UPDATE 1-Petrofac seeing strong bidding pipeline in 2013

Tue Dec 18, 2012 2:48am EST

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LONDON Dec 18 (Reuters) - British energy services company Petrofac said the pipeline for major oil and gas projects was strong, providing it with plenty of bidding opportunities for 2013, as it reported in line performance to date.

Petrofac, which designs and builds oil and gas infrastructure and also invests with producers in oil fields, said on Tuesday that it expected to grow its backlog of orders in its main onshore engineering division next year.

Group backlog is expected to be $11.6 billion on Dec. 31, Petrofac said, compared to its $10.8 billion level at the same time last year.

In its core market in the Middle East, North Africa and the Commonwealth of Independent States, the company said it was seeing a strong pipeline of bidding opportunities.

Petrofac also said it expected net profit to be at least 15 percent higher this year than in 2011, slower than the 25 percent jump in profit it posted last year.

Analysts expect reported net profit of $640 million, 19 percent higher than in 2011, according to a current Thomson Reuters I/B/E/S consensus.

"Overall, we are well positioned to grow next year and beyond and we are confident of achieving our target of more than doubling our recurring 2010 Group earnings by 2015," said Chief Executive Ayman Asfari in a statement.

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