(MENAFN- AFP) Shares in British energy services firm Petrofac collapsed by more than a quarter on Monday after the group issued a gloomy profits warning that partly blamed plunging oil prices.
Petrofac warned in a statement that full-year 2014 net profits, or earnings after taxation, would be "towards the lower end" of its forecast range of between $580 million and $600 million (467 million euros and 483 million euros).
"This has been a difficult period for Petrofac and the industry," said chief executive Ayman Asfari.
"The board has analysed the potential impact of a lower oil price environment ... and also made a critical assessment of our expectations for project delivery in 2015."
In reaction, Petrofac's share price collapsed by 25.40 percent to 890 pence in late afternoon deals on London's FTSE 100 benchmark index of leading companies, which was down 0.24 percent at 6,734.68 points.
World oil prices have tumbled 30 percent since June on the back of plentiful crude supplies, the stronger dollar, and growing doubts about both global demand and economic growth.
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