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Petrofac Targets Additional Savings - Quick Facts

Petrofac Ltd. (POFCF.PK,POFCY.PK,PFC.L) said the company is now targeting additional savings to those announced on 6 April. Petrofac now plans to reduce overhead and project support costs by at least $125 million in 2020 and by up to $200 million in 2021.

The company reported that COVID-19 has caused significant disruption to its Engineering and Construction (E&C) projects. Whilst projects are still progressing, this has inevitably resulted in material delays in construction activity, which will not be recovered in 2020, the company said.

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