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BUZZ-Petrofac: Down on increased costs at Shetland Islands project

Reuters - UK Focus

** Oilfield services provider down as much as 11.3 pct after it warns costs at its Laggan-Tormore project would be higher by about 130 mln stg

** Stock top loser on the FTSE Mid 250 index, with more than half of its 30-day average volumes going through in the first 20 minutes of trade

** Co said in February that it recognised a $230 mln loss on the project which has been delayed due to bad weather conditions

** French oil major Total (Swiss: FP.SW - news) is looking to sell its 80 pct stake in the project, located in the UK's Shetland Isles, for about $1.5 bln (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)