Petrofac Turns To Profit In H1; Names Alastair Cochran CFO - Quick Facts

(RTTNews) - Petrofac Ltd. (POFCF.PK, POFCY.PK, PFC.L), an oil & gas facilities service provider, Tuesday reported that its first-half net profit was $12 million, compared to loss of $182 million last year.

Business performance net profit was $135 million, compared to loss of $133 million a year ago.

Net profit before losses on Laggan-Tormore project was $236 million, compared to $130 million last year.

Revenues for the period increased to $3.89 billion from $3.18 billion last year with record activity levels.

Looking ahead, the company expects to deliver net profit in 2016 in line with expectations. Consensus net profit is approximately $440 million before recognising the final charge on Laggan-Tormore and excluding IES.

Ayman Asfari, Petrofac's Group Chief Executive, said, "We are on track to meet expectations for the full year 2016 and our high level of backlog gives us excellent revenue visibility for 2017."

Separately, Petrofac announced that Alastair Cochran will succeed Tim Weller as Chief Financial Officer and Executive Director.

Cochran will join the Company on October 3, and will formally succeed Weller at the Company's October Board meeting.

As previously announced, Weller will leave the Group in October 2016 to take up the role of Chief Financial Officer of G4S plc. Alastair, 46, will join Petrofac from BG Group plc, where he was most recently Transition Head of BG Global Strategy & Business Development overseeing the integration of BG Group following its acquisition by Royal Dutch Shell plc. Prior to that Alastair was Group Head of M&A and Corporate Finance at BG Group.