Petrofac (LON:PFC), leading international service provider to the oil and gas production and processing industry, has reported a net loss of $17m for the six months through June. This compares to profits of $70m on year.

The company’s interim dividend remains unchanged at 12.7c per share.

Business performance net profit, which excludes exceptional items and certain re-measurements, rose from $158m in 2017 to $190m. However, revenue has fallen by 11% to $3.13bn.

This coincides with the sharp rise in oil prices which hit $80 a barrel for the first time in four years earlier this May.

Ayman Asfari, Petrofac’s Group Chief Executive, commented:

“We have reported a good set of first half results that reflect strong execution and excellent progress delivering our strategy.

“We remain focused on our core and delivering organic growth as the market recovers. The Group has secured US$3.3 billion of new orders in both established and adjacent markets year to date, and is well placed on several bids due for award before the end of the year. Our focus on operational excellence is reflected in improved margins and continued good progress across our project portfolio in the first half. Furthermore, we are well positioned for the second half with good revenue visibility, a strong competitive position and healthy liquidity.

“The Group is also making significant progress reducing capital intensity, signing agreements to sell the JSD6000 installation vessel, our interests in the Chergui gas concession and Greater Stella Area development, as well as a 49% interest in our Mexican operations. These transactions will increase our focus on our core and strengthen our balance sheet.”