Petrofac's profits are down as expected after it offloaded unwanted assets at a loss to get is balance sheet back in shape. What the market was really looking for today was project wins and Petrofac has come up with the goods with the new Algeria contract. New order intake is now at a level that can offer investors some comfort about the company's revenue and dividend outlook. Of course, Petrofac should indeed be winning more contracts as oil markets recover -- and its share price is still well below record highs reached in 2012. A resolution to the SFO investigation still hanging over management's head would more convincingly sharpen Petrofac's competitive edge.
Visit source site