Petrofac fuels growth hopes

Oil services group Petrofac hopes to deliver “modest” growth in full year profits despite a 25 per cent fall in first half earnings to $243m. The company expects net profit to be “significantly weighted” toward the second half of the year. The firm also revealed a three-year contract, worth $95m, to provide maintenance, engineering and support to Gazprom’s Badra oil field in Iraq. Shares closed up 8.5 per cent.