Petrofac confident as order intake grows

13th May 2011 07:09

Oil services group Petrofac says it is "increasingly confident" that it will deliver profit growth in line with previous guidance after a strong performance so far this year.Major awards in Algeria, Iraq and Malaysia have helped bring the order intake in the year to date to $2bn (£1.2bn). A backlog of $12.3bn at the end of April, up from $11.7bn at the end of 2010, "continues to give outstanding revenue visibility", the company said."Operationally, we have made a good start to the year and we are increasingly confident that we will deliver like-for-like(1)net profit growth in 2011 of at least 15%, in line with our previous guidance," chief executive Ayman Asfari said."Notwithstanding that we anticipate group backlog to remain relatively stable over 2011, we have continued to win business in the year to date with major new awards in Algeria, Iraq and Malaysia."---RG