Petrofac has warned investors that a “difficult period” involving troubled North Sea projects and lower oil prices is likely to reduce its net profit to $500m next year, 25 per cent lower than analysts’ consensus expectations of $675m.
Shares in the FTSE 100 oilfield services company plunged 26 per cent on Monday to 882p after it outlined a series of development difficulties.
Much of the $175m reduction in 2015 profit guidance relates to Petrofac’s integrated energy services division, which takes on riskier projects, and was previously seen as a key driver of earnings growth under the leadership of Andy Inglis, a former BP executive who left Petrofac to head-up of Dallas-based oil explorer Kosmos Energy.
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