Petrofac on track to hit full-year profit targets

Oilfield services giant Petrofac has reiterated its target of achieving net profit growth of at least 15 per cent this year, saying that operations continue to perform in line with expectations.

Oilfield services giant Petrofac has reiterated its target of achieving net profit growth of at least 15 per cent this year, saying that operations continue to perform in line with expectations.

The group, which said in October that it had seen "high levels of bidding activity" going into the fourth quarter, said that it now expects the group backlog to be around $11.6bn by the end of 2012, up from $9.4bn at the end of the third quarter (September 30th), and $10.8bn at the end of 2011.

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