Petrofac narrows losses, sees order backlog growth in H2
Energy industry firm Petrofac narrowed losses and said it expected to grow order backlog over the full year.
The company in Thursday posted a net loss of $14m for the six months to June 30 compared with a loss of $89m a year earlier.
“Our performance in the first half continues to reflect the Covid-19 related industry challenges, as we work towards completion on many of the projects in the legacy engineering and construction (E&C) portfolio,” Petrofac said.
“Moving into the second half of 2022, a significant increase in bidding activity has put us firmly on the path to grow backlog over the full year.”
“Supported by a strong commodity price environment and an increasing focus on energy security, the outlook for the industry is robust and the work we have done over the past 18 months means that Petrofac enters this important period in a strong competitive position.”
Petrofac said the market outlook for E&C continued to improve, adding that it was optimistic the projects it was bidding on would start to be awarded in the second half of the year.
Reporting by Frank Prenesti at Sharecast.com