LONDON (dpa-AFX) - Petrofac Limited (POFCF.PK, POFCY.PK, PFC.L), an energy services company, said on Wednesday that it expects the annual revenue in line with its guidance.
For the full year, the Group has been expecting revenue of around $2.5 billion.
Full-year business performance EBIT loss is expected to be approximately $180 million.
This includes around $110 million one-off write-downs in contract settlements to protect cash flows and a one-off bad debt provision of approximately $12 million for a client going into administration in the Asset Solutions business unit.
The company's outlook is underpinned by strong backlog and a healthy Group pipeline scheduled for an award in the next 18 months of $62 billion, including the remaining projects in the TenneT multi-platform Framework Agreement.
Petrofac, and Hitachi Energy, on Wednesday announced the award of the second project under the $14 billion, multi-year Framework Agreement with TenneT, a Dutch-German Transmission System Operator, to expand TenneT's offshore wind capacity in the North Sea.
The project is to be executed under a standalone contract, with Petrofac's portion valued at around $1.4 billion.
The two companies will deliver Nederwiek 1, a Dutch transmission station which forms part of TenneT's landmark 2 Gigawatt program, comprising several high-voltage direct current offshore grid connection systems, each with a transmission capacity of 2 gigawatts.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2023 AFX News
