Petrofac to Scale Back on Upstream Endeavors

摘要

Petrofac is pulling out of deals that would have added an estimated $40 million to its earnings over the next two years as part of a rethink of its troubled Integrated Energy Services (IES) business, the UK oil-field services group's chief financial officer Tim Weller told International Oil Daily Thursday. The review the IES division which led to last Friday's profit warning resulted in a 17% share price loss for the company, with only a slight recovery this week (IOD May12'14).