Petrofac delivers mixed messages

Petrofac has swung to an interim loss off the back of impairment charges, but the company also secured a new $600 million (£460m) contract in Algeria.

In the six months ended 30 June, the FTSE 250 company booked a pre-tax loss of $52m, down from a profit of $109m in the same period last year. Revenue fell 11 per cent to $2.79 billion. The new order intake stands at $3.3bn in the year to date.