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Petrofac Expects Modest Growth Hit by In Amenas Delays

Source: Reuters 5/16/2013, Location: Africa

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British oil services firm Petrofac said it expected modest growth in net profit this year after its books were hit by the shut down of the In Amenas gas plant in Algeria following an attack in January.

Full operations at the site are expected to restart in the second half of this year, Petrofac said in a statement on Thursday.

The company, which designs and builds oil and gas infrastructure and also invests alongside oil firms in oil fields, said it remained on track to meet its 2015 earnings target despite the setback at In Amenas.

Petrofac surprised analysts and investors this year when it declined to put a number on its growth forecast for 2013.

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