Industry

According to Frost & Sullivan, the approaching end to the Libyan struggle for change is unlikely to result in sustained peace with forces loyal to the old regime still remaining active.

Petrofacs earnings for the first half of the year rose 6.6 per cent to US$246mn compared with the same period last year and revenues increased by 25.2 per cent to US$2.7 billion as the result of new awards.

DNO International had an impressive second quarter of 2011 with increased production to 48,582 barrels of oil per day (bopd) and the doubling of the reserves at the Tawke field in Iraq.

Maritime Industrial Services Co. (MIS) posted weaker second quarter 2011 results with revenue falling by 44 per cent and profits took a tumble with MIS posting a loss of US$6.1mn.