Tuesday, June 25, 2013

Petrofac to restart work after terror attacks



Petrofac to restart work after terror attacks

Mark Leftly

Petrofac is set to restart work on a natural gas contract in southern Algeria after terrorist attacks in January which prompted a slide in the oil giant’s shares.

Staff were evacuated from the In Salah gas complex — where Petrofac was providing construction and engineering services — after more than 70 people were killed by Islamist militants at another gas facility. BP and Statoil were also working at In Salah.

Work had expected to resume after only a few weeks, but is now expected in the second half of the year. Today’s trading statement said that, as a result, any profit booked from the project in 2013 will be heavily weighted towards the second half of Petrofac’s annual figures.

Although 2013 is now expected to be a year of only “modest net profit growth”, according to chief executive Ayman Asfari, he added that the group is on course to meet its target of doubling earnings by 2015.

Shares in the company, which prior to the terrorist attack were comfortably above 1700p, edged down 3p to 1231p.


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