August 28, 2019 / 6:13 AM / 21 days ago

Petrofac first half profit falls on drop in Saudi, Iraqi orders

Aug 28 (Reuters) - Oilfield services provider Petrofac Ltd reported an 8.7% fall in first-half profit on Wednesday as fewer new orders poured in because of an ongoing probe into its contract dealings in Saudi Arabia and Iraq.

The company said in June it had lost out on $10 billion worth of contracts globally due to the investigation by Britain’s Serious Fraud Office (SFO), which led to the conviction of its former head of sales on 11 counts of bribery related to Iraqi and Saudi contracts.

Petrofac’s core profit fell to $305 million for the six months ended June 30 from $334 million a year earlier, with new orders of $2 billion, down from $3.3 billion at the end of June 2018. (Reporting by Yadarisa Shabong in Benglauru Editing by Tomasz Janowski)

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