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 (LON: PFC) has decried cost overruns and "unfavourable" settlements hitting its E&C division and the wider group's cash flow.
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 (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 (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 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.
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 has found its new CEO in former Shell vice president Sami Iskander, as long-term boss Ayman Asfari announces his plans to retire.