May 15, 2020 / 6:41 AM / 19 days ago

Petrofac warns of project delays on COVID-19, lower oil price hit

May 15 (Reuters) - Petrofac Ltd warned on Friday it was now assuming most new projects would be delayed until 2021 due to coronavirus-led supply chain disruptions and travel restrictions, and was taking steps to conserve cash and ride out the storm.

Oilfield services provider said it expected to reduce overhead and project support costs by at least $125 million in 2020 and by up to $200 million in 2021, to mitigate the impact of the COVID-19 pandemic and lower oil prices. (Reporting by Shanima A in Bengaluru; Editing by Rashmi Aich)

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