Petrofac's annual losses swell on challenges in biggest division

Petrofac

31/05/2024 07:50

May 31 (Reuters) - Petrofac  PFC.L  reported higher
annual losses on Friday, as the British oilfield services
provider struggled with significant losses in its biggest
division, Engineering & Construction (E&C).
    The company posted an incremental loss of about $190 million
in its E&C division for the year, higher than its expectations
of about $130 million. However, it said operating activity would
be higher for the business in 2024.
    Full-year losses widened to $505 million from $320 million
in the previous year, as the company also grappled with payment
delays and cost overruns.

 (Reporting by Yamini Kalia in Bengaluru; Editing by Varun H K)
 ((Yamini.Kalia@thomsonreuters.com;))