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Petrofac says trading in line with expectations, new order intake of US$5.0bn in year to date

The FTSE 250-listed group also said its net debt is expected to be around US$250mln as at 31 December 2018 benefitting from lower capital expenditure, a working capital inflow in the second half, and approximately US$0.5bn of net divestment proceeds

Oil rig worker
Petrofac added: “We continue to review options for our remaining non-core assets, consistent with our strategy to reduce capital intensity”

Petrofac Limited (LON:PFC) has said it is trading in line with expectations with the oil services group having seen new order intake of US$5.0bn in the year to date

In a pre-close trading update, the FTSE 250-listed group also said its net debt is expected to be around US$250mln as at 31 December 2018 benefitting from lower capital expenditure, a working capital inflow in the second half of 2018 and approximately US$0.5bn of net divestment proceeds.

READ: Petrofac boss boasts of “a good set of first-half results”

The company added: “We continue to review options for our remaining non-core assets, consistent with our strategy to reduce capital intensity.”

Ayman Asfari, Petrofac's group chief executive, commented: "We are on course to report good results, which reflect solid operational performance in all our businesses and excellent progress delivering our strategy.”

He added: "Healthy new order intake in both our core and growth markets reflects our competitiveness in a market that has seen some delays in contract awards.”

The group – which still has a Serious Fraud Office investigation looming over it - said it will announce its full-year results for the year ending 31 December 2018 on 28 February 2019.

Quick facts: Petrofac Limited

Price: 389.7 GBX

LSE:PFC
Market: LSE
Market Cap: £1.35 billion
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