Petrofac Limited

Update on review of strategic and financial options - Seite 2

 

The Company is working to conclude discussions with these counterparties as swiftly as possible. Further announcements will be made as appropriate.

 

Operationally, the Group continues to make good progress with contracts awarded in 2023, which increased the backlog of the Group to over US$8 billion. It is also making good progress in closing out its legacy portfolio and unwinding historical working capital. It has continued to maintain liquidity above its financial covenant and will provide further details on its operational and financial performance within the Full Year Results announcement in April.

 

Commenting, Group Chief Executive, Tareq Kawash said:

 

“Petrofac continues to deliver well for our clients, evidenced by the growth in our backlog, on which very good progress is being made. Our significant order book, which now stands at over US$8 billion, demonstrates the strength of our proposition to customers and Petrofac’s long-term potential. To deliver on this opportunity and position Petrofac for the future, we are focused on plans to materially strengthen the financial position of the Group. This work continues apace and I am grateful for the continued efforts of our people, and the support of our clients and other stakeholders.”

 

 

ENDS

 

For further information contact:

 

Petrofac Limited

[phone]

 

James Boothroyd, Head of Investor Relations

[e-mail]

 

Sophie Reid, Group Director of Communications

[e-mail]

 

Teneo (for Petrofac):

[phone]

[e-mail]