Petrofac Profit Rises 20% As Sale Of Oil Assets Continues

Profits at U.K. oilfield services provider Petrofac Ltd. rose 20% in first-half 2018 as a recovery in global crude prices drove activity, although the company said it remained some way off being able to raise prices.

The results bode well for a refocusing on core business after a difficult period marred by investments in production that fell afoul of the 2014 collapse in oil prices.