LONDON (dpa-AFX) - Petrofac Ltd. (POFCF.PK, POFCY.PK, PFC.L) said it now expects to report a full year Group EBIT loss of about US$150 million to US$170 million for 2022, including an EBIT loss of about US$240 million to US$260 million in Engineering & Construction.
The Oilfield services provider said, as result of the portfolio review, it is recognizing an additional EBIT reduction of US$140 million to US$160 million in the full year financial statements for 2022. This comprises both incremental project costs and a cautious view of the quantum and timing of recognition of certain revenue claims that would have partly offset those costs.
About 50% of the additional costs are expected to be paid over the remainder of 2023, with the balance spread over 2024 and 2025.
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