Petrofac cut on costs, lack of one-off items

Net drops: increased costs and inclusion of EnQuest de-merger gain in 2010 result saw Petrofac profit fall last year

Petrofac

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Eoin O'Cinneide

 05 March 2012 09:21 GMT

Higher costs, an inflated tax bill and a lack of one-off gains seen in 2010 eroded much-improved revenues to send net profit sinking at oilfield services giant Petrofac last year.

The company has, however, pointed to increased opportunities for contracts across the globe and is looking for double-digit revenue growth.

Net profit for the 12 months to the end of December was $539.58 million as against $557.85 million a year earlier.

This was despite revenues booming from $4.35 billion to $5.8 billion, driven largely by the Asab oilfield development in Abu Dhabi and the second phase of the South Yoloten project in Turkmenistan.

Net profit in 2010 did, however, include a one-off gain from the de-merger of EnQuest. Petrofac and Sweden’s Lundin Petroleum in…

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