2010 has been another excellent year for Petrofac. Revenue was up by 19% and net profit up by 58% [26% on a like-for-like basis, excluding the gain on the EnQuest demerger and the trading net profit from the demerged assets] compared to 2009. In addition, we delivered to shareholders one EnQuest share for every Petrofac share held.

Our backlog, which stood at US$8.1 billion at the end of 2009, increased to a record US$11.7 billion at 31 December 2010, giving us outstanding revenue visibility.