Petrofac has announced that it is lowering its profit forecast for 2015 to $460mn due to tumbling oil prices.
The UK form had initially forecast profits of $500mn, back in November 2014. However, at the time of this prediction, oil was still trading at around $80 per barrel.
“While the operating environment remains uncertain with the industry adjusting to a lower oil price environment, we are well positioned and will maintain our bidding discipline and focus on our areas of core strength,” said Petrofac in a company statement. “At this stage, clients in our core onshore markets in the Middle East and North Africa are continuing to commit to ongoing investment in large strategic projects.”
Despite falling oil prices, Petrofac expects investment to continue in both the Middle East’s up and downstream sectors.
“We have identified $25 billion of high-priority upstream and downstream prospects that we are bidding for, predominantly in our core markets.”
