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Petrofac Expecting Full-year Revenue Dip

December 17, 2019

(Photo: Petrofac)

Oilfield services provider Petrofac Ltd guided to a more than 5% fall in full-year revenue on Tuesday, with delays in bidding processes constricting order intake in its biggest segment during the second half.

Petrofac, which designs, builds and operates oil and gas facilities, said revenue for the year ending Dec. 31 would be $5.5 billion, down from $5.8 billion a year earlier.

Backlog stood at $7.4 billion as at Nov. 30, compared to $9.6 billion a year ago.

(Reporting by Muvija M; Editing by Rashmi Aich)

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