UK oilfield facilities and training firm Petrofac has declared that it is set to achieve growth of at least 20 per cent for the current financial year.

In an interim statement to shareholders, the company said performance highlights for the year included the award of a second contract to develop liquefied natural gas trains at the Ruwais complex in Abu Dhabi.

The statement continued: "In offshore engineering and operations, our bid pipeline remains strong both in the UK Continental Shelf and in international markets, as customers look to obtain cost efficiencies by putting contracts out to competitive bids."

However, the group added engineering and training operations remain "somewhat depressed", although a turnaround in business activity has been witnessed in recent weeks.

Earlier this year, Petrofac also announced that it has become the first oil and gas company in the UK to achieve business continuity standard BS25999, enabling the firm to continue to manage contracts expeditiously and on budget.

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