Petrofac Ltd. (PFC) fell by the most in more than five years in London trading after saying earnings will be lower than expected because of project delays. The U.K.’s largest oil and gas engineer will cut capital spending at its Integrated Energy Services division, which takes direct stakes in fields, after reviewing the future of the business. The stock fell as much as 18 percent to 1,142 pence, the largest drop since October 2008. It traded at 1,165 pence at 9:55 a.m. London time, making it the biggest decliner in the benchmark FTSE 100 index. Today is the second time in six months Petrofac shares have plunged because of a profit warning. The stock fell by a record in November after the company forecast flat to modest profit growth in 2014. Profit for the year is now expected from $580 million to $600 million, London-based Petrofac said today in […]