While the oil and gas services and investment group reported a 25% fall in first-half net profit, chief executive Ayman Asfari said Petrofac was on course to achieve its target of $862 million (£560m) net profits in 2015, more than double the level recorded in 2010.
"Our high quality portfolio of existing projects… together with a strong pipeline of bidding opportunities and our competitive positioning means that we remain on track to achieve our 2015 earnings target," said Mr Asfari in the company's interim results.
Net profits after tax fell to $243m in the six months to June, from $326m in the first half last time. The group said revenue and net profit for 2013 was significantly weighted towards the second half "reflecting the phasing of project delivery".
However, shares in the FTSE-100 company rose 8.7% suggesting investors attached more importance to Mr Asfari's assurances about long-term prospects than short-term performance.
The update provides more evidence of the boom in business at services firms.
"UK business very robust with increased levels of activity from core clients such as Apache, Enquest and CNR," said Petrofac in its results presentation.
Petrofac has been winning work from firms increasing their exposure to the UK North Sea in the hope of boosting production from existing assets and making further finds.
America's Apache has spent billions of dollars acquiring assets like the Forties and Beryl fields. Petrofac earns $160m annually from a contract to provide engineering and construction services for Apache's UK assets.
Petrofac is also working on a big contract to build a gas processing facility on the Shetland mainland to handle production from Total's giant Laggan Tormore development off the isles.
The company has around 300 employees working on the plant on Shetland. Another 1100 are working on the project including sub-contractors.
Petrofac was represented at a meeting of industry executives held on Monday in Aberdeen to discuss the operational impact of the temporary suspension of Super Puma helicopters following the crash of an L2 model off Shetland on Friday with the loss of four lives. It is also an investor in the UK North Sea. It has a 20% stake in the Ithaca-operated greater Stella development.
The expertise amassed in the North Sea is helping firms like Petrofac win business around the world. In November it signed a strategic alliance with Edinburgh-based Bowleven to support the proposed development of the Etinde permit off Cameroon.
Petrofac has won some bumper contracts in the Middle East in recent months, which will provide a big boost to revenues in future.These include two contracts worth $3.4 billion in total to work on giant fields being developed onshore in Abu Dhabi.
The value of the backlog of work the group has to complete increased by 21%, to $14.3 billion at 30 June, from $11.8bn at 31 December.
The company signalled interest in capitalising on moves by the Mexican government to open up the country's huge oil and gas resources to outside investors.
Chief financial officer Tim Weller said increased investment in oil and gas in the country would create opportunities for services companies. He said Petrofac had a strong relationship with Pemex, the state oil monopoly.
First half revenues fell to $2.8bn from $3.2bn last time.
The company declared an interim dividend of 22 cents, up 5% from 21 cents in the first half last time.
Shares closed up 110p at £13.75p.