Profit before interest, tax, depreciation and amortisation fell from USD 932 million in 2014 to USD 212 million in 2015, according to the report. Without accounting for the Laggan-Tormore operations, the company’s earnings were USD 792 million.
Taking into account the losses from the North Sea project, net profit was at a massively low USD 9 million compared to USD 440 million the year before.
Notably, contract backlog grew a record 10% to USD 20.7 billion, and the company expects net profit of USD 450 million this year.
Petrofac was in charge of the giant Laggan-Tormore gas plant at the edge of UK’s continental shelf in a USD 500-million deal. Total, which holds a 60% interest in the two fields set to feed the plant, began production on the project earlier this month after many delays.
A report by trade association UK Oil & Gas published yesterday projects that 43% of fields on the shelf will operate at a loss due to the plunge in oil prices.
For more news and features on the oil and gas industry in the UK, click here.
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