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Petrofac Expects Full-Year Revenue in Line with Guidance

by Myfxtools
December 20, 2023
in News
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Petrofac, the London-listed provider of services to the energy industry, announced that it expects to report full-year revenue of $2.5 billion, in line with its guidance. Despite this, the company also anticipates an earnings loss due to one-off write-downs in contract settlements, amounting to roughly $110 million. Additional factors contributing to the loss include a one-off bad debt provision of approximately $12 million. Net debt is expected to be slightly higher than the previous figure of $584 million.

Strong Order Backlog for Petrofac in 2024

Despite the anticipated losses, Petrofac enters 2024 with a promising order backlog. The company has secured orders in both traditional and renewable energy, totaling around $8 billion. This success can be attributed to robust order intake in engineering, construction, and asset solutions.

Petrofac Secures $1.4 Billion Contract with TenneT

Additionally, Petrofac announced that it has won a substantial contract worth $1.4 billion under its multi-year deal with Dutch-German transmission system operator TenneT. This contract is part of a six-project agreement aimed at expanding offshore wind capacity in the North Sea.

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Tags: Contract SettlementsOffshore WindOrder BacklogPetrofacrevenue
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