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Petrofac expects loss from energy services unit in 2016

Reuters - UK Focus

LONDON, Dec 15 (Reuters) - British oilfield services company Petrofac (Amsterdam: PF6.AS - news) said its integrated energy services division, which mainly provides consulting, will post a loss in 2016 as the continued slump in crude oil slows down its business.

Petrofac's engineering and construction business is expected to perform in line with expectations, the company said, with its order book at a record high of $18.5 billion by Nov. 30.

The company said it will restructure its businesses from Jan. 1, 2016 to cut costs and shift its focus to its more profitable businesses.

Petrofac's net debt for the second half of 2015 would be broadly flat, the company said in a trading update ahead of its full-year results on Feb. 24. It (Other OTC: ITGL - news) stood at $1 billion on June 30.

(Reporting by Karolin Schaps, editing by Louise Heavens)