18th Nov 2013 08:29
LONDON (Alliance News) - Petrofac Ltd Monday said it is on track to deliver "modest" net profit growth for its full year, as it reported strong backlog figures and positive order intake in its main Engineering, Construction, Operations & Maintenance Division.
The oil-and-gas facilities builder and operator said its Engineering, Construction, Operations & Maintenance Division order intake is at USD5.9 billion for the year to date, with a number of projects in the commissioning phase and early work commencing on Petrofac's recently awarded projects in Abu Dhabi.
Petrofac said its pipeline of bidding opportunities for the remainder of 2013 and for 2014 is strong, and the company remains confident in growing its Onshore Engineering & Construction backlog over the course of 2013.
The company said its group backlog was maintained at USD14.3 billion at October 31 but that it expects to exit 2013 with the highest ever year-end backlog.
Petrofac also said that, as a result of ongoing and anticipated investments, it expects to remain in a net debt position for the remainder of 2013 and throughout 2014, which will result in a significant increase in year-on-year interest costs in 2014.
Petrofac shares were quoted at the open Monday at 1,230.00 pence, down 14%, making it the biggest loser on the FTSE 100.
By Tom McIvor; [email protected]; @TomMcIvor1
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