* Expects backlog to grow, seeing high bidding activity
* Backlog at $9.4 bln on Sept. 30
* On track to post FY net profit growth of at least 15 pct
(Adds details)
LONDON, Oct 19 (Reuters) - British oil services firm Petrofac
The company said on Friday that it expected its backlog of contracts, a key metric which measures future workflow, to grow given the high levels of bidding activity it was seeing, a turnaround from August when it said customers were delaying the award of contracts.
Backlog stood at $9.4 billion on Sept. 30, Petrofac said, higher than the $8.9 billion level recorded three months earlier, after it won new business in Kuwait and Iraq.
Petrofac, which designs and builds oil and gas infrastructure for state-run firms in Turkmenistan, Abu Dhabi and Algeria, said it was on track to post net profit growth of at least 15 percent in 2012.
New contract wins added to its confidence of being able to meet its long-term target of doubling 2010 earnings by 2015 and delivering earnings growth in 2013, the company said.
Shares in Petrofac closed at 1,632 pence on Thursday, valuing the firm at 5.6 billion pounds ($9 billion). ($1 = 0.6199 British pounds)
(Reporting by Sarah Young; Editing by Paul Sandle)
((sarah.young@thomsonreuters.com)(+44 20 7542 1109)(Reuters Messaging: sarah.young.thomsonreuters@reuters.net))
Keywords: PETROFAC/BRIEF




















