Petrofac on track to deliver 2012 profit target

British oil services company Petrofac is on track to deliver net profit growth of 15 per cent this year, it said this morning.

The FTSE 100 firm, which designs and builds oil and gas infrastructure, said that operations continued to perform in line with expectations, with particular good performance in the engineering, construction, operations & maintenance division.

There is a strong pipeline of bidding opportunities for 2013, Petrofac said, adding that it continued to see “high levels” of bidding activity. The group backlog is expected to be $11.6bn (£7.2bn) at the end of the year, up from $10.8bn at the end of 2011.

“Overall, we are well positioned to grow next year and beyond and we are confident of achieving our target of more than doubling our recurring 2010 Group earnings by 2015,” chief executive Ayman Asfari said.