International oil and gas facility service provider Petrofac said yesterday it was increasingly confident that 2009 would be another year of strong growth.
The company said it had had a good start to the year.
Petrofac has more than 11,000 employees worldwide including 4,000 working in and out of Aberdeen, and operates from five main operational centres – Aberdeen, Sharjah, Woking, Chennai and Mumbai – and a further 19 offices worldwide.
The firm said yesterday that, in engineering and construction, it had made good progress on the £3billion of new contract awards secured in the first quarter of 2009.
It added: “The majority of construction subcontracts have been agreed and a significant proportion of activities in relation to the procurement of materials and equipment have been completed, which gives the group a high level of confidence that these projects will be delivered in line with initial expectations.”
Petrofac said the offshore engineering and operations, engineering services, training and production solutions’ business units continued to perform broadly in line with expectations.
Tender activity, particularly for brownfield engineering prospects in offshore engineering and operations, had increased in recent weeks, leading to new business opportunities.
Petrofac said that, in energy developments, the first tanker shipment of about 472,000 barrels of oil from the Don field in the UK North Sea had been delivered to a terminal in Rotterdam.
It added: “Following commencement of production from the West Don field in late April, we expect commencement of production from two wells on the Don South-west field in the next few days.
“Plateau production on the Don fields is expected to be achieved in early 2010 after commissioning of the permanent export route over the Thistle platform.”
The order backlog was expected to be about £4.8billion as of yesterday.
Results for the first half of 2009 are due out on Monday, August 24.
Shares closed the day up 1.75% at 670p.
Recommended for you
