Petrofac Ltd. (PFC.L,POFCY.PK,POFCF.PK) said it recorded good operational performance across its portfolio of Engineering, Construction, Operations & Maintenance, or ECOM, and Integrated Energy Services, or IES, projects in the year to date. The company added that it remains on course to deliver net profit growth in 2012 of at least 15%.
Group backlog was $9.4 billion at September 30, 2012 versus $8.9 billion at June 30, 2012. Onshore Engineering & Construction backlog expected to be broadly flat over the second half of 2012 reflecting delays in certain Onshore Engineering & Construction tender processes.
Ayman Asfari, Group chief executive, stated, "We are currently experiencing high levels of bidding activity, particularly in the Middle East, North Africa and the Commonwealth of Independent States. Given this bidding activity and our competitive positioning, we expect to grow Group backlog over the coming months. Together with our existing portfolio of ECOM and IES projects, this underpins our confidence that we will continue to deliver earnings growth in 2013 and beyond and that we will achieve our target of more than doubling our recurring Group 2010 earnings by 2015."
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.