3rd Jul 2006 07:02
Petrofac Limited03 July 2006 PETROFAC LIMITED ("Petrofac") TRADING UPDATE Petrofac, the international oil & gas facilities service provider, issues thefollowing pre-close trading update ahead of the announcement of its interimresults for the six months ending 30 June 2006, expected to be on 18 September2006. The Board is pleased to be able to report that the Group's strong operationalperformance, highlighted in the recent AGM trading statement, has continued and,with oil & gas markets continuing to support strong demand for our services, theoutlook for the rest of the financial year is viewed with increasing confidence.It is therefore anticipated that, in the absence of unforeseen circumstances,the Group's net profit for 2006 will significantly exceed the Board's previousexpectations. During the first six months of 2006, order intake across the Group amounted to,in aggregate, approximately $1.0 billion. As at 30 June 2006, total backlog wasapproximately $3.4 billion. Ends For further information, please contact: Petrofac Limited +44 (0) 20 7811 4900 Ayman Asfari, Group Chief ExecutiveKeith Roberts, Chief Financial OfficerRobin Caiger, Head of Investor Relations Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232 Ben WoodfordGeoff Callow Notes to Editors Definition of backlog and order intake Backlog consists of the estimated revenue attributable to the uncompletedportion of lump sum engineering, procurement and construction contracts andvariation orders plus, with regard to engineering services and facilitiesmanagement contracts, the estimated revenue attributable to the lesser of theremaining term of the contract and, in the case of life of field facilitiesmanagement contracts, five years. To the extent work advances on thesecontracts, revenue is recognised and removed from the backlog. Where contractsextend beyond five years, the backlog relating thereto is added to the backlogon a rolling monthly basis. Order intake comprises new contracts awarded, growth in scope of existingcontracts and the rolling increment attributable to contracts which extendbeyond five years. Backlog and order intake include only the revenue attributable to signedcontracts for which all pre-conditions to entry have been met and only theproportionate share of joint venture contracts that is attributable to Petrofac.Backlog and order intake do not include any revenue expected to arise fromcontracts where the client has no commitment to draw upon services fromPetrofac. Backlog and order intake are not audited measures. Other companies in the oiland gas industry may calculate these measures differently. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Petrofac