Petrofac sees 2021 net profit in line with views

By Joe Hoppe

Petrofac Ltd. said Thursday that she expects her full-year net profit to be in line with market views, and that the second half of the year saw strong order intake.

The London-listed energy services provider said it expects to meet market expectations for net earnings through strong financial performance in engineering and production services.

Although he did not provide a figure, he said he expected the group’s net profit to be broadly in line with market views and last year’s results. In 2020, he reported a net profit of $ 48 million.

The company also said it expects around $ 3 billion in revenue and stays on track to reduce gross overhead and project support costs from a target of $ 250 million. dollars by the end of 2021.

Petrofac announced approximately $ 2.0 billion in new order intake during the year to date, including $ 1.5 billion in the second half of the year, and said it has a $ 40 billion pipeline of ‘offers scheduled to be awarded in 2022.

“While the challenges will persist in 2022, I remain confident in Petrofac’s medium-term outlook as we capitalize on our strong positions in attractive and growing markets and accelerate our progress,” said Managing Director Sami Iskander.

Write to Joe Hoppe at [email protected]

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