Petrofac confirmed a record backlog, totalling $18.5billion in its latest financial update.
The firm’s order intake year-to-date rests at $8.8billion.
Major deals, including a $100million one-year extension with South Oil Company for support on its Iraq Crude Oil Expansion Project, and $800million worth of contract extensions in the UK North Sea contributed to the total.
The firm also confirmed it had completed all major construction activities on the Laggan-Tormore project. First gas is expected at the end of the year.
Ayman Asfari, Petrofac’s group chief executive, said: “Against the backdrop of a difficult period for the industry, we remain well-positioned. Our ECOM backlog stands at record levels, giving us excellent revenue visibility for 2016 and beyond, and our pipeline of bidding opportunities remains robust, with ongoing investment by our clients in large strategic projects in our core markets.
“We have taken steps to maintain our cost-effectiveness and sustain our strong competitive position, which gives us confidence that we can continue to deliver value for both our clients and our shareholders.”