LONDON (dpa-AFX) - Petrofac Limited (POFCF.PK, POFCY.PK, PFC.L) said its financial performance in the second half of 2020 has continued to be impacted by COVID-19. The management continues to expect to report lower Group revenue of approximately $4.0 billion and full-year profitability materially lower than in 2019.
Ayman Asfari, Petrofac's Group Chief Executive, said: 'We have taken decisive action to protect our balance sheet, liquidity and the long-term health of the business. All these actions have protected margins and cash flow, and the Group is trading in line with expectations as we approach the year end.'
Petrofac said it remains on track to reduce gross overhead and project support costs by at least $125 million in 2020. The Group noted that it is taking additional measures to increase 2021 cost saving target to approximately $250 million.
Group order backlog was $5.1 billion on 30 November 2020. Net debt was $272 million as at 30 November 2020. Liquidity was approximately $1.0 billion at 30 November 2020.
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