PETROFAC LIMITED
TRADING UPDATE
Petrofac, the international oil & gas service provider, issues the following pre-close trading update ahead of the announcement of its interim results for the six months ending 30 June 2012, expected to be on 13 August 2012.
SUMMARY
· Good operational performance across our portfolio of ECOM and IES projects in the year to date; we remain on course to deliver net profit growth in 2012 of at least 15%
· ECOM order intake in the year to date is US$1.3 billion; in addition, we have secured approximately US$1.1 billion of awards which are pending contract signature and are not currently included in Group backlog
· IES secured a production enhancement contract for the Pánuco Contract Area in Mexico, which will add US$0.4 billion to backlog after formal signing in August 2012
· Based on contracts signed to date, Group backlog is expected to be US$9.1 billion at 30 June 2012 (31 December 2011: US$10.8 billion)
· Net cash balances are expected to be US$0.7 billion at 30 June 2012 (31 December 2011: US$1.5 billion)
Ayman Asfari, Group Chief Executive, commented:
"It is a year since we rolled out our IES strategy and we are making excellent progress in building the business. We were selected as preferred bidder for our third production enhancement contract in Mexico, which we are delighted to be delivering in partnership with Schlumberger.
"We see strong industry demand for commercially innovative, integrated oilfield service developments, which, together with our strong ECOM prospects, continue to give us confidence of achieving our target of more than doubling our recurring 2010 Group earnings by 2015."
