Profits in the first half of this year dipped by 4% at Petrofac, the offshore oil and gas services provider, compared to last year.
At an average price of $52-barrel, Petrofac – which is registered in the offshore tax haven of Jersey – reported profits of $158 million against $165 million last year.
Despite the setback in the delayed entry onto the Greater Stella Area development licence in the North Sea, Chief Executive Ayman Asfari said that Petrofac has made ‘a positive start to the year, delivering solid first half results that reflect good project execution and lower revenues’.
The company remains under investigation for alleged bribery and corrupt payments by the UK Serious Fraud Squad.
31 Aug 2017