Petrofac has challenges ahead
Petrofac Limited (OTCPK:POFCF) (ADR: OTCPK:POFCY) provides engineering services including conceptual and feasibility studies and front-end engineering and design (or FEED) for onshore, offshore, and downstream energy facilities around the world. The company is making strategic changes in response to the energy market environment. Petrofac is aligning its assets into various project management activities in the refining and petrochemical industry. Its backlog has shrunk considerably over the past few years. The company is trying to clean up its leveraged balance sheet by selling assets. The fall in crude oil