Petrofac witnesses good start to the year

It has been revealed by Petrofac Limited in its Interim Management statement for the period from 1 January 2009 to 15 May 2009 that a good start has been made by the company for the year.

Furthermore, the company is confident that 2009 will be another year of strong growth.

The company also expressed that decent success was witnessed by its largest business, Engineering & Construction, in converting last year's high level of bidding activity, securing US$5.0 billion of new contract awards in the first quarter of 2009 in Abu Dhabi, Saudi Arabia and Algeria, which gives high revenue visibility through 2011.

Furthermore, a stable performance was also delivered by its Offshore Engineering & Operations, Engineering Services, Training and Production Solutions businesses.