Petrofac shares sink on profit warning
Shares in Petrofac have fallen by more than a quarter after the oil and gas services group warned that its profits are set to be lower than expected.
Net profits for 2015 are set to be around $500m (£319m), which is about $190m below analysts' forecasts.
The company also said net profit for 2014 will be at the lower end of its predicted range of $580-600m.
It blamed falling oil prices, changes to project timings and problems with a project in the Shetland Islands.
Those issues included a protracted union dispute, as well as bad weather that had resulted in 300 days of interruption to the project.
Petrofac shares were down 25.5%, or 304p, at 888p in afternoon trading in London.
Oil prices have been falling since the summer due to plentiful supply, partly from US shale, and weaker demand in Europe and Asia.