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.
