LONDON (dpa-AFX) - Oilfield services provider Petrofac Ltd. (POFCF.PK, POFCY.PK, PFC.L) said its Asset Solutions division is on track to deliver full year EBIT margin of 5-6%. The Group's performance in 2022 will reflect continued strong performance in Asset Solutions and Integrated Energy Services, offset by the challenges in the Engineering & Construction portfolio.
The company expects group revenue to be about US$2.5 billion and a full-year business performance EBIT loss of about US$100 million for 2022.
At Group level, the company expects broadly neutral cash flow in 2023 as a result of new awards and the partial unwinding of working capital balances, offset by capex of $25 million - $35 million, tax payments of $70 million - $80 million and interest costs of $80 million.
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