Bengaluru: Oilfield services provider Petrofac Ltd said it expected to incur an additional £130 million (Dh713 million) in pretax loss in 2015 on the Laggan-Tormore gas project in Shetland Islands in the North Sea. Shares in the company fell as much as 14 per cent in early trade on Monday on the London Stock Exchange.
Petrofac had said in February it recognised a loss of $230 million (Dh844 million) on the project, which has been delayed due to bad weather and problems with a subcontractor.
“I have never faced a more difficult and challenging work environment,” Chief Executive Ayman Asfari said on a conference call. Petrofac said it still expects to complete the project in the third quarter, but would need to “expend significantly more man-hours”.
