Petrofac Performing In Line, Sees Backlog $6.9B At June 30

24th Jun 2010 07:17

LONDON (Dow Jones)--Petrofac Limited (PFC.LN), an oil and gas services company, said Thursday that backlog is expected to finish the year higher than it began with a June 30 forecast of $6.9 billion compared with $8.1 billion at Dec. 31, 2009. MAIN FACTS: -Operations performing in-line with expectations -Good progress on first phase of Turkmenistan project -Gross cash balances expected to be around $1.0 billion at June 30 (Dec. 31, 2009: $1.4 billion) -Had a successful start to 2010 and remains confident that this will be another year of strong growth in line with its expectations. -Bidding pipeline focused on major hydrocarbon regions where significant expenditures are expected, remains strong -In Engineering & Construction, the group continues to make good progress on its portfolio of contracts -Activity levels in Offshore Engineering & Operations have improved due to the commencement of work on major contracts awarded in the second half of 2009 -Engineering Services business continues to experience subdued activity levels. -Training Services, recently seen an increase in overall delegate numbers and remains focused on strategic business development opportunities, both in the U.K. and internationally. -In Production Solutions, making good progress towards securing first production enhancement contract -Shares closed Wednesday at 1251.0 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires June 24, 2010 02:17 ET (06:17 GMT)