Petrofac’s yield comes with a health warning – Share Hunter
The oil and gas engineer was also forced to cut the interim dividend by 42 per cent, as it moved to slow rapidly increasing debt.
Given those numbers, it may seem odd to praise Petrofac’s progress, but, operationally, things are looking far healthier.
The Laggan-Tormore gas project in the Shetlands, with its associated cost overruns, has been handed over.
A stable oil price means write downs in the IES business, which handles direct stakes in oil and gas fields, are hopefully behind us.
The core engineering divisions, which account for the lion’s share of profits, are looking healthier with... read more
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