UK-listed oil and gas contracting giant Petrofac is expecting lower revenues and tighter margins in its engineering & construction (E&C) unit this year due to the ongoing effect of the pandemic on the schedules of major projects, the company said in a trading update on Thursday.

Full-year E&C revenues are expected to be about $1.9 billion, compared with $3.1 billion in 2020, Petrofac said.

Petrofac also blamed a low order intake in recent years for the expected reduction.