Petrofac predicts $330m profit

Published 16.12.2009 10:02:07 by John Bradbury

Engineering and service contractor Petrofac has predicted that it will see profit of around US $330 m for the year ending on 31 December this year.

“As a result of our success in securing new contracts during the year and the continued good progress across most of our businesses, the Board is confident that, in the absence of unforeseen circumstances, the group will deliver profit after tax for the year of at least US$330 million, which represents year-on-year growth of around 25%,” the company indicated in a trading statement today.

An increase in tendering activity has been seen across its offshore engine3reing and operations division, Petrofac said, while engineering and construction activity in the Middle East and North Africa allowed the company to report a record order intake level of more than US $6 Bn. And Petrofac said: “Initial progress on these new awards has been in line with our expectations and we have continued to deliver good operational performance across our broader portfolio of projects. We have a healthy pipeline of bidding prospects for 2010.

And on the UK North Sea Don area development which is it operators, Petrofac predicted total production will be about 3 m bbl of oil.

At the same time the company says it is on schedule to commission a permanent export route for the Don area over the Thistle platform, and to re-start production from a second production well and to start up water injection in Don Southwest in early 2010.

“With a second phase drilling programme scheduled to commence during the second quarter, production rates are expected to rise through the year from around 15,000 barrels per day (bpd) towards a peak of around 30,000 bpd,” the engineering group indicated.

Currently the group's order book is expected by the year end to be $7.8 Bn, up from $4 Bn at the end of 2008. Petrofac is due to publish its end of year results on March 8 next year.

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