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Petrofac shares lower despite ‘in line’ trading ahead of interims

"We continue to maintain excellent client relationships in all of our markets, although new order intake in the year to date reflects our recent challenges in Saudi Arabia and Iraq”

oil and gas operations
Petrofac shares were down 5.3%

Petrofac Limited (LON:PFC) has told investors it is trading in line with its prior guidance as it released a trading update for the six months set to end on 30 June.

The engineering and oil services group is due to release its interim results on 28 August and this morning it noted some US$1.7bn of new order intake.

READ: Tuesday’s stock market movers report

"We continue to maintain excellent client relationships in all of our markets, although new order intake in the year to date reflects our recent challenges in Saudi Arabia and Iraq,” said chief executive Ayman Asfari.

“Looking forward, the group has a busy tendering pipeline in other markets with around US$15 billion of bid opportunities due for award in the second half of the year.”

He added: "We are making good progress delivering our strategic objectives.

“We continue to target best-in-class delivery for our clients and are improving our competitiveness by reducing costs, driving digitalisation, increasing local content and investing in talent. 

“Furthermore, we are well positioned in the second half with good revenue visibility, a strong balance sheet and high levels of tendering activity."

Petrofac shares were down 23p or 5.3% in morning trading, changing hands at 410.5p each.

Quick facts: Petrofac Limited

Price: 351.1 GBX

LSE:PFC
Market: LSE
Market Cap: £1.21 billion
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