Petrofac results on track

24th Jun 2010 07:28

Oilfield support services group Petrofac is on track to meet full-year expectations and said it has made good progress on the first phase of its Turkmenistan project.Based on orders secured to date, total backlog is expected to be about $6.9bn at 30 June (31 December 2009: $8.1bn), comprising $5.5bn from Engineering & Construction and $1.4bn across the other reporting segments. Gross cash balances are expected to be around $1bn at the end of June 2010 (31 December 2009: $1.4bn).Chief executive Ayman Asfari: "We have had a successful start to 2010 and we remain confident that this will be another year of strong growth in line with our expectations." "Our bidding pipeline, which is focused on major hydrocarbon regions where significant expenditures are expected, remains strong and we expect our backlog to finish the year higher than it began, extending our outstanding backlog visibility well into next year and beyond."