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WHAT DID the analysts MAKE OF PETROFAC’S RESULTS ?

PETER HITCHENS | PANMURE Gordon
Petrofac has produced a very good set of results, particularly in engineering and construction. They are clearly doing everything right...they have built order books at the same time as everyone else has seen orders retreat. The company is ‘standing above’ the rest of the sector.”

JASON KENNY | ING
“It’s a good set of figures but the most interesting thing to spring out of the results has been EnQuest, a venture to spin off their UK North Sea oil assets. It has generated interest from the small cap investment community and is being headed up by James Buckee who has a lot experience. It is the best way to treat the endgame for the North Sea.”

LAKIS ATHANASIOU| EVOLUTION SECURITIES
“Results are ahead of forecasts across the board and the outlook statement reads positively. The order backlog for 2009 stood at $8.1bn. However, we believe investors should wait until the demerger of the Energy Development business takes place before returning to Petrofac as a ‘clean’ engineering and construction company.”