The termination notice was for two recently awarded contracts for the Dalma Gas Development Project, awarded in February to the Petrofac Emirates unit. The project had been valued at US$1.65bn.
It said that its remaining order backlog amounted to around US$7bn, and, it continues tendering for major contracts in Abu Dhabi – but, anticipates delays in project awards.
Meanwhile, it added: “Petrofac is committed to working with ADNOC over the coming weeks to explore alternative options to deliver this project in a way that supports their strategic objectives within the current challenging environment.”
Petrofac shares fell around 25p or 14% to change hands at 159.58p.