Revenue rose nine per cent at FTSE 100-listed oilfield service company Petrofac in the year ended December 31st.

The company reported that its revenue rose to $6.3bn from $5.8bn a year earlier while net profit rose 17% to $632m from $540m in 2011.

Earnings per share (diluted) increased by 17% to 183.88 cents. This compared to 157.13 cents in 2011.

The final dividend was 43.00 cents per share compared to 37.20 cents per share in 2011 and the full year dividend was up 17% to 64.00 cents per share.

Ayman Asfari, Group Chief Executive Officer of Petrofac, said: "We have delivered another year of strong financial results and good operational performance. Our portfolio of existing projects is in excellent shape, which we expect will help us to maintain our sector-leading onshore margins, and we see many new and attractive opportunities across our business."

Asfari added: "I am excited and confident about our prospects for the coming year and beyond. We expect to deliver good growth in net profit in 2013 and our strategy underpins long-term earnings growth, including the achievement of our 2015 earnings target."

However, the company´s shares are being penalised by the company´s announcement to spend around $1bn over the next five years to build its own a differentiated offshore EPIC business through the construction of its own installation capability.

MF

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