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Petrofac - "Farm-in" to large gas discovery in Cameroon

December 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • PFC
  • Price:
  • 1511p
Oil engineering and construction services business, Petrofac announced that thanks to a good operational performance it remains on course to deliver net profit growth of at least 15% in 2012. Group backlog was US$9.4bn as at 30 September (30 June: US$8.9bn.) reflecting previously highlighted delays to the tendering process. However, it is experiencing high levels of bid activity. Separately, Petrofac has announced it will provide project management and EPC services to develop AIM-listed, Bowleven's, 77p, 60%-owned, Etinde gas discovery in Cameroon and will also invest up to US$500m to cover most of Bowleven's funding costs in return for a cut of its future production revenues. This de ...

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