BUZZ-Petrofac: RBC hikes PT, says awards in Q2 is key to 2020 growth

** Brokerage RBC says oil field services co Petrofac's strong backlog, award of material contracts starting this year could lift its estimates and confidence

** RBC raises PT to 640p from 630p, maintains "sector perform" rating

** Says PFC's cautious outlook weighs on 2020 expectations and sees Q2 as an important quarter for contract awards

** Petrofac provided cautious growth outlook as some customers are undertaking greater diligence following an investigation from Serious Fraud Office

** Broker says it expect an ongoing investigation by Britain's SFO to take some time, and anticipates a resolution with no findings of wrong-doing to materially boost co's share price

** RBC says management highlighted a higher degree of uncertainty in winning contracts in 2019 due to SFO announcement , that a former employee had admitted offences contrary to the UK Bribery Act 2010

** So far this year, PFC gained ~10 pct in line with the ~11 pct rise in the FTSE350 Oil & Gas Index (Reporting By Geetha Panchaksharam)