DJ Petrofac Limited: RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023 Petrofac Limited ( PFC) Petrofac Limited: RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023 31-May-2024 / 07:00...
Petrofac Limited Petrofac Limited: RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023 31-May-2024 / 07:00 GMT/BST =---------------------------------------------------------------------------------------------------------------------- PETROFAC LIMITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023 Petrofac today issues its financial results for the year ended 31 December 2023 and an update on progress with respect to its review of strategic and financial options.
The Group is seeking to implement a comprehensive financial restructure to materially strengthen its balance sheet, improve liquidity and secure bank guarantees to support current and future EPC contracts. The success and timing of the implementation of the financial restructure depends on reaching agreements with, and obtaining approvals from, third parties. Details of the judgements and assumptions made by the Directors in respect of the risks associated with the Group's ability to maintain liquidity and implement the restructure can be found in the going concern statement in note 2.5 to the consolidated financial statements.
2023 was the strongest year for new awards in E&C in five years, with backlog more than tripling to USUSD6.1 billion . We secured USUSD5.5 billion of new order intake, split between hydrocarbon and renewable energy markets. Of the USUSD6.1 billion backlog at 31 December 2023, approximately half relates to energy transition contracts, including the first two offshore wind contracts under the TenneT Framework Agreement and the ADNOC carbon capture, utilisation and storage contract.
Asset Solutions had another successful year for backlog growth, delivering a strong order intake of USUSD1.6 billion, with a closing backlog of USUSD2.0 billion at 31 December 2023 , none of which have performance guarantee requirements pending. Net debt, excluding net finance leases, was approximately USUSD570 million at 30 April 2024, with gross liquidity of approximately USUSD215 million at the same date. ORDER BACKLOG
Operating activity in E&C in 2024 is expected to be higher than in 2023, but still sub-scale, as the portfolio transitions from legacy to new contracts. With continued backlog growth expected, supported by the strong pipeline of opportunities and further contracts under the TenneT Framework Agreement, the cumulative impact of these new contracts is expected to provide continued revenue growth in the medium-term.
Click on, or paste the following link into your web browser, to view our Segmental performance and Financial review for the year ended 31 December 2023
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