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Wed 27 Aug 2008 05:08 PM

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Petrofac go super-size

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.

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