Petrofac Limited Announces 2023 Financial Results and Strategic Updates

Petrofac Limited has released its financial results for the year ending 31 December 2023, highlighting both challenges and achievements. The company reported an EBIT loss of US$393 million and a year-end net debt of US$583 million. Conversely, Petrofac secured a strong order intake of US$7.1 billion, boosting its order backlog to US$8.1 billion.

Chief Executive Tareq Kawash noted that while 2023 was challenging, it was also significant due to new contract awards. The firm's focus remains on financial restructuring to improve liquidity and support future opportunities.

The financial restructure aims to raise US$200 million in new funds and US$100 million in credit support, involving debt-to-equity conversions. However, the successful implementation of this plan hinges on approvals from shareholders, creditors, and the court. Despite financial losses, the company’s order backlog and contract growth show a positive outlook for 2024.