Petrofac 1H Revenues Up 25.2 Percent (UK)

August 22, 2011

Petrofac today announced results for the first six months ended 30 June 2011.

FINANCIAL HIGHLIGHTS

Revenue up 25.2% to US$2,711.1 million (2010 restated: US$2,165.8 million)
Net profit up 6.6% to US$246.3 million (2010 restated: US$231.0 million)
Earnings per share (diluted) up 6.7% to 71.84 cents (2010 restated): 67.31 cents)
Interim dividend up 26.1% to 17.40 cents (10.54 pence) per share (2010: 13.80 cents)
Backlog US$11.4 billion at 30 June 2011 (31 December 2010: US$11.7 billion; 30 June 2010: US$6.9 billion)
Gross cash balances at 30 June 2011 of US$1.8 billion (31 December 2010: US$1.1 billion)

Ayman Asfari, Petrofac’s group chief executive commented on the interim results:

“We have had a successful year to date, with good operational performance across our portfolio of projects and encouraging progress against our recently announced Integrated Energy Services strategy. We are well on course to deliver like-for-like net profit growth in 2011 of at least 15% and in-line with current market expectations.

“With a strong financial position, a differentiated and competitive offering and a proven track record in project execution, we remain confident of achieving our medium-term growth target of more than doubling our recurring 2010 earnings by 2015.”

[mappress]
Source: Petrofac, August 22, 2011;