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Petrofac making “good progress” in 2018 as new contracts roll in

The oilfield services group is looking to bounce back from a tough 2017, when it was forced to suspend its chief operating officer amid a Serious Fraud Office investigation
oil worker on offshore rig
Petrofac shares are still 25% below where they were this time last year

Petrofac Limited (LON:PFC) boss Ayman Asfari will tell shareholders at this morning’s annual general meeting that the oil services group has made “good progress” so far this year.

The FTSE 250 company is trying to bounce back from a difficult 2017, when it was forced to suspend its chief operating officer amid a Serious Fraud Office investigation.

That triggered a sharp sell-off with the stock more than halving in the days and weeks after the news broke. Shares have been rallying over the past few months or so, although they are still well below where they were this time last year.

READ: Petrofac sells JSD6000 vessel for US$190mln

“We continue to make good progress in 2018 delivering our strategy of focusing on our core, delivering organic growth and reducing capital intensity,” Asfari will say at the meeting.

“Tendering activity remains high and the group has been awarded more than US$1.7bn of new orders in the year to date.”

Petrofac recently exited the deep-water market after it sold off its JSD6000 installation vessel in a deal worth US$190mln.

After today’s AGM, chairman Rijnhard van Tets will step down after 11 years on Petrofac’s board, with current Senior independent director René Médori replacing him.

“This period has not been without challenge, and I commend Rijnhard for his unstinting commitment, wise counsel and sound leadership of the board,” Asfari will say.

“René Médori brings important continuity as incoming chairman and I look forward to working with him in his new role.”

Shares edged 0.9% higher to 622.2p on Friday morning.

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