Petrofac sees at least 20% earnings growth

22nd Oct 2009 07:17

Oilfield services firm Petrofac said it is increasingly confident that the group will deliver earnings growth for the full year of at least 20%.The group said it has continued to win business during the period with contracts secured in both its Engineering & Construction and Offshore Engineering & Operations segments and bidding activity continues at good levels. As previously reported, Engineering Services and Training Services activity levels continue to be somewhat depressed, although business development activity has improved over recent weeks.Backlog at the end of September was approximately $8.5bn (30 June 2009: $8.4bn), comprising around $7bn in Engineering & Construction (30 June 2009: $6.9bn) and around $1.5bn across the other business units (30 June 2009: $1.5bn). The group's gross cash balances at the end of September stood at approximately $1.3bn (30 June 2009: $0.9bn) with most of the advance payments due on awards secured in the first half of the year now received.