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Petrofac can't escape Covid wave

Petrofac can't escape Covid wave

Energy infrastructure specialist Petrofac (PFC) has followed up its profit warning in June with confirmation in the half-year results that Covid-19 and the oil price crash will have far-reaching consequences. It saw work disrupted because of the virus and curtailments due to delayed spending on new projects. Receivables and average payment time went up in the period as well, as clients’ earnings fell in the weaker oil price conditions. 

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