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The COO of oilfield services company Petrofac has said that he expects the UK-based company experience strong growth in 2009, despite the current financial slowdown.
Maroun Semaan told news agency Reuters that Petrofac had not lost any contracts due to the recession and seen revenues rise to US$3.33 billion in 2008.
“We’re still forecasting growth and working hard to keep building the organisation, hiring more people and seeking more opportunities in new markets,” Semaan is reported by Reuters as saying.
“We don’t detect any change. We’re still moving in the same level of activity in terms of proposals at the same pace as the last two years. This is possibly because our position in key markets, where we are well established,” he added.
Semaan said that Petrofac’s close ties with NOCs and its strength in both the Middle East and North African markets were major factors in the company’s current buoyant state.
Petrofac has won a number of high profile contracts in the past few months including a $2.4 billion deal with the Abu Dhabi National Oil Company (ADNOC) and a $2.2 billion contract with Algerian state-owned energy giant Sonatrach.
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