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REFILE-Petrofac sees better-than-expected FY net profit
December 15, 2016 / 7:33 AM / 10 months ago

REFILE-Petrofac sees better-than-expected FY net profit

(Refiles to fix typo in first paragraph)

Dec 15 (Reuters) - 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 Dec. 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 Nov. 30. It had recorded an order book value of $20.7 billion in 2015 due to higher orders from its core Middle Eastern markets. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair)

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