Bloomberg News

Petrofac Says Order Book to Expand After 2011 Profit Rises

March 05, 2012

Petrofac Ltd. (PFC), a U.K. oil and gas engineer, said it can grow its order backlog this year after reporting a 25 percent increase in profit.

Earnings rose to $539.4 million last year, the company said today in a statement in London, excluding the gain on the EnQuest merger in 2010.

Sales increased 33 percent to $5.8 billion and the company raised the final dividend 24 percent to 37.2 cents. The order backlog was $10.8 billion at the end of 2011, compared with $11.7 billion a year earlier.

“Over time, we expect to see backlog grow in line with revenue growth,” Chief Financial Officer Tim Weller said on a conference call with journalists. “We didn’t chase many new orders in 2011. In 2012, we expect to be much more active in the bidding process.”

Petrofac expects profit to gain 15 percent this year after it beat a 20 percent growth target for 2011. Chief Executive Officer Ayman Asfari is expanding the business in Thailand, Nigeria, Mexico and Iraq.

Shares rose 1.3 percent to 1,595 pence as of the market close in London. The stock has gained 37 percent since the start of October.

To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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