Petrofac (GB:PFC) has released an update.
Petrofac has reported a challenging financial year for 2023, with a strong order intake of $7.1 billion leading to a backlog growth up to $8.1 billion, despite a group business performance EBIT loss of $393 million and a full-year cash outflow of $223 million. The company is actively seeking a comprehensive financial restructure to improve liquidity and support future contracts, while also discussing the reinstatement of trading in its shares. Amid these efforts, Petrofac’s E&C division boasts its strongest year in new awards within five years, indicating potential for recovery and future growth.
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