Petrofac Posts Wider H1 Net Loss, But Revenue Improves

Petrofac Ltd, an oilfield services provider, on Monday reported a wider net loss for the first half. However, the company posted a rise in revenue.

Tareq Kawash, Petrofac's Chief Executive, said: "The first half of 2024 was another challenging period for Petrofac, set against the backdrop of a restructuring process which aims to put the business in a stronger financial position. As announced last week, we are moving forward with a financial restructuring that will enable us to look to the future."

For the six-month period to June 30, Petrofac registered a net loss of $208 million, compared with a loss of $141 million, recorded for the same period last year.

Business performance net loss was $162 million, compared to loss of $136 million last year.

EBIT loss stood at $152 million as against prior year's loss of $79 million.

EBITDA loss was $112 million wider than $37 million loss in 2023. Business performance EBITDA was negative $66 million, compared to negative $30 million a year ago.

Revenue, however, moved up to $1.240 billion from previous year's $1.231 billion.

Group order backlog slipped to $8 billion as of June 30, from $8.1 billion, recorded on December 31, 2023.

Revenue from the Engineering and Construction was $0.6 billion, higher than restated $0.5 billion, reflecting the initial phases of the new contracts secured in 2023.

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