LONDON: British oilfield services company Petrofac Ltd on Wednesday reported a 10.7 per cent fall in core earnings for the first-half as subdued oil prices forced exploration and drilling companies to defer or cancel service contracts.
Order backlog stood at $12.5 billion as of June 30, said the company, which designs, builds, operates and maintains oil and gas facilities.
It recorded an order book value of $14.3 billion in 2016 as orders picked up in its core Middle Eastern markets. Earnings before interest, tax, depreciation and amortization (EBITDA) fell to $323 million for the first half ended on June 30. Revenue for the half year fell about 20 per cent to $3.13 billion. — Reuters
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