Petrofac : And now difficulties on the execution front
>Neutral rating maintained, target price adjusted to 75p (vs 120p) - The delays in order intakes are now compounded by execution difficulties on a project in Thailand. We have once again cut our earnings estimates (EBIT 2023-2024 -30% on average). The margin ramp-up is set to take longer than expected, creating pressures on the group’s financial situation that could endure. There are a number alternatives in the sector with robust balance sheets and better positioning...Petrofac is a holding company. Co. is engaged as a service provider to the oil and gas production and processing industry. Co. designs, builds, operates and maintains oil and gas facilities. Co. has three segments: Engineering & Construction, which provides engineering, procurement and construction project execution services to the onshore and offshore oil and gas industry; Engineering & Production Services, which includes engineering and production services activities to the oil and gas industry; and Integrated Energy Services, which provides an integrated service for clients, with projects that cover upstream developments project, related energy infrastructure projects, and investment.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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