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Petrofac warns on lower 2014 net profit

Reuters - UK Focus

LONDON, May 9 (Reuters) - Energy services group Petrofac Ltd warned its 2014 net profit would fall by as much as 11 percent to between $580 million and $600 million, due to a poor performance from its Integrated Energy Services (IES) division.

Petrofac (Frankfurt: A0HF9Y - news) , which is in the process of diversifying into more complicated contract agreements through its IES division, had forecast little or no growth this year. It reported 2013 full-year net profit of $650 million. (Reporting by Kate Holton; editing by Sarah Young)