Petrofac sees strong growth

13th May 2010 07:54

Oilfield support services group Petrofac has made a good start to 2010 and said it is confident that it will be another year of strong growth. The group's backlog at the end of April stood at about $7.3bn (31 December 2009: $8.1bn), comprising approximately $5.8bn from the Engineering & Construction reporting segment and around $1.5bn across the other reporting segments. Gross cash balances were $1.2bn at the end of April 2010 (31 December 2009: $1.4bn). Chief executive Ayman Asfari said: "Following our record order intake in 2009, the business is delivering on our broader portfolio of existing contracts and our backlog gives us outstanding revenue visibility for the current year and beyond." "We continue to invest in our people and our business infrastructure, prioritising sustained excellence in our project execution. Our differentiated offering, focus on major hydrocarbon regions where significant expenditures are expected and strong bidding pipeline gives me confidence in the group's opportunities for continued growth."