London-based energy engineering firm Petrofac saw a further slump in new orders and revenue for 1H 2021, the firm said in a 28 June trading update.

The firm’s order backlog fell to just $4.0bn as of end-May from $5.0bn at end-2020 and $7.4bn at end-2019. Net debt has more than doubled from the $116mn end-2020 level to stand at $290mn on 24 June. (CONTINUED - 394 WORDS)