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Petrofac revenue down, sees second half uptick
August 27, 2013 / 6:23 AM / 4 years ago

Petrofac revenue down, sees second half uptick

LONDON, Aug 27 (Reuters) - British energy services firm Petrofac reported an expected 12.5 percent fall in revenue on Tuesday, saying earnings would be heavily weighted to the second half due to the timing of key projects.

The company, which designs and builds oil and gas infrastructure and also invests alongside oil firms in oil fields, said it remained on track to meet its target of doubling 2010 earnings of $433 million by 2015.

Delays at the In Salah gas project in Algeria knocked Petrofac forecasts earlier this year, with the firm altering its expectations for profit growth to “modest” from “good.”

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