Petrofac unaffected by unrest as orders surge

7th Mar 2011 07:54

Oil fabrications giant Petrofac has seen only a 'minimal impact' so far from the unrest in the Middle East and North Africa, but adds it continues to monitor the situation closely."The significant political changes across the Middle East and North Africa have, to date, had a minimal impact on our day to day operations. Of the countries substantially affected, Tunisia is the only one in which Petrofac has current operations and production at our Chergui facility has returned to normal after short periods of being shut-in," it said alongside strong full year numbers for 2010.Net profit for the year rose by 58% to $557.8m (2009: $353.6m), with a 26% increase on a like-for-like basis. Revenue rose 19% to $4.4bn (2009: $3.7bn). Orders at the year-end were 45% higher at $11.7bn, from $8.1bn. "2010 has been an exceptional year for us, with a record intake of new orders, which gives us outstanding revenue visibility," Ayman Asfari, Petrofac's group chief executive, said. "With this strong financial underpinning, our differentiated and competitive offering and our proven excellence in project execution, we are confident that we will continue to deliver superior value for our customers and sector-leading returns for our shareholders, with like-for-like net profit growth in 2011 of at least 15%," he added.The dividend for 2010 rises by 22% to 43.8c.