Petrofac Limited Petrofac Annual General Meeting (4973O)
18 May 2018 - 4:00PM
UK Regulatory
TIDMPFC
RNS Number : 4973O
Petrofac Limited
18 May 2018
Press Release
18 May 2018
PETROFAC ANNUAL GENERAL MEETING
Petrofac Limited ("Petrofac" or "the Company") holds its Annual
General Meeting today. At the meeting, Group Chief Executive Ayman
Asfari will reiterate that Petrofac delivered solid full year
results in 2017 and is well positioned in 2018.
Mr Asfari said: "We delivered solid full year results in 2017,
with business performance net profit up 7% to US$343 million
dollars, underpinned by good project execution, high levels of
activity, strong financial discipline and an excellent safety
record. We saw a strong recovery in new orders, maintained our
bidding discipline and continued to deliver our strategic
objectives.
"We also continue to make good progress in 2018 delivering our
strategy of focusing on our core, delivering organic growth and
reducing capital intensity. Tendering activity remains high and the
Group has been awarded more than US$1.7 billion of new orders in
the year to date. We recently announced our exit from the
deep-water market through the sale of the JSD6000 installation
vessel, and we continue to retain strong liquidity."
Commenting on Board changes taking effect at today's meeting, Mr
Asfari said: "I would like to thank our Chairman Rijnhard van Tets
who steps down after many years of committed service to the Board,
the last three as Chairman. This period has not been without
challenge, and I commend Rijnhard for his unstinting commitment,
wise counsel and sound leadership of the Board. René Médori brings
important continuity as incoming Chairman and I look forward to
working with him in his new role."
Rijnhard van Tets said: "I would like to thank my fellow Board
members, and the executive management team, for their support.
Petrofac has a clear, focused strategy and I have every faith it
will continue to grow and prosper over the longer term. I wish
Ayman and the team every success in the future."
Ends
For further information contact:
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
+44 (0) 207 811 4913
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Martin Robinson
LEI 2138004624W8CKCSJ177
NOTES TO EDITORS
Petrofac
Petrofac is a leading international service provider to the oil
and gas production and processing industry, with a diverse client
portfolio including many of the world's leading integrated,
independent and national oil and gas companies. Petrofac is quoted
on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil and gas facilities; operates,
maintains and manages facilities and trains personnel; enhances
production; and, where it can leverage its service capability,
develops and co-invests in upstream and infrastructure projects.
Petrofac's range of services meets its clients' needs across the
full life cycle of oil and gas assets.
With around 12,500 employees, Petrofac operates out of seven
strategically located operational centres, in Aberdeen, Sharjah,
Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a
further 24 offices worldwide.
For additional information, please refer to the Petrofac website
at www.petrofac.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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