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The UK-based oil and gas contractor Petrofac has announced that it is confident of delivering an after tax profit of US$330 million for the year ending December 31, 2009.
In a statement the company said that the profit, which represents year-on-year growth of around 25%, is the result of “our success in securing new contracts during the year and the continued good progress across most of our businesses”.
“In a year that has been very challenging for the oil and gas service industry we are delighted with our performance and the record revenue and profits we expect to deliver,” Ayman Asfari, group chief executive of Petrofac said.
“During 2009 our differentiated and competitive offering has helped us secure more than $6 billion of new contracts in the Middle East, North Africa and, most recently, in the UK North Sea and the high level of backlog we are now carrying gives us excellent revenue visibility for next year and beyond.”
“Our strong performance has enabled us to continue to invest in the business both in terms of systems but, most importantly, in our people and I am pleased that we have been able to attract further high calibre personnel to Petrofac. We look forward to the coming year with considerable confidence,” he added.
The statement also said that the group’s backlog is expected to be approximately $7.8 billion at the end of the year, comprising approximately $6.2 billion from Engineering & Construction and approximately $1.6 billion across the other business units.
