Petrofac has issued its financial results for the six months ended 30 June 2024. The Company has announced a Group business performance first half EBIT loss of US$(106) million.
OPERATIONAL AND FINANCIAL PERFORMANCE:
- Group business performance first half EBIT loss of US$(106) million
- First half free cash outflow of US$36 million, net debt of US$622 million and gross liquidity of US$164 million
- Group backlog US$8.0 billion, with strong order intake in Asset Solutions of US$0.9 billion in the first half of the year
- In-principle agreement with certain key stakeholders on the framework for a comprehensive Financial Restructure
|
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 (restated)(3) |
||||
|
US$m |
Business performance(1) |
Separately disclosed items |
Reported |
Business performance(1) |
Separately disclosed items |
Reported |
|
Revenue |
1,240 |
– |
1,240 |
1,231 |
– |
1,231 |
|
EBITDA |
(66) |
(46) |
(112) |
(30) |
(7) |
(37) |
|
EBIT |
(106) |
(46) |
(152) |
(72) |
(7) |
(79) |
|
Net loss(2) |
(162) |
(46) |
(208) |
(136) |
(5) |
(141) |
Tareq Kawash, Petrofac’s Group Chief Executive, commented:
'The first half of 2024 was another challenging period for Petrofac, set against the backdrop of a restructuring process which aims to put the business in a stronger financial position. While this has impacted the Group’s performance during the first half, our new projects are performing well, and we continue to make progress in closing our legacy contracts in E&C. The markets we operate in remain robust and we have secured a good level of new order intake in Asset Solutions.
As announced last week, we are moving forward with a financial restructuring that will enable us to look to the future. The Board is grateful for the support of our stakeholders during this period and remains focused on delivering the best possible outcome for Petrofac and capitalise on the opportunities ahead of us. I am particularly proud of the continued dedication and commitment of our people and thank them for their ongoing and relentless focus on our customers at this important time.'
Click here for full announcement
Source: Petrofac
