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Petrofac To Reduce Personnel By 20% Amid COVID-19 Pandemic

Petrofac Limited (POFCF.PK,PFC.L) said it will reduce its personnel by 20% and furlough staff in anticipation of a reduction in activity levels. It will also reduce non-staff overhead costs by up to 25%. The move comes in response to the COVID-19 pandemic and lower oil prices.

The company will reduce and structurally rebase salaries and allowances for Board, senior management and most of employees by between 10-15%.

The company expects measures will reduce overhead and project support costs by at least US$100 million in 2020 and by up to US$200 million in 2021.

In addition, the company said its board has withdrawn its recommendation of a final dividend of 25.3 US cents. It has suspended its previous revenue and margin guidance.

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