UK services firm Petrofac expects a dearth of new project orders due to corruption allegations, with an investigation from Britain’s Serious Fraud Office to drive down revenues through 2020, CEO Ayman Asfari acknowledges.
Despite posting net profits of $154mn (versus a $17mn loss over the same period in 2018), new orders have fallen to just $2bn in the first half of the year compared with $5bn in 2018. (CONTINUED - 496 WORDS)