The chairman of the oil and gas services provider Petrofac, has announced that he is confident that 2009 will be another strong year of growth for the company.
Speaking at the company’s annual general meeting held in London, Rodney Chase spoke of the major new contract awards Petrofac had won as being the driving force behind the growth prediction.
“I am pleased to report that we have made a good start to the year and we are confident that 2009 will be another year of strong growth,” Chase said.
“Our largest business, Engineering & Construction, has been very successful in converting last year’s high level of bidding activity, securing US$5 billion of new contract awards in the first quarter of 2009 in Abu Dhabi, Saudi Arabia and Algeria, which gives high revenue visibility through to 2011,” he added.
Chase also said the all of the projects were progressing well “with full project management teams now established, many significant subcontracts agreed and early progress made in procuring materials and equipment”.
The Petrofac chairman went on to say that that due to the new contract awards Petrofac’s backlog had increased to $8.2 billion by the end of April.
Shares in Petrofac have increased by 70% in 2009, despite the current low price for oil and the cancellation or delay of many oil and gas projects by major oil companies.
