UK oilfield services firm Petrofac said Friday that it was on track to deliver net profit of between $580 million and $600 million during 2014 after its most successful year for new awards.
Petrofac Group Chief Executive Ayman Asfari commented in a company statement:
"This is already our most successful year for new awards in ECOM [Engineering, Construction, Operations and Maintenance], with ECOM order intake of $9.4 billion in the year to date, which has been secured at bid margins, on a country-by-country basis, in line with the last few years.
Petrofac said that its backlog of orders increased to $21.2 billion at Sept. 30, compared to $20.3 billion three months earlier, giving "very good revenue visibility for the remainder of the year and beyond".
The group's net debt was lower at $1.1 billion on September 30, compared to $1.3 billion at the end of June.
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