Petrofac swings to net profit

Services provider Petrofac on Wednesday posted a net profit of USD 319 million, signalling high hopes for the remainder of 2017.

The company’s performance was driven by record revenues of USD 7.87 billion, up 15% from the USD 6.84 billion in revenue reported over 2015. Underlying net profit came out at USD 421 million last year.

“Whilst the market remains competitive, bidding activity has increased in recent months. We have right-sized our business, have a good pipeline of opportunities across our core markets and remain cost competitive, as evidenced by recent bidding success,” Chief Executive Ayman Asfari said in a statement.

Petrofac saw a fresh order intake of USD 1.9 billion, with Oman’s Salalah LPG project – awarded in January 2017 – accounting for USD 600 million. The company’s order backlog was communicated at USD 14.3 billion. This, petrofac said, offers “excellent visibility for 2017.”