Petrofac's disappointing 2022 performance demonstrated the scale of the task that new CEO, Tareq Kawash, has ahead of him. Sometimes a new pair of eyes can be enlightening, and we hope that Petrofac has now given a sufficiently cautious outlook to avoid any further surprises from legacy contracts. But there can be no guarantee. As these contracts expire, it gives the core engineering division the chance to make a fresh start. It's this division that dominates the 18-month pipeline.