Petrofac diversifying portfolio as tensions rise
As tensions rise in northern Africa and the Middle East, Petrofac said it would continue to diversify its portfolio further.
"Oil is found in difficult places and we have always operated in challenging environments," Ayman Asfari, the chief executive of the energy services company told CNBC Europe's "Squawk Box" on Tuesday.
"But the other thing we can do is to diversify our portfolio...we now have exposure to South East Asia, in Malaysia, and a very huge exposure in Mexico. So that's all we can do - but we have to go to where the resource is."
Petrofac, which provides facilities services to the oil, gas and energy production and processing industries, had to stop work in a gas plant in Algeria earlier this year due to an attack. Asfari said it had not affected the company's profitability and insisted the company's priority was the safety and security of its personnel and facilities.
(Read more: Nomura warns of 'one-off' strike on Syria - CNBC.com)
The company reported a 12.5 percent fall in first half revenue on Tuesday, with first half net profit of $243 million. In a statement, the company said its profit would be heavily weighted to the second half of the year due to the timing of project delivery.
Shares of Petrofac closed around 8.69 percent higher on Tuesday.
"We have growth this year but it won't be the double digit growth we've enjoyed in previous years," Asfari said, though the company remained on track to meet its target of doubling its 2010 earnings of $433 million by 2015, he added.