21st Jun 2016 06:20
LONDON (Alliance News) - Oil services company Petrofac Ltd on Tuesday said it is on track to meet its net profit guidance for 2016 and said it remains confident on its outlook given a robust order book.
The FTSE 250-listed company said net profit for 2016 is set to meet its expectations and will be broadly evenly split between the first and second halves.
Petrofac said its order backlog at the end of May was at USD18.9 billion, down from USD20.7 billion at the end of December, which it said provides "excellent revenue visibility".
Order intake in the year to date, Petrofac said, has been around USD800.0 million, primarily for its Engineering & Production Services unit. It said it has a strong bidding pipeline in place for the second half of 2016 and for 2017.
"We are well-positioned in what is a challenging environment for the industry and we remain focused on our core proposition: strong project execution, a clear geographic focus, a disciplined approach to bidding and continued emphasis on cost management to maintain a sustainable, cost-effective structure," said Petrofac Chief Executive Ayman Asfari.
By Sam Unsted; [email protected]; @SamUAtAlliance
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