Shares of British oilfield services provider Petrofac dropped 33% on Monday after the company reported bigger half-yearly losses amid difficulties in closing legacy contracts in its biggest unit.

After a boom in orders due to high oil prices in 2022, the firm has been struggling with a string of profit warnings related to legacy contracts and payment delays at its largest division, Engineering & Construction (E&C), in recent months.

While the Jersey-based company anticipates increased operating activity in E&C compared to last year, it is still expected to remain below scale.

Shares of the FTSE small-cap firm were at a near 4-month low and have fallen about 66% this year.

Last week, Petrofac reached an in-principle agreement with some key stakeholders to restructure its finances for a much-needed equity raise.

The company reported its net loss widened to $208 million in the six months ended June 30 from $141 million in the same period last year.

(Reporting by Yamini Kalia in Bengaluru; Editing by Savio D'Souza and Abinaya Vijayaraghavan)