Petrofac Limited (PFC.L, POFCY.PK, POFCF.PK) said the company expects its 2012 full year net profit to be at least 15% higher than in 2011. The company is confident of achieving its target of more than doubling recurring 2010 Group earnings by 2015.
In the Engineering, Construction, Operations & Maintenance division, Petrofac continues to deliver very good operational performance. The company continues to experience high levels of bidding activity and see a strong pipeline of bidding opportunities for 2013.
Based on contracts signed to date, Petrofac expects Group backlog to be $11.6 billion at 31 December 2012. Net cash balances were $0.2 billion at 30 November 2012.
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