LNG

Feb 22 (LNGJ) - Petrofac, the London-based oil and gas services company with global operations, has delivered positive results for 2016, driven by record revenues, significant cost reduction and strong cash generation. “In a busy year, the Group has also demonstrated its track record for operational delivery with more than 240 million man-hours worked across the portfolio,” said Ayman Asfari, Petrofac Chief Executive. “Whilst the market remains competitive, bidding activity has increased in recent months. We have right-sized our business, have a good pipeline of opportunities across our core markets and remain cost competitive, as evidenced by recent bidding success,” the company said.