- Oil services company Petrofrac swung to a first-half profit, though it said its order intake had been hurt by a Serious Fraud Office probe into its contract dealings in Saudi Arabia and Iraq.

Petrofrac also warned that its revenue would fall next year.

Net profit for the six months through June amounted to $139m, compared to a loss of $17m on-year, the company said.

Revenue rose to $2.82bn, up from $2.79bn on-year.

The company held its interim dividend steady at 12.7c per share.

'Petrofac has delivered good results that reflect solid operational performance across the business,' chief executive Ayman Asfari said.

'New order intake year to date has been impacted by recent challenges in Saudi Arabia and Iraq.'

'Looking forward, the group has a busy tendering pipeline with around $13bn of bid opportunities due for award in the second half of the year.'

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