Petrofac go super-size

Sharjah based Petrofac, the international provider of facilities solutions to the oil and gas industry, has announced net profits totaling US$121.2 million for the first half of 2008, a rise of 57% since 2007.

“Notwithstanding recent reductions in forecast short-term global economic growth prospects, the broad environment in which the group operates remains underpinned by long-term factors and demand for our services continues to be very strong,” said Ayman Asfari, Petrofac’s group chief executive.

“We are currently bidding on several major projects with a combined value in excess of $10 billion, which are scheduled to be awarded in the coming months,” added Asfari.

Estimates for Petrofac’s net profits for 2008 range from $228 million to $262 million. Such figures encompass the work of all three divisions of the company: engineering and construction, operations services and energy developments.

Print | Email | Discuss this article |

READERS' COMMENTS

View all comments (0)

Have your say

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM