Petrofac downgrades profit forecast to $460m | The National

Petrofac downgrades profit forecast to $460m | The National:



"Petrofac expects a lower than forecast net profit of US$460 million this year owing to fall in prices, which pushed the London-listed oil and gas company to post a 10.6 per cent drop in net profit last year.



In November, the firm forecast net profit of about $500m this year based on an average oil price of $82 a barrel, but the fall of Brent oil to less than $60 per barrel since June has lowered its forecast for this year.



“While the operating environment remains uncertain with the industry adjusting to a lower oil price environment, we are well positioned and will maintain our bidding discipline and focus on our areas of core strength,” said Petrofac. “At this stage, clients in our core onshore markets in the Middle East and North Africa are continuing to commit to ongoing investment in large strategic projects.”"



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