Petrofac says trading is in-line with expectations, warns on outlook
“Clients are delaying awards and adopting tough commercial positions," said Ayman Asfari.
Company
Petrofac Limited
LON:PFC
Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world’s leading integrated, independent and national oil & gas companies. The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training, Production Solutions and Energy Developments.
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Petrofac boss Ayman Asfari to retire at end of 2020
“As a major shareholder I remain deeply invested in Petrofac's future," Asfari commented.
Petrofac investors shrug off ‘inevitably weak’ interim results
"Our first-half results reflect the deterioration in market conditions triggered by the Covid-19 pandemic and subsequent decline in oil prices,” said Ayman Asfari.
Petrofac expects 70% revenue slump in engineering and construction division
The engineering and production services division is expected to perform in line with last year
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FTSE 100 closes 3% lower as virus fears remain at the forefront
The UK index of leading shares closed over 196 points lower, or 3.11%, at 6,123.
Petrofac set for another round of cost cutting as most of 2020 projects roll into 2021
The engineering and services contractor seeks to save at least US$125mln of overhead as it lines up another round of cost-cutting.
Petrofac shares slump as Abu Dhabi terminates US$1.65bn Dalma contract
The contract was awarded as recently as February, and, now the Abu Dhabi National Oil Company has terminated it.
Petrofac cancels US$85mln dividend due to coronavirus, cuts costs and capex
Future dividends will be reviewed once the full impact of COVID-19 and low oil prices is known, Petrofac told investors.
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Petrofac upgraded to ‘buy’ as Goldman says Middle East capex “more robust” amid oil price war
The bank said with "more defensive capex exposure" and an implied upside to their 316p target price of 136%, their forecasts for the oiler were “skewed to the upside”
Petrofac says market conditions are improving but predicts 2020 as “year of transition”
Changes through 2020 are expected to impact the short term financial performance, but, improves Petrofac's position for the future.
Petrofac says it is trading in line with guidance
"We remain on course to report good results for 2019 in line with prior guidance," said Ayman Asfari.
Petrofac acquires US competitor, wins US$120mln contracts
The FTSE 250-listed firm acquired the American peer, based in the Permian basin, to enter the US onshore operation and maintenance market
Petrofac describes “solid operational performance” in first half
“Petrofac has delivered good results that reflect solid operational performance across the business," said Ayman Asfari.
Morgan Stanley mixed on oil services firms; ups Wood Group to ‘overweight’, cuts Petrofac to ‘equal weight’
For Petrofac, the investment bank said while it was "well positioned" to grow its order backlog, an ongoing SFO probe remains the biggest factor affecting the share price
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”
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Tuesday’s trading update will be a distraction from Petrofac’s woes
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