By Claire Ferris-Lay
O&G facilities solutions provider says net profit rises 40.4% to $265m despite global woes.
Oil services group Petrofac has reported a 39.1 percent rise in full year earnings and said it was well-placed to withstand the global downturn in 2009.
Petrofac, which supplies facilities solutions to the oil and gas production and processing industry, said its net profit increased 40.4 percent to $265m and revenue by 23 percent to $3,329m. The group increased its full year dividend per share by 55 percent.
Despite the global downturn, which has seen oil prices fluctuate from its peak last year at $147 per barrel to $40 in December, Petrofac said it had secured $2.8bn of new contracts awards in Abu Dhabi and Saudi Arabia.
Commenting on the results Ayman Asfari, group chief executive of Petrofac, said: “We have made good progress on the West Don and Don Southwest developments and expect to commence production in the first half of 2009. Our strong balance sheet and significant cash resources mean we are well-placed to take advantage of suitable investment opportunities that present themselves.
“Our strong order book, healthy prospects list and cost-competitive structure, should position us well to deliver strong growth earnings in the current year and beyond.”