Petrofac sees net profits in line with guidance

Oil and gas facility maker Petrofac said it expect to deliver net profit in 2016 in line with previous guidance of $445m.

In a trading statement, the company said it expected net profit to be broadly evenly split between the first and second half of the year.

The group's order backlog stood at $18.9bn at 31 May 2016 “giving excellent revenue visibility” and its order intake was around $800m in the year to date, mainly in engineering & production services, Petrofac said. It also noted a strong bidding pipeline for the second half of 2016 and full year 2017.

Petrofac said its consensus net profit for the excluding integrated energy services and before recognising the final charge on the Laggan-Tormore gas project of approximately £70m ($100m) is approximately $445 million. The final charge on the Laggan-Tormore project will be recognised in the first half of 2016.