LONDON (dpa-AFX) - Petrofac Ltd. (POFCF.PK, POFCY.PK, PFC.L) Wednesday said its delivered a resilient performance in the second half of 2021 despite the continued challenges and uncertainty related to Covid-19.
The company expects to report Group revenue of approximately $3.0 billion and full-year net profit broadly in line with 2020 and with market expectations.
In its trading update, the company said it recorded continued strong performance in earnings per share, but Covid-19 disruption continues to impact E&C project schedules and costs.
In the year-to-date period, new order intake was $2.0 billion, increased from $0.5 billion at half year.
Group order backlog was $4.0 billion on November 30, 2021.
Petrofac further said it remains on track to reduce gross overhead and project support costs by the targeted $250 million by the end of 2021, in order to maintain competitiveness whilst preserving core capability.
Sami Iskander, Petrofac's Group Chief Executive, said, 'While challenges will persist in 2022, I remain confident about the prospects for Petrofac over the medium-term as we capitalise on our strong positions in attractive and growing markets and accelerate our progress in New Energies, where we see significant near and long-term growth in exciting areas such as offshore wind, carbon capture, waste to value and hydrogen.'
In engineering & Construction, full-year revenues are expected to be approximately $1.9 billion, compared with $3.1 billion in 2020, with the reduction due to the continuing impact of Covid-19 on project progress together with low order intake in previous years.
Engineering & Production Services' full year revenue is expected to be approximately $1.1 billion, significantly higher than in 2020.
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