UK's Petrofac says still grappling with challenging contracts, shares tumble [Reuters]
PETROFAC LTD UNSP/ADR (POFCY)
NASDAQ:AMEX Investor Relations:
petrofac.com/en-gb/investors
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Source: Reuters
, opens new tab said on Friday it was still facing challenges in securing performance guarantees for new contracts and that it remains in talks with lenders to restructure its debt in exchange for equity. Performance guarantees refer to a commitment to honour the terms of the deal. WHY IT'S IMPORTANT After a boom in orders due to high oil prices in 2022, Petrofac has been struggling with payment delays and cost overruns at its engineering and construction unit. Report this ad Its shares have suffered -- first due to a UK Serious Fraud Office investigation and then due to a string of profit warnings related to legacy contracts. The stock has dropped 54% over the last 12 months. MARKET REACTION Petrofac's shares sank 22% to 26.6 pence in early trading on Friday, bringing it among the top losers across London equities. CONTEXT In order to strengthen its balance sheet and improve liquidity, Petrofac is mulling the sale of its non-core assets and said on Friday it remain
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News
- Institutions own 26% of Petrofac Limited (LON:PFC) shares but retail investors control 57% of the company [Yahoo! Finance]Yahoo! Finance
- UK's Serious Fraud Office charges two former Petrofac executives with bribery [Reuters]Reuters
- Former Petrofac Bosses Charged With Bribery by SFO [BNN Bloomberg (Canada)]BNN Bloomberg
- Two men charged with bribery over Petrofac contracts, UK court listing show [Reuters]Reuters