#124265
Re: Cobas AM: Nueva Gestora de Francisco García Paramés
PETROFAC, THE TIMES:
"Petrofac was effectively excluded from new work in Saudi Arabia and Iraq after David Lufkin, a former executive, pleaded guilty to offences related to work there. This year he pleaded guilty to further offences related to work in the United Arab Emirates, by far Petrofac’s largest target market, and it has been suspended from bidding there.
The group’s order backlog fell from $7.4 billion at the end of 2019 to $5 billion in 2020 and $4 billion by the end of May. Engineering and construction, its biggest division, won only $100 million of new orders and Iskander said that they were “likely to remain depressed”. As analysts at Jefferies said, it’s “about as bad as it can get for [the] main business”.
Iskander pointed to “an active bidding pipeline of $48 billion of opportunities due for award in the next 18 months” and said that the business would rebuild the order backlog as the market recovered. He spoke of “good progress” in the nascent business of developing renewable energy infrastructure; in the medium term, Petrofac hopes that this could deliver a fifth of target revenues of $5 billion. However, the core oil market remains subdued."