Petrofac attempted to put a long-running corruption scandal behind it, as it announced plans to tap equity investors for $275m (199m), with some of the proceeds earmarked to meet a 77m fine . Our comprehensive programme of corporate renewal has been acknowledged by the SFO. Saipem: technology partner of Snam and Baker Hughes for experiments at the Istrana plant For a full comparison of Standard and Premium Digital, click here. risks and opportunities. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. He has admitted working with Petrofac employees to offer or pay bribes totalling $80m (57m) to win. Find put more about our drive to deliver a sustainable energy sector while delivering superior returns to our investors. By country. Find all the documents related to our refinancing on our dedicated page. We use It has a market capitalisation of 412 m, with. David Lufkin, former Head of Sales at Petrofac pleaded guilty to 11 counts of bribery in 2019 and 3 counts of bribery in 2021. Find the latest news, magazine articles, stories and opinion pieces, background information, and images for download in our media centre. Former executive David Lufkin pleaded guilty to 14 charges of bribery brought by the UKs Serious Fraud Office. - They must first make sure they grabbed as many shares as possible - and the cheapest Then they can "confront" head on the, Smart firm - got into Cairn just prior to jump!!! "PFC's balance sheet will come under renewed scrutiny," analysts at Jefferies said in a note. Petrofac Doha Qatar Al Emadi Financial Square Building 2 Al Muntazah C-Ring Road PO Box 2895 Open in Google maps +974 4 419 2426 A lot can happen before then. Our Group Executive Committee is responsible for day-to-day operational management, communication and implementation of strategic decisions, and other administrative matters. Petrofac is part of the Fossil Fuels sector. Visit our investor centre and get the latest financial highlights, key data, reports, and strategic insight in one place. Speculation that integrated energy services provider Petrofac is the target of a Schlumberger takeover has driven its share price up 4.4% in a days trading in London. Petrofac Full Year 2022 results date Read Story News 07 Feb 2023 Achieving the Gold standard at OEUK's Supply Chain Principles Awards 2023 News 13 Jan 2023 TenneT, Hitachi Energy and Petrofac announce early works agreement for 2GW projects News 12 Jan 2023 Sameh Serour joins Petrofac as Country Manager - Qatar All news Careers Every story from every site is brought to you automatically and continuously 24/7, within around 10 minutes of publication. The agency examined alleged payments made by Petrofac since the early 2000s to land contracts in the Middle East, Africa and Asia, including Kuwait and Algeria. Find a list of analysts covering Petrofac, as well as consensus data compiled and updated by Petrofac. See here for a complete list of exchanges and delays. cookies I am expecting a, Expect conciliation then a rally. Our people are helping us continually evolve, to meet the demands of our clients and be the champions of a sustainable energy sector. You may change or cancel your subscription or trial at any time online. We have 8,200 employees across more than 30 offices. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Start your Independent Premium subscription today. This accords with a contrarian investment case, plus takeover potential. Wherever you are on your energy journey, Petrofac has the expertise and experience to support. Oilfield services provider Petrofac announced a $275m (199.6m) placing and open offer on Tuesday, the proceeds of which will be used to reduce debt and pay a 77m fine relating to bribery . Petrofac had said Friday that it might be fined as much as $240 million, before any reductions. Shares in Petrofac rose about 24% following the news, boosting the value of the 19% of shares owned by Mr Asfari and his family by more than 16 million. You can still enjoy your subscription until the end of your current billing period. 1. The case was sent to Southwark Crown Court where Petrofac will enter its pleas on Monday. More than four decades of delivering the most significant energy projects across the globe. News on our dedicated feed includes headlines on the latest company updates, shares and stock prices, company announcements and much more from the best online news publications. Read about our approach to external linking. Two years ago, he pleaded guilty to 11 charges brought by the SFO. Speculation that integrated energy services provider Petrofac is the target of a Schlumberger takeover has driven its share price up 4.4% in a days trading in London. The former global head of sales for Petrofac pleaded guilty to eleven counts of bribery in 2019, and a further three counts in 2021. This represents a discount of 27.2% to the closing share price of 158p on 25 . LONDON, Oct 2 (Reuters) - British oil services group Petrofac (PFC.L) said it is looking at refinancing options including debt and fresh equity as it faces a possible $240 million fine from a . Every day a, hTtps://m.marketscreener.com/quote/stock/JOHN-WOOD-GROUP-PLC-4003879/news/John-Wood-rejects-GBP1-6-billion-Apollo-, PFC makes huge revenues as oil gas companies release huge profits. We have astrong position in some of the mostresilient sectors of the upstream oil and gas market. Petrofac Limited has completed the acquisition of PGS Production Services. Our people are helping us continually evolve, to meet the demands of our clients and be the champions of a sustainable energy sector. When pressed on the matter . Like this article? The oil services group awaits its next hearing on Monday at Southark. It has postponed its results announcement to April from February because of auditing complications as a result of the pandemic. Petrofac plead guilty to seven separate charges of failing to prevent bribery in the Middle East, the SFO said in a statement. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Hear from some of the people helping our clients meet the worlds evolving energy needs. Home News Petrofac up on Schlumberger takeover speculation, CEO Ayman Asfari dismisses reports that Petrofac is a takeover target. Expert insights, analysis and smart data help you cut through the noise to spot trends, "This period has also been challenging following the SFO's announcement in early January. PIs alone cannot take this beyond the 90s,too mmany shorts. On 1 October 2021, Petrofac Limited pleaded guilty to 7 offences of failing to prevent bribes of $44 million to secure contracts worth $3.67 billion between 2011 and 2017. Search Message Boards:Petrofac takeover by, By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Mubadala, Petrofac join forces for oil and gas projects in UAE Published: September 01, 2008 15:00 Staff Report Abu Dhabi: Petrofac Limited and Mubadala Petroleum Services Company LLC (MPSC). Romania's anti-trust body said on Wednesday that it has approved the takeover of UK-based energy services group Petrofac Romania by Romanian oil fields. The former global head of sales for Petrofac pleaded guilty to eleven counts of bribery in 2019, and a further three counts in 2021. This post was updated on 28/09/2021 to reflect the adjournment of pleas and sentencing. Relevance is automatically assessed so some headlines not qualifying as Petrofac news might appear - please feel free to contact us regarding any persistent issues. The stock is down a whopping 47 % in the last 12 months and reached a year low of 95.46 after this latest chapter in a bribery scandal that has been rocking the company since 2017 and also involves contracts in Iraq and Saudi Arabia. Touch device users, explore by touch or with swipe gestures. Retail Petrofac May 2022 Tory donor Ayman Asfari to leave bribery scandal-hit Petrofac Syrian-born businessman who built London-listed oil company was investigated by Serious Fraud Office 8 May. Find all the documents related to our refinancing on our dedicated page. David Lufkin, a British national and the former Global Head of Sales at Petrofac, pleaded guilty to three counts of bribery in relation to corrupt offers and payments made between 2012 and 2018 to influence the award of contracts to Petrofac in the UAE worth approximately $3.3 billion. Check if your Surely PFC is a, Absolute shambles management should all resign they hyped things big time and look where we are under a quid again, Great opportunity to get more. Remember PFC are a good, Like the Broker I am very positive on PFC outlook and can shoot up quickly so be ready for sone positive RNS Lets not forget the pandemic. Until he stepped down at the end. Read about our approach to external linking. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. We are committed to being a more diverse company, which embraces differing perspectives, is representative of the communities in which we operate, and provides equal opportunities to all employees and job applicants. Connect with us on LinkedIn, Twitter, Instagram, and YouTube. Find our more about our Board members, their priorities and roles. Having joined the company in November, Sami Iskander said of the results: "We need to do better to restore confidence and set the business on a course to grow with existing and new clients. Petrofac has suspended its shareholder dividend for a second consecutive year. Petrofac's shares have shed 85 per cent of their value since the investigation was launched, as it affected its ability to win work in key geographies such as Saudi Arabia. Today's news - Read today's most read article on London Stock Exchange and browse the most popular articles, to stay informed on all the top news of today.. London Stock Exchange uses cookies to improve its website. Petrofac to plead guilty to seven bribery offences. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Oct 4 (Reuters) - British oil services company Petrofac (PFC.L) was fined 77 million pounds ($105 million) on Monday and a former executive received a two-year suspended sentence after both . We support credit card, debit card and PayPal payments. ICR Integrity wins major contract from Petrofac for innovative oil and gas solutions, Wood Group offer will increase interest in energy services sector - broker, Powerhouse Energy agrees services role for Petrofac, Powerhouse Energy signs framework services agreement with Petrofac, Powerhouse Energy shares rise on deal with Petrofac, Deal struck to help drive forward energy from waste projects, In brief: Powerhouse Energy shares rise on Petrofac services deal, ICR Integrity announces major contract win with Petrofac, Icr secures major North Sea contract with Petrofac, Small-CAP winners & losers: Petrofac, Enquest price targets cut, Powerhouse Energy Shares Rise on Deal With Petrofac, Wave of unrest across UKs offshore energy sector grows with more workers to cast votes on strike action, Petrofac, Wood workers on Ithaca, Taqa North Sea assets to vote on strikes, Petrofac Ithaca and Wood Group latest offshore workers balloted as wave of industrial unrest grows, Petrofac workers on BP North Sea assets begin fresh round of strikes, Petrofac workers resume 48-hour strike action, John Wood Group rejects takeover bids from US private equity firm Apollo, Wood Group reveals receipt of unsolicited proposals, U.S. drillers cut the most oil and gas rigs in a month since June 2020 - Baker Hughes, US natgas rig count unchanged at 151 - Baker Hughes, UK regulator OKs Baker Hughes acquisition in wake of archer deal, UK competition watchdog okays Baker Hughes-Altus deal, Saipem awarded $400 million drilling contract offshore West Africa, Saipem wins $400m Ivory Coast drilling contract, Saipem and Seaway7 strike offshore wind partnership, Saipem and Seaway7 to jointly tackle offshore wind projects, $18b penalty if Pakistan terminates Iran gas pipeline agreement. 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