Shares in Petrofac were up on the FTSE 100 in morning trading after the solutions provider reported a rise in revenue and net profit in the full year ended 31 December 2010.

Revenue increased 19 per cent to $4.4 billion, the company said, while net profit rose 58 per cent to $557.8 million.

The group said that the value of its year-end backlog had risen 45 per cent to $11.7 billion, while net cash was down slightly from $1.4 billion to $1.1 billion.

Petrofac added that it would be raising its full year dividend 22 per cent to 43.80 cents per share.

Ayman Asfari, Chief Executive of Petrofac, said, "I am delighted to present another excellent set of results. 2010 has been an exceptional year for us, with a record intake of new orders, which gives us outstanding revenue visibility and brings exciting opportunities for us to develop our capability and to deliver it into new markets.

"With this strong financial underpinning, our differentiated and competitive offering and our proven excellence in project execution, we are confident that we will continue to deliver superior value for our customers and sector-leading returns for our shareholders, with like-for-like net profit growth in 2011 of at least 15%."

By 10:45 shares in Petrofac were up 0.55 per cent on the FTSE 100 to 1,474.00 pence per share.