AF Holborn Gate
330 High Holborn
London WC1V 7QD
Financial calendar
Date Activity
29 September 2006 Interim dividend record date
27 October 2006 Interim dividend payment
31 December 2006 2006 financial year end
5 March 2007 2006 full year results announcement
The group's investor relations website can be found through www.petrofac.com.
This information is provided by RNS
The company news service from the London Stock Exchange