Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPetrofac Share News (PFC)

Share Price Information for Petrofac (PFC)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 27.42
Bid: 27.34
Ask: 27.80
Change: 1.42 (5.46%)
Spread: 0.46 (1.683%)
Open: 26.00
High: 27.96
Low: 26.00
Prev. Close: 26.00
PFC Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Petrofac interims lower as margins fall; Sees lower 2020 revenue

Wed, 28th Aug 2019 07:04

(Sharecast News) - Oil industry engineer Petrofac reported a fall in interim core earnings due to a decline in contract margins, higher overheads and higher tax as it warned of lower revenues in 2020.
Earnings before interest, tax, depreciation and amortisation fell 9% to $305m. Petrofac said it expected full year results to be in line with guidance with revenues of around $4.5bn and net margins at the low end of forecasts.

"Overall Group profitability in 2019 is expected to be first half weighted, principally reflecting a decline in EPS margins and lower oil prices in the second half," the company said on Wednesday.

"Looking further forward, revenues are expected to decrease in 2020 reflecting low new order intake in recent years."

The company added that no charges had been brought against it by the UK's Serious Fraud Office which is investigating allegations of bribery by a former Petrofac executive to win contracts.

Petrofac in June said it had lost out on global contracts worth $10bn after its former head of sales David Lufkin pleaded guilty in February to 11 counts of bribery related to oil deals in Iraq and Saudi Arabia.

"Although not charged, a number of Petrofac individuals and entities are alleged to have acted together with the individual concerned," the company said on Wednesday.

"The SFO investigation is ongoing. The existence of any possible future financial obligations (such as fines or penalties), or other consequences, is unable to be determined at this time."

Shares in the oil services firm have halved since the SFO started its inquiry in 2017 as part of a wider investigation into Monaco-based oil and gas consultancy Unaoil.

More News
22 Mar 2024 08:59

LONDON BROKER RATINGS: RBC cuts St James's Place; HSBC cuts Ascential

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

Read more
8 Mar 2024 15:02

London close: Stocks mixed as US payrolls paint varied picture

(Sharecast News) - London markets ended the trading session on a mixed note on Friday, as investors digested a faster-than-expected rise in non-farm payrolls in the US.

Read more
8 Mar 2024 14:25

IN BRIEF: Petrofac wins USD200 million contract in Turkmenistan

Petrofac Ltd - energy infrastructure company with core markets in the Middle East and North Africa - Receives award from Turkmengaz for an operations contract from Turkmenistan at the Galkynysh gas field in the country. The three-year contract is valued at over USD200 million and includes provision of personnel to supervise and support operations and maintenance activity. Furthermore, it includes the development and implementation of management systems to support operations at central processing facilities 1 and 1A at the gas field.

Read more
8 Mar 2024 09:30

SMALL-CAP WINNERS & LOSERS: Petrofac jumps on USD200 million contract

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.

Read more
8 Mar 2024 08:56

LONDON MARKET OPEN: Mondi and DS Smith agree takeover

(Alliance News) - Stock prices in London opened mostly lower on Friday, as investors nervously wait for the latest US jobs data.

Read more
8 Mar 2024 07:38

Petrofac secures $200m contract with Turkemengas

(Sharecast News) - Petrofac said on Friday that it has been awarded a three-year operations contract from Turkemengas at the Galkynysh Gas Field, in Turkmenistan.

Read more
5 Mar 2024 14:18

Petrofac progresses talks and non-core asset sales amid ongoing review

(Alliance News) - Petrofac Ltd on Tuesday said "active" discussions are progressing with its stakeholders as part of its ongoing review of its strategic and financial options.

Read more
5 Mar 2024 10:00

Petrofac's creditor talks continue as firm looks to strengthen balance sheet

(Sharecast News) - Petrofac has said that work to bolster its balance sheet is ongoing as it continues to have active discussions with stakeholders and lenders for performance guarantees in order to fund ongoing work.

Read more
2 Jan 2024 10:07

SMALL-CAP WINNERS & LOSERS: CMC Markets up, Petrofac sheds some gains

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.

Read more
28 Dec 2023 09:49

SMALL-CAP WINNERS & LOSERS: Robert Walters rises after tough 2023

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.

Read more
27 Dec 2023 09:47

SMALL-CAP WINNERS & LOSERS: Canadian Overseas up as brief CEO resigns

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.

Read more
21 Dec 2023 09:47

SMALL-CAP WINNERS & LOSERS: Capital hails record MSALabs contract

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.

Read more
20 Dec 2023 17:12

UK's FTSE 100 touches near 7-month high as BoE rate cut bets gain traction

FTSE 100 up 1.0%, FTSE 250 adds 1.6%

*

Read more
20 Dec 2023 17:11

LONDON MARKET CLOSE: Stocks in festive mood after inflation surprise

(Alliance News) - Stocks in London soared on Wednesday, outperforming European peers, after a sharp drop in the annual rate of UK inflation fuelled hopes for interest rate cuts next year.

Read more
20 Dec 2023 17:04

LONDON MARKET CLOSE: Slowing UK consumer inflation lifts local stocks

(Alliance News) - Stock prices in London closed up on Wednesday as local consumer price inflation slowing faster than expected boosted investor sentiment.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.