Petrofac profits rise as CEO returns to full duties
Oil services outfit Petrofac on Thursday said full-year earnings before interest, tax, depreciation and amortisation rose 3.7% to $730m as it announced chief executive Ayman Asfari would resume full duties “with immediate effect”.
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Asfari was placed under restrictions by Petrofac last May after the UK's Serious Fraud Office (SFO) started a probe into Petrofac in connection with an inquiry into Monaco-based Unaoil over suspected bribery, corruption and money laundering.
Petrofac reported a net loss of $29m after exceptional items of $372m. Revenue fell 18.8% to $6.40bn.
The company added that it would exit the deep-water business and would take a $176m impairment charge related to its offshore construction vessel JDS6000.
The order backlog was $10.2bn compared with $11.7bn a year earlier and had $5.2bn of secured revenue for 2018.