Petrofac ups divi as profits rise

24th Aug 2009 07:05

Oil services group Petrofac lifted its dividend for the six months to June 30 as revenues and profits rose in spite on the sharp drop in oil prices from the same period the previous year.It will pay out 10.7 cents a share, compared with 7.5 cents for the previous half year period. Pre-tax profits for the period climbed to £174.3m from £160.8m as revenue rose to $1.59bn from $1.58bn.'Notwithstanding the significantly lower oil price environment experienced in the first half of the year the group has performed well and, subject to any unforeseen circumstances, we are confident that we will deliver earnings growth for the full year of at least 20%,' the firm said.Recent contract awards in the engineering & construction division are expected to support strong revenue growth in the second half of the year and the offshore engineering and operations division's sales are expected to remain resilient, the firm said.