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.
"We are focused on the restructuring with the aim of materially strengthening the Group's financial position and enabling Petrofac to deliver on its future opportunities. I am grateful to our employees and our stakeholders for their continued support as we work to deliver a positive future for Petrofac." FINANCIAL AND STRATEGIC UPDATE
The Company did not make the payment of the bond coupon due on 15 May 2024 and continues to rely on deferrals of contractual amortisation payments from its lending banks. Managing these and other payment and contractual obligations is of critical importance to the Company's ability to maintain sufficient liquidity in the short-term while it is working to implement the financial restructure.
During 2023, the Group continued to deliver well for its clients and secured significant new awards which drove strong growth in backlog. However, the Group's financial performance in 2023 reflected the ongoing challenges in closing commercial settlements on legacy Engineering and Construction contracts and accessing guarantees for new E&C contracts, as well as one-off write downs to protect cashflows.
Operationally, we made further progress on the completion of legacy contracts and are expecting all but two of the legacy contracts to be completed in 2024. The two contracts that will continue in execution beyond 2024 are the Thai Oil Clean Fuels project and the Orlen Refinery Upgrade project in Lithuania. Of the USUSD6.1 billion backlog, approximately 90% relates to new contracts secured in 2023.
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.
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