StockMarketWire.com - Oil services company Petrofac said it was trading in line with expectations, having won $5bn worth of orders in the year to date.

The company said its net debt was expected to around $250m at 31 December.

'We are on course to report good results, which reflect solid operational performance in all our businesses and excellent progress delivering our strategy,' chief executive Ayman Asfari said.

Asfari said the company has sold $0.8bn worth of non-core assets, realising $0.5bn of net divestment proceeds to date.

'Looking forward, we remain focused on securing new orders, delivering operational excellence and maintaining a strong balance sheet,' he added.

'We are well-positioned with a differentiated offering, good backlog and revenue visibility, and high levels of tendering for award in 2019.'






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