Petrofac Limited Reports First Half 2024 Financial Results

Petrofac Limited has released its financial results for the first half of 2024, marking a challenging period for the company. The Group posted an EBIT loss of US$106 million and a free cash outflow of US$36 million, bringing net debt to US$622 million. As the company advances towards a comprehensive financial restructuring, it aims to improve its liquidity and financial position.

The company reported revenues of US$1,240 million and a net loss of US$162 million. Operational highlights include a US$0.9 billion order intake for Asset Solutions, contributing to a total backlog of US$8.0 billion. Engineering & Construction (E&C) progressed with new contracts and is expected to improve its performance by transitioning from legacy to new projects.

Asset Solutions maintained its strong order intake and is poised for growth through new geographical expansions. Integrated Energy Services (IES) reported a decrease in net production and revenue, attributed to lower production levels.

Despite these challenges, Petrofac remains optimistic with a robust order pipeline worth US$53 billion, offering further opportunities for growth. CEO Tareq Kawash expressed continued commitment to achieving financial stability and leveraging new opportunities to enhance the company's future performance.