LONDON (dpa-AFX) - While issuing a pre-close update for the six months ending 30 June 2022, Petrofac Ltd. (POFCF.PK, POFCY.PK, PFC.L) said its trading and expectations are in line with guidance provided in the AGM statement.
Looking forward, E&C is projected to secure strong order intake in the second half and deliver backlog growth year on year. With continued robust performance and order intake, Asset Solutions is on track to deliver full year EBIT margin of 5-6%.
Net debt was at $345 million at 23 June 2022. Liquidity was at $507 million. The Group expects net debt to reduce in the second half of the year due to a reduction in working capital in E&C.
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