Petrofac’s Cheif Executive Ayman Asfari said today that the organisation has achieved the correct size of business to remain competitive under current market conditions.

Mr Asfari’s statement comes as the company posts its annual results showing a net profit of $421 million.

The annual report also details performance figures, showing that 200 million man hours were achieved on 20 separate projects.

However it’s positive news for the oil service giant as the report revealed that the organisation has shed around 30% of it’s workforce, cutting staff numbers to 13,500 to reach this point.

Group Chief Executive Ayman Asfari said: “Petrofac has delivered positive results for 2016, driven by record revenues, significant cost reduction and strong cash generation. In a busy year, the Group has also demonstrated its track record for operational delivery with more than 240 million man-hours worked across the portfolio.

“Whilst the market remains competitive, bidding activity has increased in recent months. We have right-sized our business, have a good pipeline of opportunities across our core markets and remain cost competitive, as evidenced by recent bidding success.

“Petrofac remains firmly focused on its core strengths, committed to reducing capital intensity and maintaining a strong balance sheet. Operational excellence and excellent revenue visibility position us well in 2017 and for a recovery in our core markets.”

Petrofac seen a turnover of $1.6 billion in 2016 with a project backlog of $14.3 billion, meaning the company has an excellent outlook for the coming year.

Petrofac also reduced its net debt by around 10%, taking current debt down to $617million.

Its annual dividend remained unadjusted at $65.80 per share.