Petrofac Expecting Full-year Revenue Dip
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.
Petrofac Sells Mexico Assets to Perenco
Oilfield services company Petrofac Ltd said on Thursday it would sell the remaining 51% interest in its Mexican oilfields for up to $276 million to Anglo-French oil and gas company Perenco.Petrofac, which had offloaded a 49% stake in the operations to Perenco last year, said the sale includes interests in onshore fields Santuario and
Bribery Probe Slows Petrofac Sales
Petrofac Ltd on Wednesday reported a fall in first-half order intake and forecast lower 2020 revenue, citing uncertainty relating to an investigation into the oilfield services company's dealings in Saudi Arabia and Iraq.Petrofac, which designs, builds and operates oil and gas facilities…
Petrofac JV Wins $2 Bln Refinery Contract in Oman
Petrofac Ltd said Oman's Duqm Refinery and Petrochemical Industries awarded a $2 billion contract to the British oilfield services company's 50:50 joint venture with Samsung Engineering, sending its shares up as much as 9.5 percent. The 47-month project includes engineering…
Petrofac Reports Record Order Book
British oilfield services company Petrofac Ltd said its full-year revenue grew 10 percent and that its order book stood at record levels at the end of the year, sending shares up more than 12 percent on Wednesday morning. Petrofac said most of the $20.7 billion backlog came from its core Middle Eastern markets.
Petrofac Wins $900 mln Oman Contract
Petrofac Ltd said it won an about $900 million contract from Petroleum Development Oman (PDO), the country's top oil and gas producer, to provide engineering and procurement services. Petrofac will provide the services at PDO's Yibal Khuff project, located about 350 km south west of Oman's capital Muscat…
UK's Oil Services Firms to Cut Jobs to Ride Out Price Slump
Amec Foster Wheeler Plc and Petrofac Ltd on Tuesday joined a growing list of London-listed oil and gas support services companies planning to cut jobs in response to the tumble in oil prices. Benchmark Brent crude oil prices have nearly halved in the first quarter, prompting…
Petrofac Expects Further Loss on Shetland Project
Shares fall as much as 14 pct. Petrofac Ltd said its loss on the Laggan-Tormore project in the Shetland Islands would now be larger than it expected, highlighting the hostile operating conditions and high costs faced by oil and gas developers in the North Sea. The oilfield…
Kuwait's KNPC to Invest $40 bln to 2022
Kuwait National Petroleum Co (KNPC) plans to spend $40 billion in the period to 2022 on projects including a new refinery and a clean fuels project, its chief executive said on Monday. Mohammed Ghazi al-Mutairi said in a speech at a conference in Kuwait city that the Clean…
Petrofac Slides on Oil Price, Project Delays
Shares fall nearly 25 pct to 4-yr low. Oil and gas services firm Petrofac Ltd's net profit estimate for 2015 fell far short of its goal, wiping out more than 1 billion pounds ($1.56 billion) of its market value. Petrofac's shares shed a fourth of their value in heavy trading Monday morning on the London Stock Exchange…
Britain's Petrofac gets $700 mln contract in Kuwait
British oil and gas services group Petrofac Ltd said it secured a $700 million contract from Kuwait Oil Co for a gathering centre located north of Kuwait City. The project, which includes engineering, procurement, construction, pre-commissioning and commissioning of GC29, is to be completed over three years.
