Oil & gas services firm Petrofac Ltd. (PFC.L,POFCY.PK,POFCF.PK) said Tuesday it remains on course to deliver net profit growth of at least 15 percent in 2012.
The company said year to date, it experienced good operational performance across its portfolio of Engineering, Construction, Operations & Maintenance, or ECOM, and Integrated Energy Services, or IES, projects. ECOM order intake year to date was $1.3 billion.
Ayman Asfari, chief executive of the company said, "We see strong industry demand for commercially innovative, integrated oilfield service developments, which, together with our strong ECOM prospects, continue to give us confidence of achieving our target of more than doubling our recurring 2010 Group earnings by 2015."
In 2010, the company's net profit was $557.8 million and earnings per share were 162.46 cents. In 2011, the company posted net profit of $539.43 million or 157.13 cents per share.
Petrofac stated that in the IES business, it recently secured its first joint production enhancement contract with Schlumberger on the Pánuco Contract Area in Mexico from Petróleos Mexicanos, or PEMEX. The contract, which runs for 30 years, is expected to be signed in August 2012. Field operations are anticipated to start around the beginning of 2013.
Earlier, the company had revealed that IES could generate net income in 2015 of $200 million from current projects, with the potential to grow this by at least 50 percent from new projects.
Based on contracts signed to date, Group backlog as at the end of the first half is expected to be $9.1 billion, comprising $7.5 billion from ECOM and $1.6 billion from IES. At the end of 2011, Group backlog totaled $10.8 billion.
The company is scheduled to announce its interim results for the six months ending June 30, on August 13.
PFC.L is currently trading at 1,387.71 pence, up 30.71 pence or 2.26 percent, on a volume of 555 thousand shares on the LSE.
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by RTT Staff Writer
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