Petrofac sinks to record low on results delay, likely coupon payment miss

Petrofac

29/04/2024 08:25

** Shares of UK's Petrofac  PFC.L  down 27.9% to record low
of 14.71 pence; top loser across London stocks 
    ** Oilfield services provider delays FY results to May 31
and says it expects incremental loss of $130 mln in largest unit
- Engineering & Construction for 2023
    ** Adds it does not expect to make payment for bond coupon
due May 15, but will engage with noteholders in coming weeks 
    ** Says higher costs would hit Asset Solutions unit's 2023
profit by $15-$20 mln vs previous guide
    ** PFC also says some noteholders offer additional credit of
up to $300 mln
    ** Stock down 53% YTD

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.Mathews@thomsonreuters.com;))