The Hydrocarbons sector reported aggregated revenue of $5,344 million, an increase of 7% from the previous corresponding period. Hydrocarbons’ contribution to the Group’s aggregated revenue was 70%. Segment EBIT was $634 million with a reported segment margin of 11.9% (FY2012: EBIT $598 million; margin 11.9%). The Hydrocarbons sector grew in both revenue and EBIT. The professional services margin within the sector improved from 12.3% to 13.1%.
Growth in the Hydrocarbons sector was underpinned by an increase in average customer capital expenditure during FY2013 when compared with that for FY2012, with continued demand for oil and gas and robust commodity prices creating favorable market conditions. WorleyParsons’ exposure to the downstream petrochemicals market increased with new projects awarded in FY2013, including the Integrated Program Management Team project for Sasol in the United States.
The acquisition of Bergen Group Rosenberg AG with effect from January 2013 complements and extends WorleyParsons’ current hydrocarbons services offering and provides access to the Norwegian Continental Shelf offshore oil and gas market.
We are encouraged by the growth in the US gas, downstream and petrochemicals market, opportunities in Norway and in the developing world. Potential market slowdown in Australia is expected to be offset by our continued global growth.
The continued global diversification, together with ongoing strengthening of key customer relationships, gives us confidence that the Hydrocarbons sector will continue to grow in the medium and long term.
We expect improved earnings for the Hydrocarbons sector in FY2014.
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