petrofac
London-based energy services firm Petrofac Ltd reported on Friday that its loss for the full year 2023 widened compared to 2022. Petrofac reported a net loss of $505 million for the year ended December 31, compared to a loss of $320 million incurred the previous year. Revenue for the year declined to $2.496 billion from $2.567 billion generated a year ago, with reduced activity in E&C being largely offset by growth in Asset Solutions. Tareq Kawash, Petrofac's group chief executive, said: "2023 was a challenging year for Petrofac. "Our financial results reflect additional losses on the legacy c...
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Delays and rising costs have hit Petrofac Limited (LON:PFC)’s performance in Engineering & Construction, which is still expected to drive a “modest” free cash outflow at the full year. Asset Solutions continues to see strong demand and an expanding order book, while Integrated Energy Services is ramping up production to capitalise on strong oil prices. Q1 2022 hedge fund letters, conferences and more CEO Sami Iskander said, “Looking forward, we expect Asset Solutions and IES to continue to deliver strong performance. Notwithstanding the short-term challenges in the existing E&C portfolio, we c...
ValueWalk
Petrofac Limited (LON:PFC)’s full year revenue declined 25% to $3.1bn, as double-digit declines in Integrated Energy Services and Engineering & Construction more than offset an increase in Asset Solutions. This was largely due to Covid-related disruption, asset sales and unplanned disruption to production. Q4 2021 hedge fund letters, conferences and more Together with rising costs meant group underlying cash profits fell from $211m to $104m. Including non-cash charges related to refinancing, the SFO investigation and the likely expiration of a production sharing contract in Malaysia, the group...
ValueWalk
Petrofac Limited (LON:PFC)’s revenue for the year is expected to be around $3.0bn, down from $4.1bn last year but broadly inline with market expectations. Full-year net income is expected to be consistent with market expectations of $45.5m, helped by the release of $52m in unused tax provisions and $250m of targeted cost savings. Q3 2021 hedge fund letters, conferences and more CEO Sami Iskander said, “Our priority is to now rebuild our order backlog. We secured US$1.5 billion of new awards in the second half to date and the outlook for awards is improving in a more supportive macro environmen...
ValueWalk
In a brief update ahead of half year results Petrofac Limited (LON:PFC) said that overall trading was in line with management expectations. Q1 2021 hedge fund letters, conferences and more Petrofac Shares Broadly UnmovedThe Engineering & Production Services (EPS) business reported growth in both revenue and margins and “robust order intake”. However, this was offset by continued challenged Engineering & Construction (E&C), with the overall backlog falling by $1bn to $4bn. The shares were broadly unmoved following the announcement. Nicholas Hyett, Equity Analyst at Hargreaves Lansdown: “There a...
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