Petrofac

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Petrofac Ltd.
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
Alastair Cochran, Chief financial officer
Products Petrochemicals
Revenue $7,873 million (2016)[2]
$508 million (2016)[2]
$14 million (2016)[2]
Number of employees
13,500 (2017)[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 a producer of a modular plant in Tyler, Texas, United States 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]

In May 2017, the company suspended its chief operating officer as a result of an investigation conducted by the Serious Fraud Office into the company's dealings with Monaco-based Unaoil which is alleged to have paid bribes on behalf of oil companies.[7]

Services[edit]

Petrofac is organised into three divisions:[8]

  • Engineering & Construction (E&C)
  • Engineering & Production Services (EPS)
  • Integrated Energy Services (IES)

References[edit]

  1. ^ Norman Murray steps down from Petrofac helm, The Scotsman, 23 August 2014
  2. ^ a b c "Annual Report 2016" (PDF). Petrofac. Retrieved 22 April 2017. 
  3. ^ a b c "Heritage". Petrofac. Retrieved 22 April 2017. 
  4. ^ Petrofac buys into UK gas storage project Evening Standard, 6 December 2010
  5. ^ Petrofac and Bonatti win US$650mn EPC project in Algeria, Africa: Oil Review Africa, 2013 
  6. ^ "Petrofac issues profit warning". 24 November 2014. Retrieved 6 December 2014. 
  7. ^ Petrofac suspends top executive amid SFO corruption probe The Telegraph, 25 May 2017
  8. ^ Petrofac: About Us

External links[edit]