Petrofac confident after new contracts

Oil and gas services company Petrofac said it was confident for 2010 as it expects further investment in oil and gas projects, after it doubled its order backlog and posted net profit above forecasts in 2009.

Petrofac said yesterday its order backlog doubled to $8.1 billion (Dh29.75bn) in 2009 after new contract wins and said it expected to continue to benefit from investment in oil and gas projects in its core Middle East, North African and Caspian Sea markets in 2010.

"This backlog gives us excellent revenue visibility for this year and indeed beyond," said Petrofac Chief Financial Officer Keith Roberts.

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