Petrofac predicts modest growth for the year | The National

Petrofac predicts modest growth for the year | The National:



"Petrofac’s order backlog swelled to a record high of US$15 billion last year, but the oil services provider has told investors to expect “modest to flat growth” in profits.



New orders in Abu Dhabi, Iraq and Oman helped to expand the value of its order book by 27 per cent last year compared to 2012’s $11.8bn, and so far this year the company has taken in about $3bn in new contracts, the London-listed company reported yesterday.



Profits grew by 3 per cent to $650 million, beating a Reuters poll of analyst estimates, while revenues ticked up 1 per cent to $6.3bn."



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