Oil & gas services company Petrofac (PFC.L) has reported net profits of $246.3 million during the first half of 2011.

The rise represented a 6.6 per cent increase in net profits during the six months to 30 June 2011, up from the prior-year period's $231 million.

The company also reported a corresponding rise in revenue, up 25.2 per cent to $2.7 billion compared with $2.2 billion for the first six months of 2010.

Ayman Asfari, group chief executive at Petrofac, said it had been a 'successful year to date'.

He said, 'We are well on course to deliver like-for-like net profit growth in 2011 of at least 15 per cent and in-line with current market expectations.'

\With a strong financial position, a differentiated and competitive offering and a proven track record in project execution, we remain confident of achieving our medium-term growth target of more than doubling our recurring 2010 earnings by 2015.'

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