SUMMARY
Expect to deliver net profit growth in 2012 of at least 15%
Operations continue to perform in line with expectations
On the basis of awards announced to date, Group backlog expected to be approximately US$11.6 billion at 31 December 2012 (31 December 2011: US$10.8 billion)
Ayman Asfari, Group Chief Executive, commented:
"We have delivered another year of good growth, with our 2012 full year net profit expected to be at least 15% higher than in 2011.
"In our Engineering, Construction, Operations & Maintenance (ECOM) division, we continue to deliver very good operational performance. Despite a number of bidding processes extending into next year, we have secured an order intake in the year to date of US$5.3 billion(2), with major project awards in Saudi Arabia, Iraq, Kuwait and the UK. We continue to experience high levels of bidding activity and we see a strong pipeline of bidding opportunities for 2013.
"We have made good progress in our Integrated Energy Services (IES) division in the year to date, securing two further production enhancement contracts in Mexico, including our first in conjunction with Schlumberger, and agreeing a strategic alliance agreement with Bowleven to develop the Etinde Permit in Cameroon. These new awards, together with the achievement of significant milestones on our other IES projects, are helping to build long-term sustainable earnings for the Group.
"Overall, we are well positioned to grow next year and beyond and we are confident of achieving our target of more than doubling our recurring 2010 Group earnings by 2015."
