Analyst Views | What do you think of Petrofac’s first half results?

JONATHAN JACKSON KILLIK & CO
The results were ahead of market expectations. The group remains well placed for the long term to meet increased demand for new infrastructure to meet rising energy needs with strong exposure to the Middle East and national oil companies.

ANDREW WHITTOCK LIBERUM CAPITAL
These are good numbers (earnings of $325m are above expected $320m and dividend increased 21 per cent to 21 cents) and growth targets have been reiterated. But, the statement flags that some engineering and construction contract awards have slipped from 2012 to 2013.

SANJEEV BAHL NUMIS SECURITIES
The numbers are 4.5 per cent ahead of our forecasts, but they are likely to be first half weighted. The management has suggested the potential for a flurry of larger awards post-Ramadan, which we believe is required to provide comfort to financial year 2013 consensus forecasts.