Production facilities expert Petrofac has posted $265 million in net profit for the full year of 2008, up 40 percent over the prior year on $2 billion more in Middle East business, mostly pipelines and refinery work.

Company revenues shot up 36 percent year-on-year to $3.33 billion, and in the company ended February 2009 with $6.5 billion in order backlog: $2.8 billion in new work has been secured already in 2009.

“We don’t see any slowdown in the (Middle East),” company chief exec Ayman Asfari told TV’s CNBC markets program.

In a separate statementy, Asfari said the company board would be increasing its dividend five percent to 35 percent of full-year post-tax profits. With $690 million, the company emerged from 2008 with $100 million more cash than at this time a year ago.

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