LONDON Dec 18 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
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.