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Petrofac

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Petrofac Ltd.
Company typePublic
LSE: PFC
IndustryEngineering, Procurement & Construction, Oil & Gas
Founded1981
HeadquartersLondon, United Kingdom
Key people
Rijnhard van Tets, Chairman[1]
Ayman Asfari, Group Chief Executive
Alastair Cochran, Chief financial officer
ProductsPetrochemicals
Revenue$6,844 million (2015)[2]
$102 million (2015)[2]
$(344) million (2015)[2]
Number of employees
20,000 (2015)[3]
Websitewww.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

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]

Services

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

  1. ^ Norman Murray steps down from Petrofac helm, The Scotsman, 23 August 2014
  2. ^ a b c "Annual Report 2015" (PDF). Petrofac. Retrieved 10 April 2016.
  3. ^ a b c "Heritage". Petrofac. Retrieved 23 March 2015.
  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: About Us
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