However much it tried, Petrofac (PFC) could not shake the enormous impact of Laggan-Tormore from its full year results. Delays and issues with the Shetlands gas processing plant - which Petrofac has handled for France's Total (Fr:FP) - led to a post-tax loss of $431m (£310m). With the original Laggan contract valued at less than $800m to Petrofac, the project - now mercifully nearing completion - has been disastrous.
Even without that hit, the oil services group was again forced to absorb some of its clients' pain through $330m-worth of post-tax write-downs and impairments in the integrated energy services division. Industry-wide woes have nonetheless benefited the engineering and consulting segment, which boosted net profit by 52 per cent to $50m in the period.