Petrofac confident despite order backlog sliding

Oilfield support services titan Petrofac says it is growing increasingly confident of hitting its mid-term target of more than doubling its recurring 2010 group earnings by 2015, after a solid 2011.

Revenue in the year was up by a third to $5.8bn from $4.4bn in 2010. Profit before tax climbed to $680.6m from $668.4m, while diluted earnings per share jumped by a quarter to 157.13 cents from 126.09 cents the year before. The full year dividend has been increased more or less in line with earnings, up 24% to 37.20 cents (23.39p) from 30 cents in 2010.

The order backlog at the end of 2011 had diminished to $10.8bn from $11.7bn a year earlier. Net cash balances at 31 December 2011 totalled $1.5bn, up from $1.0bn at the end of 2010.

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