Petrofac plays down Iraq risk

Tim Wallace
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THE CHAOS in Iraq should not have a significant impact on Petrofac’s earnings this year, the oil firm said yesterday.

Operations in the country account for just five per cent of its revenues and so far have not been hurt by the carnage.

“The group’s backlog stands at record levels, giving us good revenue visibility for the rest of this year and beyond,” said chief executive Ayman Asfari in a market update yesterday.

But the firm’s shares still ended the day down 1.77 per cent.

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