Petrofac sinks to record low; analysts flag balance sheet concerns
** London-listed oilfield services provider Petrofac's PFC.L shares dive as much as ~24% to 16p - a record low
** Analysts, including at Berenberg and J.P.Morgan, are flagging balance sheet concerns
** Berenberg says PFC in "a precarious position", places it "under review", removing its rating and price target
** Berenberg says either liquidity improves and Petrofac delivers on its backlog or negotiations with lenders required, leaving equity holders potentially taking significant haircut
** J.P.Morgan says co struggling to source advance payment, performance guarantees from banks for its E&C contracts
** JPM says banks have to be comfortable with contractor's balance sheet before issuing the guarantee and that this appears to be an obstacle for PFC
** PFC's combined credit score - which measures how likely a company is to default in the next year on a scale of 100 (very unlikely) to 1 (highly likely) - was 1, LSEG data showed
** Shares have lost ~75% of their value so far this year
Reporting by Yadarisa Shabong
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