Petrofac Ltd. (PFC)

Sector:

Fossil Fuels Production & Distribution

Index:

FTSE Small Cap

12.50p
   
  • Change Today:
      0.12p
  • 52 Week High: 51.80p
  • 52 Week Low: 10.50p
  • Currency: UK Pounds
  • Shares Issued: 522.05m
  • Volume: 1,135,592
  • Market Cap: £65.26m
  • RiskGrade: 428

Petrofac's delayed results reveal $505m loss as talks with creditors continue

By Benjamin Chiou

Date: Friday 31 May 2024

LONDON (ShareCast) - (Sharecast News) - Petrofac, the energy services group whose shares are currently suspended, has finally released its delayed annual results for 2023, which showed a net loss of more than half a billion dollars following a "challenging year".
Shares have been suspended since the end of April after the company delayed the release of its 2023 results to allow for more time for an audit, while the company engaged with lenders to restructure its debt.

On Friday, Petrofac reported a net loss of $505m for the 12 months to 31 December, compared with $320m the year before, despite revenues coming in broadly unchanged at $2.50bn.

Losses in the Engineering and Construction division totalled $190m, worse than the $130m guidance given on 29 April.

Nevertheless, 2023 was still one of the group's strongest years in terms of new contract awards, with order intake of $7.1bn.

"2023 was a challenging year for Petrofac," said chief executive Tareq Kawash. "Our financial results reflect additional losses on the legacy contract portfolio, in particular the Thai Oil Clean Fuels contract where we are in negotiations to seek reimbursement of a proportion of the additional costs."

Financial restructuring discussions are still ongoing, the company confirmed, which is "critical" and has "the full focus of the board". Petrofac needs to strengthen its balance sheet, improve liquidity and secure bank guarantees to support current and future EPC contracts.

The company missed a bond payment due on 15 May, for which bondholders provided forbearance until 30 June, and continues to rely on deferrals of contractual amortisation payments from its lending banks.

"The board and management are focused on arriving at a comprehensive refinancing solution as quickly as possible," said chairman René Médori. "We are encouraged by the engagement with the ad-hoc group of noteholders, which we hope demonstrates momentum in this complex process. We remain grateful to all our stakeholders for their patience and continued support of Petrofac."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Petrofac Market Data

Currency UK Pounds
Share Price 12.50p
Change Today 0.12p
% Change 0.97 %
52 Week High 51.80p
52 Week Low 10.50p
Volume 1,135,592
Shares Issued 522.05m
Market Cap £65.26m
RiskGrade 428

Petrofac Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
5.43% above the market average5.43% above the market average5.43% above the market average5.43% above the market average5.43% above the market average
25.00% above the sector average25.00% above the sector average25.00% above the sector average25.00% above the sector average25.00% above the sector average
Price Trend
48.11% below the market average48.11% below the market average48.11% below the market average48.11% below the market average48.11% below the market average
40% below the sector average40% below the sector average40% below the sector average40% below the sector average40% below the sector average
Income
1.74% below the market average1.74% below the market average1.74% below the market average1.74% below the market average1.74% below the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Growth
72.01% below the market average72.01% below the market average72.01% below the market average72.01% below the market average72.01% below the market average
66.67% below the sector average66.67% below the sector average66.67% below the sector average66.67% below the sector average66.67% below the sector average

What The Brokers Say

Strong Buy 0
Buy 1
Neutral 5
Sell 0
Strong Sell 1
Total 7
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Petrofac Dividends

  Latest Previous
  Interim Final
Ex-Div 19-Sep-19 25-Apr-19
Paid 18-Oct-19 24-May-19
Amount 12.70¢ 25.30¢

Trades for 31-Oct-2024

Time Volume / Share Price
16:35 30,248 @ 12.50p
16:35 4,594 @ 12.50p
16:35 1,264 @ 12.50p
16:35 11,160 @ 12.50p
16:35 371 @ 12.50p

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