Oil and gas services business Petrofac Limited (LON:PFC) reassured investors it will hit profit guidance this year.
The FTSE250-listed firm has endured a difficult couple of years following the slump in oil and gas markets and has issued a number of profit warnings.
There had been a lower level of project awards during the first half of the year, it said, but investment had continued in its core markets of the Middle East and North Africa both upstream and downstream.
In the year-to-date, orders had Totalled around US$800mln, mainly from its engineering and production services division.
The firm also reported a “strong bidding pipeline” for the second half of this year and next year.
Total orders stood at US$18.9bln at end May, down from US$20.7bln at the end of last year, while net debt would likely increase to around US$1.1bln by 30 June, up from US$700mln at the end of 2015, said the company.
Ayman Asfari, chief executive, said: “Our backlog gives us excellent revenue visibility for this year and beyond, and we are very active bidding on a strong pipeline of new opportunities as our clients continue to invest in core markets.”
Shares were down 7p, or 0.9%, to 742p.