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ValueWalk
ValueWalk
Petrofac Limited (LON:PFC)’s full year revenue declined 25% to $3.1bn, as double-digit declines in Integrated Energy Services and Engineering & Construction more than offset an increase in Asset Solutions. This was largely due to Covid-related disruption, asset sales and unplanned disruption to production. Q4 2021 hedge fund letters, conferences and more Together with rising costs meant group underlying cash profits fell from $211m to $104m. Including non-cash charges related to refinancing, the SFO investigation and the likely expiration of a production sharing contract in Malaysia, the group…