Financial performance

In what is a challenging period for the industry, we are well-positioned. We remain focused on our core proposition:

  • Strong project execution
  • Clear geographic focus
  • A disciplined approach to bidding
  • A sustainable, cost-effective structure

Whilst the market remains competitive, bidding activity has increased in recent months. We have right-sized our business, have a good pipeline of opportunities across our core markets and remain cost competitive, as evidenced by recent bidding success.

We have made good progress towards reducing the capital intensity of the business and we remain focused on cash generation, reducing capital intensity and maintaining a strong balance sheet.

Our backlog provides excellent revenue visibility for 2017, bidding activity has increased and we have a good pipeline of bidding opportunities.

 

 
  2016 2015 2014 2013 2012
Revenue (US$ million) 7,873 6,844 6,241 6,329 6,240
Backlog (US$ billion) 14.3 20.7 18.9 15.0 11.8
EBITDA (US$ million)1 704 312 935 1,031 883
Earnings per share (diluted) (cents)1 93.3 2.65 168.99 189.10 183.88
Net profit (US$ million)1,2
320 9 581 650 632
Return on capital employed1 17% 3% 18% 28% 46%

 

 

References

1 Before exceptional items and certain re-measurements unless otherwise stated

2 Profit for the year attributable to Petrofac Limited shareholders 

Download notes to the financial statements (PDF)

We have delivered a positive set of results for 2016, driven by record revenues, significant cost reduction and strong cash generation.

Ayman Asfari, Group Chief Executive