UAE-linked Petrofac, a leading international service provider to the oil and gas production and processing industry, has secured new orders worth US$1.8 billion in the first half of 2018, according to an update released to the London Stock Exchange today.
LONDON, (Pakistan Point News - 26th Jun, 2018) UAE-linked Petrofac, a leading international service provider to the oil and gas production and processing industry, has secured new orders worth US$1.8 billion in the first half of 2018, according to an update released to the London Stock Exchange today.
"We are trading in line with expectations, delivering best-in-class project execution, continued momentum in new orders and further progress in our strategy," the Petrofac Group Chief Executive, Ayman Asfari, said.
"We have secured new orders in the year to date of $1.8 billion, with awards in both our core and growth markets. We are well-positioned on several bids and tendering activity remains high with around $20 billion of bid opportunities due for award in the second half of the year," he said.
Net debt on 30th June is expected to be around $0.9 billion, in line with expectations.
Good progress is being made, Asfari said, on several major projects "that are expected to be substantially complete around the end of the year." These include the Upper Zakum Field Development, offshore Abu Dhabi, as well as its KNPC Clean Fuels project, Lower Fars Heavy Oil project and the Fadhili Sulphur Recovery Plant.
Earlier this month, Petrofac received full notice to proceed on the $7 billion Duqm refinery project in Oman, a joint venture between Oman Oil Company and Kuwait Petroleum Company. Expected to be completed in 2022, the refinery will have a capacity of 230,000 barrels per day.
In the German sector of the North Sea, the jacket has been successfully installed in the Borwin 3 offshore wind project. Sail-away to the North Sea of the top-side platform for Borwin 3, currently being constructed in Drydocks World, Dubai, is expected to take place in the third quarter of this year.
Petrofac, registered in the British Channel Island of Jersey, trades on the London Stock Exchange under the symbol PFC.L.
