Petrofac ups profits guidance to 20pc


ish oil services firm Petrofac upped its profit guidance for this year and said a $10.6bn (£6.7bn) order backlog gave it the confidence to predict strong growth in 2012.

Petrofac, which designs and builds oil and gas infrastructure and also invests with producers in oil fields, said it expected to report like-for-like 2011 net profit growth of at least 20 per cent.

The company had predicted growth of at least 15 per cent in a trading update issued on Oct. 20.

"Operations continue to perform in line with expectations," Chief Executive Ayman Asfari said in a statement. "Given our excellent earnings visibility, we expect to deliver strong growth in 2012."

A strong pipeline of new opportunities and existing projects meant the company was confident it could achieve a target of more than doubling recurring 2010 group earnings by 2015, he added.

Petrofac said its order backlog was expected to be about $10.6bn at the end of the year versus $11.7bn a year earlier.