Petrofac sees further decline in revenue in 2020 [Reuters]
PETROFAC LTD UNSP/ADR (POFCY)
NASDAQ:AMEX Investor Relations:
petrofac.com/en-gb/investors
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Source: Reuters
Petrofac sees further decline in revenue in 2020 Feb 25 (Reuters) - Oilfield services provider Petrofac reported a 16.7% drop in core profit for 2019 on Tuesday and reiterated forecasts of a decline in revenue this year as it recovers from a hit to orders in Saudi Arabia and Iraq last year. Petrofac officials said last June that the company had lost out on $10 billion worth of contracts globally due to a probe by Britain’s Serious Fraud Office into dealings in Saudi Arabia and Iraq that saw its former head of sales convicted of bribery a year ago. The company said earnings before interest, tax, depreciation and amortization(EBITDA) fell to $559 million for the 12 months ended Dec. 31 from $671 million a year earlier. (Reporting by Muvija M and Shanima A in Bengaluru; editing by Patrick Graham)
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