Petrofac shares take a hit on $100m losses announcement
Analysts weigh-in on Petrofac’s dire news and the road ahead.
Sami Iskander
Petrofac predicts losses of $100m for 2022
Petrofac (LON: PFC) has warned it will report losses of around $100m in 2022 due to “challenges” linked to its engineering and construction (E&C) arm.
The impossible job? Challenges ahead for new Petrofac CEO
Analysts have warned that the surprise announcement of a new CEO for Petrofac (LON: PFC) is a negative signal for investors, with “renewed scrutiny” ahead for its balance sheet.
Petrofac chief executive to step down next year, replacement named
Energy services giant Petrofac has announced that its chief executive is heading for the exit door.
Petrofac looks ahead to ‘multi-year upcycle’ but headwinds deal a blow to E&C
Petrofac (LON: PFC) has said it is in position to benefit from a “multi-year upcycle” ahead for the oil and gas industry, but headwinds continue to hit its E&C division.
Petrofac laments ‘cost overruns’ and ‘unfavourable’ settlements as E&C heads for loss
Petrofac (LON: PFC) has decried cost overruns and "unfavourable" settlements hitting its E&C division and the wider group's cash flow.
Petrofac reverses 10% pandemic pay cut after slashing workforce by more than a quarter
Petrofac has awarded eligible employees a 5% pay increase, reversing pandemic related cuts initiated two years ago, as the company now looks to “recovery and growth” in 2022.
Petrofac awaits outcome of £127 million HMRC court battle
Petrofac (LON: PFC) is awaiting the outcome of a £127 million court battle with HMRC, and said a portion of the costs could land on its customers.
Petrofac warns of further Covid disruption as projects take a hit
Petrofac (LON: PFC) has warned that its financial results for 2021 will be impacted by Covid-19 as project schedules and costs take a hit.
Petrofac falls deeper into losses as bribery fine and ‘challenging conditions’ prevail
Petrofac fell deeper into pre-tax losses in the first half of 2021 as “challenging market conditions” and a fraud squad fine continued to impact the business.
End of Petrofac investigation will unlock ‘lucrative’ Saudi and UAE markets
An investigation into allegations of bribery at Petrofac, which wrapped up yesterday, “will unlock the lucrative” Saudi Arabia and United Arab Emirates (UAE) markets.
Petrofac finds new CEO in former Shell VP Sami Iskander, Asfari to retire
Petrofac has found its new CEO in former Shell vice president Sami Iskander, as long-term boss Ayman Asfari announces his plans to retire.