Petrofac trades in line

21st Oct 2010 08:38

Oil services group Petrofac is crowing about an "excellent" operational performance for the year so far, which is in line with expectations. Order intake sits at US$2.6bn in the year to date, while gross cash balances, currently $1bn, are expected to rise over the balance of the year."We are pleased with our excellent operational performance during the year to date, with a number of projects either recently delivered to customers or expected to be delivered before the end of the year," chief executive Ayman Asfari said. "Our operational performance, together with our expected order intake for the full year, underpins our confidence in 2010 and the medium-term."Petrofac's backlog at the end of September stood at about $7.4bn, of which $5.7bn has come from the engineering and construction unit.