Petrofac Reports Loss Amid Restructuring Efforts

Petrofac (GB:PFC) has released an update.

Petrofac Limited reported a challenging first half of 2024 with a net EBIT loss of $106 million and a free cash outflow of $36 million, amidst a comprehensive financial restructuring process aimed at strengthening the company’s financial position. Despite setbacks, the company reports a robust order backlog of $8.0 billion and continues to secure new contracts, particularly in Asset Solutions which added $0.9 billion in the first half of the year. The company’s future outlook hinges on the successful implementation of its financial restructuring, with a substantial $53 billion pipeline of projects up for award in the next 18 months.

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