By Natasha Graham
Petrofac win big with half year profits totaling $121.2 million.
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.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.