- Oil services group Petrofrac said it was trading in line with guidance, with a new order intake of $3.0bn in the year to date, despite experiencing delays in project bidding processes.

In a trading update for the year through December, the company also said its net debt was expected to be around $0.1bn by year end.

'We remain on course to report good results for 2019 in line with prior guidance, which reflect solid operational performance across the business and continued progress delivering our strategy,' chief executive Ayman Asfari said.

'We are encouraged by the improving market outlook and our busy tendering pipeline, with $39bn of bid opportunities scheduled for award by the end of 2020 in both core and growth markets.'

However, Asfari said the company had seen delays in engineering and construction bidding processes in the second half of the year.

These had further impacted order intake following a previously announced loss of awards in Saudi Arabia and Iraq in the first half.

'However, we are well-placed on several opportunities,' he added.

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