In what is a challenging period for the industry, we are well-positioned. We remain focused on our core proposition:
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.
|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
|Return on capital employed1||17%||3%||18%||28%||46%|
1 Before exceptional items and certain re-measurements unless otherwise stated
2 Profit for the year attributable to Petrofac Limited shareholders
We have delivered a positive set of results for 2016, driven by record revenues, significant cost reduction and strong cash generation.