The firm has recently added to its portfolio of engineering and construction projects, with contract wins in Kuwait and Malaysia for $0.7bn and 0.5bn respectively. The ECOM division has already had its most successful year for new awards, taking $9.4bn orders year-to-date.
Shares of Petrofac climbed 4% to 1,030p in early trade, which reduces the loss the FTSE 100 member has made this year by a fifth to 16%.
The order backlog grew to $21.2bn in the three months ended 30 September, “giving good revenue visibility for the remainder of the year”.
Petrofac, which helps national oil companies rejuvenate mature oil fields, added “our focus remains on the delivery of key operational milestones” on its existing project portfolio. Petrofac only books revenue once these targets are hit.
Net debt stood at $1.1bn at the end of September, down from $1.3bn three months earlier.
Prior to today, the City expected Petrofac to revel earnings per share of 104p in its upcoming annual results, supporting a near-term P/E of 10.
Markets around the world are reeling from the coronavirus pandemic…
And with so many great companies trading at what look to be ‘discount-bin’ prices, now could be the time for savvy investors to snap up some potential bargains.
But whether you’re a newbie investor or a seasoned pro, deciding which stocks to add to your shopping list can be daunting prospect during such unprecedented times.
Fortunately, The Motley Fool is here to help: our UK Chief Investment Officer and his analyst team have short-listed five companies that they believe STILL boast significant long-term growth prospects despite the global lock-down…
You see, here at The Motley Fool we don’t believe “over-trading” is the right path to financial freedom in retirement; instead, we advocate buying and holding (for AT LEAST three to five years) 15 or more quality companies, with shareholder-focused management teams at the helm.
That’s why we’re sharing the names of all five of these companies in a special investing report that you can download today for FREE. If you’re 50 or over, we believe these stocks could be a great fit for any well-diversified portfolio, and that you can consider building a position in all five right away.