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Mon 8 Mar 2010 02:31 PM

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Petrofac posts 33% profit rise for 2009

Firm said it had $6.3bn worth of new orders from Abu Dhabi, Algeria, Oman and Saudi.

Petrofac posts 33% profit rise for 2009
BOOMING: The oilfield services industry has been good to Petrofac in 2009.

Petrofac posted a full year net profit of $353.6m in 2009, largely due to additional projects in the Middle East and Turkmenistan.

The British oil and services company, which has significant operations in the UAE, saw its full year profits increase by 33 percent compared to the previous year and said it remained confident for the year ahead.

“Overall, 2009 was another excellent year. We have delivered record results and a record order intake which gives us outstanding revenue visibility for the current year and beyond,” said Ayman Asfari, group chief executive of Petrofac.

The company said it had new orders worth $6.3bn in 2009 from projects in Abu Dhabi, Algeria, Oman and Saudi Arabia.

Last week Petrofac announced it would spin off its North Sea oilfields into a joint venture with the Swedish firm Lundin Petroleum. The newly created company – called EnQuest – will have a production capacity of almost 14,000 barrels per day.

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