INTERNATIONAL oil and gas facility service provider Petrofac today predicted at least 15% growth in like-for-like profits for the full year.
Giving an interim management statement the firm’s chief executive, Ayman Asfari, also said the firm was confident of achieving a target to more than double its 2010 group earnings by 2015.
Mr Asfari said: “We expect to deliver like-for-like net profit growth for the full year of at least 15% and in line with current market expectations.
“We are encouraged by the number of Integrated Energy Services opportunities that we have identified and are pursuing, which combined with our existing backlog and a continued positive outlook for our engineering and construction and offshore engineering and operations businesses, gives us confidence in achieving our target of more than doubling our recurring 2010 group earnings by 2015.”
Petrofac said it had a backlog on £6.8billion at the end of September, compared to £7.2billion at the end of June, and a cash balance of £1.1billion.