February 25, 2020 / 7:27 AM / 3 months ago

Petrofac sees further decline in revenue in 2020

Feb 25 (Reuters) - Oilfield services provider Petrofac reported a 16.7% drop in core profit for 2019 on Tuesday and reiterated forecasts of a decline in revenue this year as it recovers from a hit to orders in Saudi Arabia and Iraq last year.

Petrofac officials said last June that the company had lost out on $10 billion worth of contracts globally due to a probe by Britain’s Serious Fraud Office into dealings in Saudi Arabia and Iraq that saw its former head of sales convicted of bribery a year ago.

The company said earnings before interest, tax, depreciation and amortization(EBITDA) fell to $559 million for the 12 months ended Dec. 31 from $671 million a year earlier. (Reporting by Muvija M and Shanima A in Bengaluru; editing by Patrick Graham)

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