LONDON-LISTED Petrofac has identified $46 billion-worth of contracts it will compete for over the next 18 months as oil and gas clients look to reopen their wallets after being hammered by the Covid-19 pandemic. More than half these orders are due for award next year while 60% of the total relates to energy transition schemes, which Petrofac defines as including gas and refining projects as well as wind developments. Speaking on the company's second-quarter results webcast late last week, chief executive Ayman Asfari said: "I've experienced many downturns in my 40 years in this industry but never anything quite like this. March's decline in oil prices led to one of the lowest-ever levels of awarded bids in our industry in the first half. "While we've seen no cancellations, delays and deferrals in awards are becoming a common theme."
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