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Petrofac posts better-than-expected full-year core earnings

Published 01/03/2018, 07:35
Updated 01/03/2018, 07:40
© Reuters. Petrofac posts better-than-expected full-year core earnings

(Reuters) - Petrofac (LON:PFC) Ltd reported better-than-expected core earnings as an uptick in oil prices boosted the oilfield service company's orders.

Earnings before interest, tax, depreciation and amortisation rose 3.7 percent to $730 million (531 million pounds) for the year ended Dec. 31, beating analysts' average estimate of $695.2 million, according to Thomson Reuters I/B/E/S.

Petrofac, whose top management was to be interviewed by Britain's Serious Fraud Office (SFO) regarding an ongoing investigation into suspected bribery and corruption, said new order intake stood at $5.2 billion, while order backlog was $10.2 billion.

The company also said it concluded that restrictions imposed on Chief Executive Officer Ayman Asfari in May 2017 are no longer appropriate and that he will resume full executive duties with immediate effect.

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