Petrofac has announced that its Chief Financial Officer, Keith Roberts, will retire from the group with effect from 31 December 2011, and disclosed key financial data for the first half of 2011 ahead of the company’s half-year report.
Roberts joined Petrofac in early 2002 and has played a vital role in the transformation of Petrofac from a modestly-sized privately-owned Company to a FTSE100 business with around 14,000 staff in more than 27 countries and annual revenue of $4.4 billion.
Tim Weller will join Petrofac on 5 September, and following a short handover will formally succeed Keith Roberts, as CFO and an Executive Director, at the group’s October Board meeting.
In a company statement, Ayman Asfari, group chief executive said: “Keith is a valued colleague and an exceptional CFO. In addition to leading our finance function, he has, for the last ten years, championed the development of our group corporate structures in support of our rapid growth, leading to the creation of significantly enhanced functional capability within the group”.
“Over the years Keith has led the execution of numerous transactions within Petrofac, but the most notable is our IPO in 2005. Our transition from private to public company was extremely successful, and since float Petrofac has generated a total shareholder return of more than 700%,” said Asfari.
In a company statement, Petrofac released an update to the market on operations and key financial data. In summary:
• Operations performing in-line with expectations with good progress to date on the second phase of the South Yoloten project in Turkmenistan
• Order intake in 1H 2011 of $2.1 billion, including the award of our second contract in Iraq, for maintenance services on BP’s Rumaila oilfield
• Pre-investment in two FPSOs to support delivery of Integrated Energy Services’ strategy
• Group backlog approximately $11.4 billion at 30 June 2011 (31 December 2010: $11.7 billion) continues to give outstanding revenue visibility
• Gross cash balances $1.7 billion at 30 June 2011 (31 December 2010: $1.1 billion)
