We have been helping our clients unlock the value of their resources, both onshore and offshore, for 36 years. Over this period, we successfully delivered or are delivering more than US$50 billion of projects and our existing project portfolio is in good shape.
Performance highlights 2016:
- Delivered good performance on our portfolio of lump-sum engineering, procurement and construction (EPC) projects
- Delivered improved performance from our reimbursable and engineering, procurement and construction management (EPCm) projects
- Secured awards and extensions worth approx US$1.1 billion through our reimbursable business, predominantly in the UK North Sea and Iraq, and we're pursuing a good pipeline of opportunities in the UK and internationally
- Secured two major contracts with Repsol Sinopec for the provision of engineering support services and onshore and offshore personnel
- FPF1 floating production facility now on location on the Stella field having completed onshore commissioning
- Continue to work towards migration of our Production Enhancement Contracts (PECs) to Production Sharing Contracts (PSCs) in Mexico
- Formally exited Ticleni PEC in Romania in August 2016 and Berantai RSC in Malaysia in September 2016, which will result in accelerated reimbursement of outstanding capital and operational expenditures
- Good progress on delivering cost efficiencies from Group reorganisation and operational excellence initiatives
We are on track to deliver positive results in 2016 in line with guidance reflecting record revenues, solid operational performance across all of our businesses and the delivery of significant cost savings.