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Petrofac Says FY Trading In Line With Expectations - Quick Facts

Petrofac Limited (POFCF.PK,PFC.L) on Tuesday issued a pre-close trading update ahead of the announcement of its full-year results for year ending 31 December 2018 on 28 February 2019.

Petrofac noted that trading for the year was in line with expectations, while new order intake was $5.0 billion in the year to date period.

The company expects its net debt to be around $250 million at 31 December 2018, compared to $0.6 billion in 2017, benefiting from lower capital expenditure, a working capital inflow in the second half of 2018 and approximately $0.5 billion of net divestment proceeds.

Ayman Asfari, Petrofac's Group Chief Executive, said, "Healthy new order intake in both our core and growth markets reflects our competitiveness in a market that has seen some delays in contract awards. We have also made excellent progress transitioning back to a capital light business with US$0.8 billion of divestments of non-core assets, realising US$0.5 billion of net divestment proceeds to date."

Looking forward, Petrofac said it remains focused on securing new orders, delivering operational excellence and maintaining a strong balance sheet. The company added that it is well-positioned with a differentiated offering, good backlog and revenue visibility, and high levels of tendering for award in 2019.

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