Petrofac sees trading in line with expectations
By Frank Prenesti
Date: Tuesday 28 Jun 2022
(Sharecast News) - Energy services company Petrofac said trading and expectations were in line with guidance, adding that its engineering and construction division was set to secure strong order intake in the second half and deliver backlog growth year on year.
In a trading update for the six months to June 30, the company added that it continued to see robust performance and order intake in the Asset Solutions unit, which was on track to deliver full year EBIT margin of 5-6%, in line with guidance.
Net debt was $345m and expected to reduce in the second half.
"We have made good progress in the first half of the year to position the business strategically to capitalise on the expected multi-year upcycle ahead, supported by a strong energy price environment and ambitious growth plans from clients in our core markets," said chief executive Sami Iskander.
"Integrated Energy Solutions has delivered a significant increase in production and is benefitting from high oil prices. As previously reported, first half financial performance has been adversely impacted by delays and cost-overruns in our small and mature existing E&C portfolio."
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