May 31 (Reuters) - Petrofac (PFC.L) New Tab, opens new tab reported higher annual losses on Friday, as the British oilfield services provider struggled with significant losses in its biggest division, Engineering & Construction (E&C).

The company posted an incremental loss of about $190 million in its E&C division for the year, higher than its expectations of about $130 million. However, it said operating activity would be higher for the business in 2024.

Full-year losses widened to $505 million from $320 million in the previous year, as the company also grappled with payment delays and cost overruns.

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https://www.reuters.com/markets/commodities/petrofacs-annual-losses-swell-challenges-biggest-division-2024-05-31/