Petrofac reports 33% jump in 2009 profits
3/9/2010

(MENAFN) Petrofac Plc, a UK oil-services provider, announced that it has posted a 33 percent gain in full-year profit as orders increased in the Middle East and Asia, Reuters reported. Net income rose to $353.6 million in 2009 from $265 million a year earlier, the London-based company said in a statement. The order intake climbed to a record $7.3 billion, with a backlog of $8.1 billion as of December 31. Sales advanced 10 percent to $3.66 billion last year as oil prices rebounded from their 2008 slump. Explorers that shelved spending plans as the recession eroded energy demand began to study investment as economies recovered. Petrofac's main clients are in Abu Dhabi, Algeria, Saudi Arabia and Turkmenistan. The company said earlier this month it would combine its UK North Sea fields with those of Lundin Petroleum AB, forming a new business called EnQuest Plc. The move is part of Petrofac's strategy to sell or swap assets following their development.