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BREAKING NEWS

Petrofac gets $1.7 billion in orders, points to stronger second half

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(Reuters) – British oilfield services provider Petrofac Ltd said on Tuesday it received new orders worth $1.7 billion (£1.3 billion) so far this year, bolstered by higher exploration activity in its core growth markets.

The company, which is being probed by British authorities for allegations of bribery, said it was well positioned for the second half with good revenue visibility and high levels of tendering activity.

Petrofac also said though trading was in line with expectations, new order intake for the year to date reflected some challenges it had faced in Saudi Arabia and Iraq.

(Reporting by Pushkala Aripaka in Bengaluru; editing by Gopakumar Warrier)

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