Not a good report imo29 Jun 2021 13:23
Orders at E&C had fallen to $2.3bn as of 31 May from $3.3bn a year earlier. And this has caused the order backlog at group level to also fall by $1bn to $4bn. Petrofac said that its recent suspension from competing for new awards in the UAE, as well as clients deferring contract awards in other markets, had caused orders to drop sharply at E&C. The company currently has an active bidding pipeline on contracts worth $48bn through to the end of 2022.