SUMMARY
- Good operational performance across our portfolio of Engineering, Construction, Operations & Maintenance (ECOM) and Integrated Energy Services (IES) projects in the year to date; we remain on course to deliver net profit growth in 2012 of at least 15%
- Group backlogwas US$9.4 billion at 30 September 2012 (30 June 2012: US$8.9 billion); Onshore Engineering & Construction backlog expected to be broadly flat over the second half of 2012 reflecting delays in certain Onshore Engineering & Construction tender processes that we have highlighted previously (30 June 2012: US$4.6 billion)
- IES declared the selected bidder for the Arenque production enhancement contract in Mexico in August 2012, which will be included in backlog after formal signing
- Net cash balances were US$0.5 billion at 30 September 2012 (30 June 2012: US$0.8 billion)
Ayman Asfari, Group Chief Executive, commented:
"We continue to deliver good operational performance and we remain on course to deliver net profit growth in 2012 of at least 15%.
"We are currently experiencing high levels of bidding activity, particularly in the Middle East, North Africa and the Commonwealth of Independent States. Given this bidding activity and our competitive positioning, we expect to grow Group backlog over the coming months. Together with our existing portfolio of ECOM and IES projects, this underpins our confidence that we will continue to deliver earnings growth in 2013 and beyond and that we will achieve our target of more than doubling our recurring Group 2010 earnings by 2015."
