Petrofac profits benefit from Iraq

By Daily Mail Reporter
Updated:

 

Oil and gas services company Petrofac expects to benefit from growth in Iraq and Turkmenistan after reporting stellar firsthalf profits.

Pre-tax earnings came in at £249m, more than doubling the £93m it booked at this stage last year, helped by an £80.5m gain on the demerger of its EnQuest exploration and production operation earlier this year.

Chief financial officer Keith Roberts said the firm hoped to benefit from a need for £128bn to be spent on war-torn Iraq's oil industry, and a contract Petrofac expects to win in Turkmenistan, worth around £2.5bn.

The group (up 49p to 1411p) expects underlying net profits - excluding the EnQuest benefit - to be 20% ahead of last year and has rewarded shareholders by raising its interim dividend 29% to 8.91p.

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