SERVICES giant Petrofac has warned that its engineering and construction (E&C) unit is contin-uing to be affected by "challeng-ing market" conditions, with the recovery in oil prices yet to filter down to increased spending by its clients. The unit's first-half revenues are expected to be about $1 billion, reflecting lower levels of activity, disruption to project schedules caused by the Covid-19 pandemic, as well as rescoping on a project, the company said in a trading update this week. Petrofac chief executive Sami Iskander said: "As expected, new orders are likely to remain depressed in E&C in the current year." He added, however, that the group is chasing a bid pipeline of a possible $48 billion in projects that are due for award in the next 18 months.
展开▼
