Petrofac issues trading update

Multinational

ST HELIER, June 27, 2017 – Petrofac has made public its pre-close trading update, detailing its expectations for the company’s half-year performance.

To be announced on August 30, Petrofac projects underlying net profit to come out at between USD 135 million and 145 million for the six months ending June 30. During the year to date, the company bagged USD 1.7 billion in new orders, with a backlog of USD 13 billion as of May 31.

“We have made a positive start to the year, driven by good project execution and financial discipline. Our core business continues to trade in line with expectations and we remain competitive, securing new contract awards in both our E&C and EPS divisions throughout the last six months,” Group Chief Executive Ayman Asfari said in comments on the expected results.

“The high level of tendering activity is evidence of greater confidence in our core markets and we continue to have a very good pipeline of bidding opportunities,” he added.