LONDON: British oilfield services company Petrofac Ltd said on Thursday it would report better-than-expected full-year net profit as record revenues and cost cutting measures paid off.
The company said it expected to report $465 million in net profit excluding performance at its Integrated Energy Services (IES) unit. Including the IES unit, which is expected to report a loss of $55 million, the company expected to report net profit of $410 million for the full-year ending December 31, in line with its previous guidance.
The company, which designs, builds, operates and maintains oil and gas facilities said its order book backlog stood at $14.5 billion as of November 30.
— Reuters
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