Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Folder An icon of a paper folder. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. Linked In An icon of the Linked In logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo.

Petrofac

Oil & Gas

Petrofac reveals fewer than expected job losses for CNRI work

Energy service firm Petrofac plans to axe 16.5 full-time equivalent offshore roles supporting the UK North Sea operations of CNR International (CNRI). A spokeswoman confirmed the fewer-than-expected number last night after 37 possible redundancies was mentioned in a letter to Petrofac employees. It also said workers supplied to CNRI through its Aberdeen-based recruitment business, Atlantic Resourcing, were being “downmanned”.

Oil & Gas

Petrofac bucks weak oil market on order backlog, Subsea Alliance

Petrofac Ltd. bucked weakness in the market for oilfield services as it added orders this year to a record backlog for 2014 with the national oil companies that make up its main customers still investing into the downturn in prices. The company, based in London, also formed a five-year tie-up with McDermott International Inc. to pursue subsea projects. Petrofac advanced 7% to 872 pence, the biggest gain since Oct. 17, by 11:07 a.m. even as it lowered an earnings goal for this year and net income fell 11% in 2014. The company cut its forecast by $40 million to $460 million after a further drop in oil prices since its November estimate, it said Wednesday in an earnings statement. The order backlog rose to a record $18.9 billion in 2014 with intake this year at $3.5 billion. Profit for 2014 was also hit by delayed projects.

Oil & Gas

Petrofac in consultation over jobs on Marathon’s Brae field

Contractor Petrofac could be making a number of job losses after Marathon Oil said it would be reviewing how it maintained and operated its Brae field in the North Sea. The companies are currently in discussion following an announcement by the US firm last month that it would be implementing new maintenance strategies to address its “late Life operations”. In a letter to staff, Petrofac said it had been advised by Marathon that they anticipated a “significant reduction” in discretionary and project type activities on an annual basis.

Oil & Gas

Petrofac wins $4billion contract from Kuwait Oil Company’s development programme

Petrofac has won a $4billion contract for the first phase of Kuwait Oil Company’s (KOC) Lower Fars heavy oil development programme. The company will carry out the work in consortium with the Consolidated Contractors Company (CCC) as its partner. The scope of work covers greenfield and brownfield and includes engineering, procurement, construction, pre-commissioning, start-up and operations, associated infrastructure as well as the production support complex.

Oil & Gas

Petrofac predicts 2015 losses from Laggan-Tormore

Petrofac said it expects its IES net profit for 2015 to drop by around $45million after assessing a number of ongoing projects. The company said the current change in oil prices and “expectation on delivery” of certain IES projects had been behind the estimated reduction. Within the next year, the company said the Laggan-Tormore project in Shetland, would result in “no profit or loss”.

Oil & Gas

Petrofac nets $600million in profit for 2014

International oil and gas facility service provider expects to make up to $600million in profit this year. The company said the past year had been its most successful for new awards, with an ECOM (Engineering, Construction, Operation and Maintenance) order intake of $9.4billion.