Petrofac's order backlog rises to $20.5 bln

Oilfield services company Petrofac Ltd said it expected its net profit for the year to be weighted towards the second half and that its order book at the end of May had grown to $20.5 billion.

Petrofac's order backlog rises to $20.5 bln

World Bulletin / News Desk 

Oilfield services provider Petrofac Ltd said strong performance at its engineering and construction division had helped increase its order backlog to $20.5 billion at the end of May.

Petrofac shares rose as much as 11 percent to 965.5 pence on the London Stock Exchange on Tuesday morning.

The company, however, said it expected pretax costs at its Laggan-Tormore project to increase by about 30 million pounds ($47.35 million) as it began additional completion and pre-commissioning works.

The company has incurred about 140 million pounds in costs on the project so far this year.

Order backlog at Petrofac's Engineering, Construction, Operations and Maintenance (ECOM) division, which accounted for nearly 80 percent of its revenue last year, grew 12 percent from the end of December.

JP Morgan Cazenove analyst Daniel Butcher said Petrofac's ECOM backlog, which was $17.4 billion at the end of May, had the potential to increase to $20 billion for the first half.

Chief Executive Ayman Asfari said the company stood to secure several contracts in the second half of the year as clients were investing in large projects in its core markets.

The company said it expected its net profit for the year to be weighted towards the second half as several projects were near completion.

Güncelleme Tarihi: 23 Haziran 2015, 11:56
YORUM EKLE