Track record

Kauther gas field depletion compression project in north Oman

 

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.

In 2016 we:

  • Delivered positive results, driven by record revenues, significant cost reduction and strong cash conversion
  • Demonstrated our track record for operational delivery with more than 240 million man-hours worked across the portfolio
  • Deployed new Service Operator and Well Operator models in the Anasuria cluster. By the end of 2016, the oil export rate was the highest from the asset since 2010
  • Secured and delivered decommissioning services for BP and Tullow, positioning ourselves as a strong competitor in the decommissioning market
  • Delivered good progress on our portfolio of lump-sum engineering, procurement and construction (EPC) projects
  • Delivered improved performance from our reimbursable service contracts and engineering, procurement and construction management (EPCm) projects
  • Secured two major contracts with Repsol Sinopec for the provision of engineering support services and onshore and offshore personnel
  • Completed onshore commissioning for the FPF1 floating production facility now on location on the Stella field
  • Continued 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
  • Made good progress on delivering cost efficiencies from Group reorganisation and operational excellence initiatives

With excellent visibility of revenues for 2017, and strong credentials in promising sectors of the market, we have a resilient business that is well positioned for the future

Ayman Asfari, Group Chief Executive

Ayman Asfari

Market outlook

Long-term market fundamentals remain robust

Key performance indicators (KPIs)

We monitor and assess our performance by using stretching targets that help us deliver value

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