Oil and gas services company says profit for 2015 will fall 25% as slowing demand in China and abundant US output cuts oil price
Petrofac has said that its profit next year will be more than a quarter lower than expected because of the falling oil price and poor delivery of some projects.
The oil and gas services company said net profit for the current financial year would be at the bottom of the $580m (£370m) to $600m guidance it had given. Net profit next year will fall 26% to about $500m compared with analysts’ expectations of $675m, Petrofac said in a trading update.