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2021-10-26

Petrofac Limited: RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2021

Petrofac Limited ( PFC)
Petrofac Limited: RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2021

26-Oct-2021 / 07:25 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


PETROFAC LIMITED

RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2021

 

First half highlights

 

  • Improved profitability and conserved cash in challenging market conditions
  • On track to deliver US$250 million of cost savings in 2021
  • Trading and new awards in line with expectations, continue to be impacted by     COVID-19
  • Business performance net profit (1)(2) of US$39 million
  • Reported net loss (2) of US$86 million, largely reflecting the Court penalty
  • Maintaining full year net profit margin guidance
  • Net debt (3) of US$188 million and liquidity of US$1.0 billion

 

SFO resolution, launch of refinancing and outlook

 

  • Legacy SFO investigation into the company concluded following plea agreement
    • Crown Court imposed a total penalty of GBP£77 million (c.US$106 million)(12), payable in 2022
  • Refinancing to create a long term, sustainable capital structure, including:
    • US$275 million equity issue through an underwritten Firm Placing and a Placing & Open Offer, launched this morning
    • US$550 million new debt facilities, comprising US$500 million bridge to bond and a US$50 million term loan; and
    • US$180 million revolving credit facility
  • Petrofac well placed to benefit from the expected increased activity levels over the coming years
    • Contract awards expected to accelerate with a $46 billion bidding pipeline, including US$7 billion in new energies, scheduled for award by December 2022 
  • Medium term ambition to deliver US$4-5 billion revenue, with over 20% from New Energies, and sector-leading Group EBIT margins of 6-8%

 

 

Six months ended 30 June 2021

Six months ended 30 June 2020

US$m

Business performance

Exceptional items and certain re-measurements

Reported

Business performance

Exceptional items and certain re-measurements

Reported

Revenue

1,595

n/a

1,595

2,103

n/a

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