Petrofac profits to be at upper end
Oil and gas facilities service provider Petrofac is expecting strong growth in 2008 with net profit towards the upper end of the range of market expectations.
The Engineering & Construction division has achieved contract awards of around $1bn thus far in 2008, with two big orders from Syria.
The Operating Services and Energy Development Divisions continue to perform well, the group said.
The value of the group’s backlog of contract awards and extensions had increased to about $4.9bn at the end of April from $4.bn at the end of 2007.
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Growth has been more pronounced in the Engineering & Construction division where the value of the order book has grown from $2.5bn at the end of 2007 to about $2.9bn at the end of April.
The backlog of orders at the Operation Services arm rose from $1.9bn to $2bn.
“Overall, we have had a good start to the year, giving us confidence in meeting our strong growth expectations for the current year and beyond and, in the absence of unforeseen circumstances, we expect our net profit for 2008 to be towards the top end of the range of current market expectations,” the group said.
