Petrofac on track to grow profits by 15%

30th Jun 2011 07:41

Petrofac, the provider of facilities solutions to the oil and gas industries, said it is on course to deliver its target of at least 15% like-for-like net profit growth in 2011.During the first half ended 30 June, the group had an order intake of $2.1bn, including new awards in Algeria, Malaysia and Iraq.Within the Engineering & Construction division, the group has completed construction of the temporary facilities and early works at the South Yoloten development in Turkmenistan, and placed the majority of orders for procurement items.A substantial growth in revenues and profits is expected in the Offshore Engineering & Operations in 2011, after the group experienced high activity levels in the first half, including significant activity on two projects in Malaysia.The firm also announced that it is to wave goodbye to its chief financial officer Keith Roberts when he retires on 31 December. Roberts, who joined Petrofac in 2002, will be replaced by Tim Weller.The group's backlog was $11.4bn at the end of the first half, down from $11.7bn at the end of the second half of 2010.Gross cash balances rose to $1.7bn at 30 June, from $1.1bn at 31 December, after the receipt of an advance payment on the South Yoloten project in January, the group said.BC