Petrofac ups cuts target by 50% as Covid bites oil industry
Oil services company Petrofac (PFC) fell 5.6% as it laid bare the impact of the Covid-19 pandemic on the business and announced further cost cuts to help it weather the storm.The company lifted its cost cutting target while reiterating guidance for 'materially lower' profits in 2020 after the Covid-19 pandemic smashed crude markets.Revenue for the year through December is expected to be around $4