There was a bit of good news for beleaguered oil service companies on Tuesday as Petrofac Limited (LON:PFC) reported an upbeat half-year performance.
Petrofac posted a US$700mln rise in revenue in the six months to June 30 to US$3.9bn. The group moved to a US$135mln profit from a US$133mln loss a year ago.
It forecast net profit in 2016 in line with expectations, with the City expecting consensus net profit of about US$440mln.
The group kept its interim dividend at 22 cents per share. Shares in the group rose 2.5p to 869p in early London trading.
It said its group order intake was US$1bn in the first half of 2016 with a strong line-up of bid opportunities for engineering & construction in the second half of 2016 and 2017.
However, the order backlog fell to US$17.4bn at the end of June versus US$20.7bn at the end of 2015.
Chief executive Ayman Asfari said: "We are on track to meet expectations for the full year 2016 and our high level of backlog gives us excellent revenue visibility for 2017.
"While there have been few project awards in our core markets in the year to date, we have a strong pipeline of bidding opportunities and we are actively bidding on a large number of projects.