Petrofac Net Profit Rises

7 March 2010 (Last Updated March 7th, 2010 18:30)

Oil and gas services company Petrofac posted its full-year net profit ahead of forecasts, boosted by new contract awards in its engineering and construction division. The company posted a net profit of $353.6m in 2009, up 33% on 2008, and revenues up 10% to $3.66bn. Ma

Oil and gas services company Petrofac posted its full-year net profit ahead of forecasts, boosted by new contract awards in its engineering and construction division.

The company posted a net profit of $353.6m in 2009, up 33% on 2008, and revenues up 10% to $3.66bn.

Market expectations for net profit ranged from $273m to $346m with the consensus at $327m, according to a Thomson Reuters I / B / E / S poll of seven analysts.

The company said it was boosted by new contract awards in its engineering and construction division in the Middle East and Turkmenistan.

It also said ongoing investment in oil and gas projects would underpin growth in this year.