- Oil services company Petrofac swung to a net loss after it booked write-downs related to asset sales in Mexico and the North Sea.

For the six months through June, net losses amounted to $17m, compared to profits of $70m on-year.

Revenue fell 11% to $3.13bn, though business performance net profit, which excluded exceptional items, rose 20% to $190m.

The company kept its interim dividend unchanged at 12.7c per share.

Petrofac said it was well positioned for the second half, with a 'healthy' order backlog of $9.7bn at 30 June, and $3.0bn of secured revenue for the six months through December.

Total new order intake for the year to date was $3.3bn, and the company announced a new $600m engineering contract to perform work on the Tinhert filed in Algeria for Sonatrach.

A formal contract signing for that work was expected to take place in September.

'We have reported a good set of first half results that reflect strong execution and excellent progress delivering our strategy,' chief executive Ayman Asfari said.

'We remain focused on our core and delivering organic growth as the market recovers.'

'The group has secured $3.3bn 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.'

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