Petrofac Expects Further Loss on Laggan-Tormore Project, Shares Fall Sharply

By Abhiram Nandakumar April 20 (Reuters) - Petrofac Ltd said its loss on the Laggan-Tormore project in the Shetland Islands would now be larger than it expected, highlighting the hostile operating conditions and high costs faced by oil and gas developers in the North Sea. The oilfield services provider's shares fell as much as 14 percent on Monday on the London Stock … [Read more...]

Oil Services Must Take On More Risk, Petrofac CEO Warns

By Stephen Eisenhammer LONDON, Feb 26 (Reuters) - Oil service companies will have to assume more risk in the coming years as investor pressure and a flat crude price make oil company clients push harder to avoid delays on megaprojects, the chief executive of FTSE 100 contractor Petrofac said. The biggest oil companies have seen huge delays and broken budgets at projects … [Read more...]