Brief: Petrofac Says Operating Activity In E&C Business To Be Higher In 2024

Petrofac

31/05/2024 07:23

May 31 (Reuters) - Petrofac Ltd  PFC.L :
    * PETROFAC LIMITED PETROFAC LIMITED: RESULTS FOR THE YEAR
ENDED 31
DECEMBER 2023
    * PETROFAC: IN DISCUSSIONS WITH FINANCIAL CONDUCT AUTHORITY
TO
SEEK A REINSTATEMENT OF TRADING IN ITS SHARES
    * PETROFAC: STRONG FY ORDER INTAKE OF US$7.1 BILLION,
DRIVING
SIGNIFICANT BACKLOG GROWTH TO US$8.1 BILLION
    * PETROFAC: FULL YEAR CASH OUTFLOW OF US$223 MILLION, WITH
NEUTRAL
CASH FLOWS IN SECOND HALF
    * PETROFAC: YEAR-END NET DEBT OF US$583 MILLION AND GROSS
LIQUIDITY OF US$201 MILLION
    * PETROFAC: FY GROUP BUSINESS PERFORMANCE EBIT LOSS OF
US$(393)
MILLION
    * PETROFAC: CONTINUES TO RELY ON DEFERRALS OF CONTRACTUAL
AMORTISATION PAYMENTS FROM LENDING BANKS
    * PETROFAC: OPERATING ACTIVITY IN E&C IN 2024 IS EXPECTED TO
BE
HIGHER THAN IN 2023, BUT STILL SUB-SCALE
    * PETROFAC: MARGIN IN E&C BUSINESS IS EXPECTED TO IMPROVE

Source text for Eikon:  ID:nEQ1RQ7KJa 
Further company coverage:  PFC.L 

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