Petrofac sunny about profits

City A.M. Reporter
BRITISH oil services company Petrofac said yesterday contracts worth $1.1bn (£705m) were in its pipeline and would soon be signed, giving it confidence on its profit targets for this year and in the longer term.

Petrofac, which designs and builds oil and gas infrastructure and also invests with producers in oil fields, said that its backlog of orders was $9.1bn but that an extra $1.1bn of awards would be added when a number of deals were formally signed. Analysts at JP Morgan called Petrofac's statement “reassuring” after a period of concern about the company's backlog.