17th Oct 2014 06:45
LONDON (Alliance News) - Petrofac Ltd Friday said it has received record awards for its engineering, construction, operations and management (ECOM) activities as it remains on track to hit profit targets for all of 2014.
The company reported an order intake totalling USD9.4 billion for the year to date for its engineering, construction, operations and management sector.
Its group backlog, unfinished work or customer orders that have been received but are either incomplete or in the process of completion, increased to USD21.2 billion at September 30, compared to USD20.3 billion at June 30, giving good revenue visibility for the remainder of 2014, it said in a statement.
At September 30, the company reported a net debt of USD1.1 billion, a decrease from June 30, when it stood at USD1.3 billion.
The company is on track to deliver a net profit between USD580 million to USD600 million for the full year, it said in a statement.
"This is already our most successful year for new awards in ECOM, with ECOM order intake of USD9.4 billion in the year to date, which has been secured at bid margins, on a country-by-country basis, in line with the last few years," said Chief Executive Ayman Asfari.
By Joshua Warner; [email protected]; @JoshAlliance
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