Petrofac

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Petrofac Ltd.
Type Public
Traded as LSEPFC
Industry Engineering, Procurement & Construction, Oil & Gas
Founded 1981
Headquarters London, United Kingdom
Key people Rijnhard van Tets, Chairman[1]
Ayman Asfari, Group Chief Executive
Tim Weller, Chief financial officer
Products Petrochemicals
Revenue $6,329 million (2013)[2]
Operating income $771 million (2013)[2]
Net income $650 million (2013)[2]
Employees 18,000 (2014)[3]
Website www.petrofac.com

Petrofac is a provider of oilfield services to the international oil and gas industry. It is registered in Jersey (number 81792), with its main corporate office on Jermyn Street, London. It has operational centres in Aberdeen, Sharjah, Woking, Chennai, Mumbai, Delhi, Abu Dhabi, Saudi Arabia and Kuala Lumpur. There are another 24 offices in various countries. It is quoted on the London Stock Exchange, and is a constituent of the FTSE 250 Index.

History[edit]

The company was established as producer of a modular plant in Tyler, Texas, USA in 1981.[3] It was first listed on the London Stock Exchange in 2005.[3] In 2010, it bought a 20 percent share in the Gateway storage scheme, an undersea cavern for gas storage.[4]

In November 2013, Petrofac and the Italian oil firm Bonatti partnered on a $650 million joint venture contract for Sonatrach, adding to the firm’s already significant presence in Algeria.[5]

In November 2014, the company issued a profit warning, saying that profit for 2015 will fall by 25%, as slowing demand in China and abundant US output cuts the oil price.[6]

Services[edit]

Petrofac:

  • designs and builds new oil and gas facilities
  • manages and maintains existing facilities
  • enhances the performance of more mature or marginal assets
  • develops and trains personnel

Petrofac is organised into two business units:[7]

  • Engineering, Construction, Operation and Maintenance
  • Integrated Energy Services

References[edit]

External links[edit]