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Petrofac Limited Translates Risks Into Business Opportunities

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Executive Summary

Petrofac wanted to improve corporate budgeting accuracy by incorporating risk-adjusted forecasts into budgeting for all seven business units and calculate both the predictable and random elements of business activities to more accurately determine investment performance. The challenge was to report accurate, real-time adjusted "Best and worst" outcomes and "Predicted versus actual" performance figures to the board and improve quality and timeliness of reporting to shareholders and investors in the company's oil and gas facilities solutions. Petrofac extended Oracle's Primavera Risk Analysis, currently used successfully by global business units when bidding for oil and gas facilities contracts worth up to US$4 billion, to the corporate planning and budgeting teams.

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