Strategy

Our near-term strategic priorities are:

  • To remain focused on our core strengths and delivery
  • To continue to focus on cash generation, reducing capital intensity and maintaining a strong balance sheet

Progress in 2016

We began 2016 with a renewed focus on our core strengths and a particular emphasis on operational excellence in order to position us for success in a challenging market environment.

We delivered positive results for 2016, driven by record revenues, significant cost reduction and strong cash generation. In a busy year, we also demonstrated our track record for operational delivery with more than 240 million man-hours worked across the portfolio.

Progress: core strengths and delivery

In 2016, we:

  • Streamlined our organisational structure
  • Delivered significant cost reductions
  • Protected and extended our core capabilities
  • Continued to improve on our operational excellence

Progress: financial strength

During 2016, we:

  • Exited the Ticleni production enhancement contract
  • Succeeded in early monetisation of the Berantai risk service contract
  • Strengthened our balance sheet
  • Reduced net debt by 10%, and maintained our final dividend

Near-term priorities

Our near-term priorities are to build upon our financial and operational successes in 2016. With excellent visibility of Group revenues for 2017 and strong credentials in promising sectors of the market, we are well positioned for the future.

Priorities: core strengths and delivery

Our priorities in the near-term are to:

Priorities: financial strength

Our priorities in the near-term are to:

  • Migrate our Mexican Production Enhancement Contracts (PECs) in Mexico to Production Sharing Contracts (PSCs)
  • Continue to reduce net debt

Our success rests on building trusted, long-term client relationships, and our focus remains on delivering first class project execution, cost control and effective risk management, building on our track record in core markets to win new business and strengthen our position.