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ENGINEERING EXPERTISE, EXPERTLY DELIVERED Annual report and accounts 2019 Annual report and accounts 2019 Annual report ANNUAL REPORT Highlights AND ACCOUNTS 2019 A good set of results that reflect solid operational performance ENGINEERING Revenue EBITDA1,2 US$5,530m US$559m EXPERTISE, Year ended 31 December 2018: Year ended 31 December 2018: EXPERTLY US$5,829 million US$671 million Business performance Reported net profit3 DELIVERED net profit1,3 US$276m US$73m Year ended 31 December 2018: Year ended 31 December 2018: US$353 million US$64 million Full year dividend per share Diluted earnings per share1,3 We design, build, manage and 38.0 cents 80.4 cents maintain infrastructure for the energy Year ended 31 December 2018: Year ended 31 December 2018: 38.0 cents 102.3 cents industries. Our comprehensive and tailored service offering covers each Free cash flow4 Return on stage of the project life cycle and a capital employed1,5 variety of commercial models, giving US$138m 23.3% our clients the flexibility they need. Year ended 31 December 2018: Year ended 31 December 2018: US$921 million 26.2% Engineering expertise, expertly 6 delivered, is at the heart of everything Backlog we do. Our engineering excellence US$7.4bn enables us to design and build best- As at 31 December 2018: in-class energy facilities that are US$9.6 billion engineered for safety and efficiency. 1 Business performance before exceptional items and certain re-measurements. This measures underlying business performance. 2 Earnings before interest, tax, depreciation and amortisation (EBITDA) is calculated as operating profit, including the share of net profit of associates and joint ventures, adjusted to add back charges for depreciation and amortisation (see A3 in Appendix A to the consolidated financial statements). 3 Attributable to Petrofac Limited shareholders, as reported in the consolidated income statement. 4 Free cash flow is defined as net cash flows generated from operating activities and investing activities, less interest paid and amounts received from non-controlling interests (see A6 in Appendix A to the consolidated financial statements). 5 Return on capital employed (ROCE) is calculated as EBITA (earnings before interest, tax and amortisation, calculated as EBITDA less depreciation) divided by average capital employed (see A8 in Appendix A to the consolidated financial statements). 6 Backlog consists of: the estimated revenue attributable to the uncompleted portion of Engineering & Construction operating segment contracts; and, with regard to Engineering & Production Services, the estimated revenue attributable to the lesser of the remaining term of the contract and five years. The Group uses this key performance indicator as a measure of the visibility of future revenue. What’s in this report? Strategic Report REPORT STRATEGIC 02 02 At a glance 04 Chairman’s statement Petrofac at a glance 06 Group Chief Executive’s review 09 Engineering expertise case studies 18 Our leadership team 20 Market outlook 22 Our business model 24 Our strategy at a glance 26 Key performance indicators 28 Risk management 30 Principal risks and uncertainties 35 Viability statement 36 Segmental overview “ Our diverse client portfolio includes 42 Financial review many of the world’s leading integrated, 46 Corporate responsibility independent and national oil and gas, and renewable energy companies” Governance 68 Chairman’s introduction 06-08 70 Board of Directors Group Chief Executive’s statement 72 Corporate Governance report 80 Nominations Committee report 83 Audit Committee report 88 Compliance and Ethics Committee report 90 Directors’ remuneration report 109 Directors’ statements Financial statements 110 Group financial statements 111 Independent auditor’s report 118 Consolidated income statement 119 Consolidated statement of other comprehensive income 120 Consolidated balance sheet 121 Consolidated statement of cash flows 122 Consolidated statement of changes in equity 123 Notes to the consolidated financial statements 174 Appendices 178 Company financial statements “ Committed to our strategy of 179 Company income statement delivering best-in-class execution 179 Company statement of other for our clients” comprehensive income 180 Company balance sheet 181 Company statement of cash flows 182 Company statement of changes in equity 183 Notes to the Company financial statements 195 Shareholder information 196 Glossary Limited | Petrofac 2019 Annual report and accounts 2019 Annual report 68-109 Governance at Petrofac Read more at www.petrofac.com 01 AT A GLANCE A LEADING INTERNATIONAL Our purpose We enable our clients SERVICE PROVIDER TO THE to meet the world’s ENERGY INDUSTRY evolving energy needs Our vision To be the preferred services partner to the energy industry Our diverse client portfolio includes many of Our strategy the world’s leading integrated, independent and national oil and gas, and renewable Best-in-class delivery energy companies that positions us for growth and enhances returns Petrofac in numbers 41% 11,500 In-country value expenditure on local Employees worldwide goods and services (see page 64) 31 38 80 Offices worldwide Year track record Nationalities Petrofac Limited | Petrofac Our services 2019 Annual report and accounts 2019 Annual report Oil and Oil and gas gas development processing Storage and Refining and Offshore Offshore 02 and production facilities pipelines petrochemicals production wind STRATEGIC REPORT STRATEGIC ENGINEERING & ENGINEERING & INTEGRATED ENERGY CONSTRUCTION PRODUCTION SERVICES SERVICES The Engineering & Construction (E&C) division The Engineering & Production Services (EPS) Integrated Energy Services (IES) is Petrofac’s delivers onshore and offshore engineering, division brings together our services’ capability upstream oil and gas business, providing an procurement, construction, installation and across brownfield projects and operations, integrated service for clients under flexible commissioning services. Lump-sum turnkey is greenfield projects through concept, feasibility commercial models that are aligned with their the predominant commercial model used, but and front-end engineering and full project requirements. These range from Production we also offer our clients the flexibility of other delivery as well as a range of operations, Enhancement Contracts (PECs) and traditional models, such as services on a reimbursable maintenance and engineering services for equity upstream investment models including basis, through our engineering, procurement onshore and offshore projects. both Production Sharing Contracts (PSCs) and construction management (EPCm) business. and concession agreements. Our projects Our services encompass both greenfield and cover upstream developments – both brownfield developments. Highlights of the year greenfield and brownfield – and related energy — Good results, with growth in projects offset by a infrastructure projects. decline in contract margins Highlights of the year — New order intake of US$1.0 billion (2018: — Four major projects entered the US$0.7 billion) Highlights of the year commissioning phase — Several awards and contract extensions in core — Contribution to the Group results further reduced — Steady progress delivering our portfolio and growth geographies and markets reflecting prior year asset disposals of projects — Completed a bolt-on acquisition of W&W Energy — Signed agreement to sell remaining 51% — Decline in profitability reflects project phasing Services, providing an entry-level platform in the of Mexican operations and mix attractive Permian basin in the US — Increase in underlying net profit — New order intake of US$2.1 billion (2018: US$4.4 billion, including EPCm). Awards secured in Algeria, Oman and the Netherlands Revenue Revenue Revenue US$4,475m US$889m US$195m (2018: US$4,713m) (2018: US$853m) (2018: US$282m) EBITDA EBITDA EBITDA US$412m US$51m US$99m (2018: US$458m) (2018: US$68m) (2018: US$160m) Business performance net profit Business performance net profit Business performance net profit US$278m US$32m US$12m Limited | Petrofac (2018: US$338m) (2018: US$43m) (2018: US$39m) Employees Employees Employees 6,650 4,050 550 and accounts 2019 Annual report (as at 31 December 2019) (as at 31 December 2019) (as at 31 December 2019) 80% 16% 4% % of revenue % of revenue % of revenue 03 CHAIRMAN’S STATEMENT René Médori Non-executive Chairman CORE TO THE PETROFAC OFFERING IS THE GROUP’S DISTINCTIVE, DELIVERY- FOCUSED CULTURE. Highlights f we look at those factors that fell the longer-term prospects for Petrofac — In 2019 the Board oversaw several initiatives within our direct control, 2019 also remain favourable. to refine our culture further and link it more brought very many positives. We made solid progress on our directly to the way the Group is managed. Dividend We defined a new purpose, introduced a new three strategic objectives of Ibest-in-class delivery, positioning We reported good financial results Workforce Forum, and increased our focus on the environmental, social and governance for growth, and enhancing returns. for 2019, underpinned by solid (ESG) agenda. We defined a new vision and purpose, operational performance across the further enhanced our systems of business. We delivered a reported — The underlying financial and operational governance and increased our focus net profit attributable to Petrofac performance in 2019 was also reassuring. on environment and sustainability Limited shareholders of US$73 million By enabling our clients to meet the
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