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Petrofac reports 10.7 pct fall in first-half core earnings
August 30, 2017 / 6:25 AM / 22 days ago

Petrofac reports 10.7 pct fall in first-half core earnings

Aug 30 (Reuters) - British oilfield services company Petrofac Ltd on Wednesday reported a 10.7 percent fall in core earnings for the first-half as subdued oil prices forced exploration and drilling companies to defer or cancel service contracts.

Earnings before interest, tax, depreciation and amortization (EBITDA) fell to $323 million for the first half ended June 30. Revenue for the half year fell about 20 percent to $3.13 billion.

Petrofac also declared a divided of 12.7 cents per share for the half year, a reduction of 42 percent compared to last year. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair)

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