UPDATE 1-Petrofac JV wins $2.9 bln share of Abu Dhabi contract

UPDATE 1-Petrofac JV wins $2.9 bln share of Abu Dhabi contract Thu, Apr 11 07:47 AM EDT LONDON, April 11 (Reuters) - British oil services firm Petrofac said on Thursday its joint venture with Mubadala Petroleum won a $2.9 billion share of a contract to build facilities on an oil field in Abu Dhabi, lifting its shares. Petrofac's investors have been impatient to see it win new contracts after the company caused concerns in February by deviating from a usual practice of providing a specific annual profit targets. Shares in FTSE 100 constituent Petrofac, which have fallen 14 percent in the last three months, climbed 1.75 percent to 1,455.5 pence in midday training. Numis analyst Sanjeev Bahl said the joint venture contract win was worth about $1.45 billion to Petrofac itself, and was positive news for the company. "It helps derisk consensus forecasts. We still think they need another $5 billion or so (of contract wins) this year," he said. Petrofac, which designs and builds oil and gas infrastructure and also invests alongside oil firms in oil fields, earlier in April won another contract in Abu Dhabi worth $500 million. The company said in February it was seeing a strong pipeline of bidding opportunities meaning it would deliver "good growth" in net profit this year and adding to its confidence in meeting a 2015 earnings target. ======== UPDATE 1-Abu Dhabi fund Mubadala swings back into profit Thu, Apr 11 06:10 AM EDT * 2012 net profit 455 mln dhs VS 3.2 bln dhs loss in 2011 * Revenues up 12 pct in 2012 to 31.3 bln dirhams * 2012 financial investments losses more than half (Adds asset value performance, debt prices,) ABU DHABI, April 11 (Reuters) - Mubadala, the Abu Dhabi investment fund with a mandate to boost the emirate's local economy, swung to a net profit in 2012, helped by improved margins at some of its core businesses and lower impairments, it said on Thursday. Oil-rich Abu Dhabi, capital of the United Arab Emirates is investing billions of dollars in industry, tourism and infrastructure locally as well as overseas through state-backed entities such as Mubadala. However, earlier this month Mubadala signed a $2 billion loan refinancing with banks to replace a $2.5 billion loan agreed in 2010 [ID: nL5N0CQ2U7] Spreads on Mubadala bonds widened slightly on Thursday with the $500 million 7.625 percent bond maturing 2019 bid at 128.5 cents to the dollar to yield 2.520, compared with 2.515 on Wednesday. A $750 million 5.5 percent bond < AE061920099=> maturing 2021 was bid at 117.5 cents to the dollar to yield 3.03 percent, compared with 2.962 percent on Wednesday. The fund made a profit of 455 million dirhams ($124 million) in 2012, compared with a loss of 3.2 billion dirhams in 2011, when it booked heavy impairments on its financial portfolio. The fund, which has a local joint venture with General Electric and interests in the semiconductor, oil and gas, aerospace and real estate sectors in the region, increased its revenue by 12 percent last year to 31.3 billion dirhams, boosted, it said, by higher semiconductor sales and land sales. Losses from financial investments fell to 1.43 billion dirhams last year after a loss of 3.03 billion dirhams in 2011, while impairments on the fund's property portfolio dropped to 585.7 million dirhams from 653 million dirhams. "Our 2012 financial performance is a reflection of how we manage our portfolio, with certain key assets and projects reaching further maturity and improved market conditions positively impacting the value of many of our financial investments," said Chief Executive Khaldoon al Mubarak. Mubadala's total assets stood at 202.8 billion dirhams ($55.22 billion) at the end of the 2012, up from 177.1 billion dirhams a year ago. Mubadala, one of few state-controlled vehicles to publish results, also owns stakes in listed local companies such as Tabreed and indebted developer Aldar Properties which received shareholder approval for a merger with rival Sorouh Real Estate in March. ($1=3.6727 UAE dirhams) (Reporting by Stanley Carvalho; Editing by Dinesh Nair and Greg Mahlich) ================== Abu Dhabi fund Mubadala swings to 2012 profit on lower impairments Thu, Apr 11 05:01 AM EDT ABU DHABI, April 11 (Reuters) - Mubadala, the Abu Dhabi investment fund with a mandate to boost the emirate's local economy, swung to a net profit in 2012, helped by improved margins at some of its core businesses and lower impairments. Mubadala, which has stakes in General Electric and private equity firm Carlyle, made a profit of 455 million dirhams ($123.88 million) for 2012, compared with a loss of 3.2 billion dirhams in 2011 when it booked heavy impairments on its financial portfolio. Unlike other regional sovereign wealth funds like Abu Dhabi Investment Authority (ADIA) or Qatar Investment Authority (QIA), Mubadala's main goal is to engage in investments which enhance development of the local economy, a theme which has gained greater consensus since the wake of the Arab spring. The fund has interests in semiconductors, oil and gas, aerospace and real estate among others. Revenue for the year increased 12 percent to 31.3 billion dirhams from 27.9 billion dirhams in 2011, Mubadala said in a statement on Thursday. It attributed the rise in revenues to higher sale of semiconductors and revenue from land sales. Losses from financial investments fell to 1.43 billion dirhams in 2012, compared with a loss of 3.03 billion dirhams in 2011, Mubadala said. Impairment losses on the fund's property portfolio dropped to 585.7 million dirhams from 653 million dirhams for 2011. Mubadala, one of few state-controlled vehicles to publish results, also owns stakes in local companies such as Tabreed and indebted developer Aldar Properties which received shareholder approval for a merger with rival Sorouh Real Estate in March. ($1 = 3.6730 UAE dirhams) (Reporting by Stanley Carvalho; Editing by Dinesh Nair) =================