Petrofac
Order intake this year $4.7bn
There was much relief in a nervous market that Petrofac did not serve up too much more bad news with its halfway trading update. There was also a recognition that the oil services company appears to be past the worst and can be expected to start to grow again.
Petrofac’s troubles have come in threes — aside, that is, from the inevitable fallout from the low oil price. Specifically, three contracts have gone horribly wrong.
Two were within its overambitious Integrated Energy Services division, which was intended to take direct stakes in projects. One is a field in Romania now being exited; the other is the delayed Greater Stella in the North Sea, which is still heading for first