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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Petrofac Limited    PFC   GB00B0H2K534

PETROFAC LIMITED

(PFC)
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Petrofac : Secures UK Well Services Agreement with Siccar Point

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02/11/2019 | 12:06pm EDT

Petrofac’s Engineering and Production Services (EPS) business has added to its growing Well Engineering portfolio with the award of a contract from independent Exploration and Production company, Siccar Point Energy.

The three-year agreement, which includes options to extend, is estimated to be worth up to US$95 million over the term.

The contract includes provision of Well Operator and Well Engineering Project Management services including supply chain management, for Siccar Point’s operated assets West of Shetland. Under these terms, Petrofac will be responsible for all new well work and the ongoing integrity management of existing well stock.

Petrofac will also deploy its industry-leading well project management software, WellAtlas®* to ensure efficient and assured project delivery.

Commenting on the award, Nick Shorten, Managing Director for Petrofac Engineering and Production Services in the Western Hemisphere, said: “We are delighted to have secured this significant new scope with Siccar Point Energy and very much look forward to supporting them in successfully delivering their ambitious exploration, appraisal and development plans, safely and cost efficiently over the next three years.

“This award builds on our existing track record for delivering Well Operator and Project Management services for clients across the globe, but specifically West of Shetland, where we have significant exploration, appraisal and development experience.”

* WellAtlas® is a unique integrated software tool which supports the entire well management and delivery agenda, providing a comprehensive overview of projects.

(c) 2019 Universal Solutions S.A.E. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2019 5 755 M
EBIT 2019 451 M
Net income 2019 242 M
Debt 2019 3,27 M
Yield 2019 6,32%
P/E ratio 2019 9,72
P/E ratio 2020 7,94
EV / Sales 2019 0,38x
EV / Sales 2020 0,37x
Capitalization 2 180 M
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 7,72 $
Spread / Average Target 23%
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Managers
NameTitle
Ayman Asfari Group Chief Executive Officer & Executive Director
René Médori Non-Executive Chairman
Alastair Edward Cochran Chief Financial Officer & Executive Director
John Pearson Chief Corporate Development Officer & GMD
Matthias F. Bichsel Senior Independent Non-Executive Director
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