Energy services company Petrofac said it is “well positioned” for the remainder of 2019 having posted a profit for the first half of the year on Wednesday.
The company's revenues climbed slightly to $2.82 billion in the first half of 2019, compared to $2.78 billion for the same period last year.
However, Petrofac's net profit decreased to $154 million in the first six months of this year from $191 million in the first half of 2018.
Nonetheless, the company noted that it is "well positioned for the remainder of the year.”
Moving into 2020, the company said revenues are expected to decrease, reflecting low new order intake in recent years.
"Petrofac has delivered good results that reflect solid operational performance across the business," CEO Ayman Asfari said.
"New order intake year to date has been impacted by recent challenges in Saudi Arabia and Iraq. Looking forward, the group has a busy tendering pipeline with around $13 billion of bid opportunities due for award in the second half of the year," he said.
"We remain committed to our strategy of delivering best-in-class execution for our clients and enhancing returns for our shareholders by reducing costs, driving digitalization, increasing local content, improving cash conversion and divesting non-core assets," he added.
Asfari said these ongoing initiatives would improve the company's competitiveness in core and growth markets, as well as best position the business for a return to growth in the medium-term.
By Murat Temizer