Petrofac shares rise on trading assurances

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Petrofac shares rise on trading assurances
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FTSE 250 oil and gas services firm Petrofac (LON:PFC) has said that trading in the year ending 31st December has been in line with expectations, with more than $5 billion in new orders received during the period.

CEO Ayman Asfari commented: “We are on course to report good results, which reflect solid operational performance in all our businesses and excellent progress delivering our strategy.

“Healthy new order intake in both our core and growth markets reflects our competitiveness in a market that has seen some delays in contract awards. We have also made excellent progress transitioning back to a capital light business with US$0.8 billion (2) of divestments of non-core assets, realising US$0.5 billion of net divestment proceeds to date.

“Looking forward, we remain focused on securing new orders, delivering operational excellence and maintaining a strong balance sheet. We are well-positioned with a differentiated offering, good backlog and revenue visibility, and high levels of tendering for award in 2019.

The price of Petrofac shares was up by 2.38% to 456.40p (as of 13:15 GMT).

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