Petrofac warns of contract delays in the Middle East

It is bidding for deals in Iraq and Saudi Arabia

Gulf News

London: British oil services firm Petrofac warned that customers were delaying the award of contracts in its core Middle East market from this year to next, raising analysts’ concerns about its profit outlook, CFO Tim Weller said. Petrofac was seeing a slowdown in awards in Iraq and Saudi Arabia in particular, where it is bidding for contracts to construct pipelines and plants that help extract and process oil and gas.