Petrofac announces first half profits of $145.6m

Stellar year continues for rising star of the oil & gas industry

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The UK-based Petrofac has continued to cement its reputation as the up and coming star of the oil and gas contracting business by announcing profits for the first half of 2009 of US$145.6 million.

The figure represents a 20% rise in profits compared to the corresponding period of 2008 and converts into an earnings per share of $0.427 compared to $0.3513 last year.

Revenues were $1.58 billion, up 1% from $1.57 billion for the first half of 2008.

“Overall, we are very pleased with the group’s achievements in the first half of the year, and our excellent growth prospects,” Ayman Asfari, Petrofac’s group chief executive said.

“With over $6 billion of new contract awards secured in the year to date the group has record backlog giving outstanding revenue visibility and underpinning the group’s confidence that strong growth in earnings will continue well beyond the current year,” he added.

Petrofac has won $5.9 billion major contracts in the Middle East and North Africa (MENA) region since the start of the year, including lump-sum contracts in Abu Dhabi, Algeria, Oman and Saudi Arabia.


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