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Petrofac delivers growth

RESULTS: Oilfield services group Petrofac grew underlying profits strongly in 2011 and management expects solid earnings growth this year, too
March 6, 2012

Several large contract wins enabled oilfield services group, Petrofac, to boost 2011's revenues. Exclude last year's gain on the EnQuest demerger, and the company grew adjusted net profit by a robust 25 per cent in 2011 to $539m (£341m).

IC TIP: Hold at 1574p

Revenue growth was especially noticeable in the Offshore Projects segment; rising 73 per cent to $1.25bn - helped by a $540m receipt from upgrading a floating production facility within the Stella field development in the UK North Sea. What's more, overall revenue growth was supported by a significant step-up in activity within the South Yoloten development in Turkmenistan, as well as the Abu Dhabi Asab oil field.

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