"Notwithstanding recent reductions in forecast short-term global economic growth prospects, the broad environment in which the group operates remains underpinned by long-term factors and demand for our services continues to be very strong," Petrofac Chief Executive Ayman Asfari said in a statement.

"We expect to see significant investment in new and replacement production capacity by our customers, particularly in our core markets."

Petrofac added that order intake in the period to June was $1.7 billion, and it had an order backlog of $4.8 billion. Additionally, it is currently bidding for projects valued at over $10 billion.

Petrofac is "massively correlated with oil prices," Evolution Securities said in a morning note. "But with 2011 consensus estimates of earnings per share at 179 cents (triple 2008 forecasts), it’s hard not to like at this level."

REVENUE JUMP

Revenue jumped 49 percent to $1.58 billion in the first half. Operating profit gained a third to $179.2 million, led by an 81 percent bounce in net profit at its engineering and construction unit, which accounts for about 40 percent of its employees.

Fortis had expected first-half revenue of around $1.4 billion and pretax profit of $161 million.

Diluted earnings per share gained 57 percent to 35.13 cents, while interim dividends rose 53 percent to 7.50 cents per share.

Bullish forecasters say the record rally that took oil prices to more than $147 a barrel has a long way to run and that it will take years to make up for a chronic lack of investment in bringing on new supplies.

Goldman Sachs, one of the most active investment banks in the commodities markets, has predicted prices could reach $200 barrel, while oil tycoon T. Boone Pickens has said prices would never fall below $100.

Petrofac designs and builds oil and gas facilities, operates and manages facilities and trains personnel, mainly in the UK, Africa, the Middle East, the Commonwealth and in Asia.

(Reporting by Hsu Chuang Khoo, editing by David Cowell, Chris Wickham and Will Waterman)