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Petrofac Ltd revised its guidance for 2022 downward following a review of its portfolio of contracts, with the multi-billion-dollar Thai Oil Clean Fuel joint venture contract proving costly. Petrofac is a London-based energy services company in oil, gas, refining, petrochemicals and renewable energy infrastructure. The company said for 2022 it expects a loss before interest and tax of about $150 million to $170 million, widened from $130 million in 2021, and higher than the $100 million loss guidance posted in December. For Engineering & Construction, it expects the EBIT loss to balloon to between $240 million and $260 million from $14 million in 2021, and to be at least 26% higher than $190 million estimates in December. Petrofac cited costs of the Thai Oil Clean Fuels for the expected widened loss. Thai Oil Clean Fuels is a ‘complex’ project that is being delivered around 37 miles south of Bangkok in a consortium with Saipem Spa and Samsung Electronics Co. Petrofac values it at around $4 billion, with Petrofac’s share being $1.4 billion. Petrofac shares were 16% lower at 61.35 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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