Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Our Standards: The Thomson Reuters Trust Principles. Copyright 2023. Following a four-year investigation, the SFO said it had reached a plea agreement with Petrofac, whose representatives appeared at Westminster Magistrates Court on Friday. With greater access to the financial markets than ever before, we'd like to see everyone use the markets to grow their wealth and gain long term financial independence. . If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Former global head of sales David Lufkin pleaded guilty in a London court in January to three charges of bribery and corruption relating to $30m of payments made to agents to influence the awarding of $3.3bn-worth of contracts in the United Arab Emirates. Our model of local execution to global standards sets us apart from our competitors. 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 . Last year, Fitch gave a BBB- outlook negative on Petrofac but it did say we believe that the potential one-off payment related to the Serious Fraud Office (SFO) investigation is mitigated by sufficient liquidity headroom and expected disposal proceed.. - 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!!! Despite the "lower levels of activity" compared with last year, Petrofac boss Sami Iskander said the energy industry looked to be at the beginning of a "multi-year upcycle". 2. (Sharecast News) - Energy services company Petrofac said on Tuesday that chief executive Sami Iskander will leave the business at the end of March 2023 in order to pursue other interests. Petrofac News NewsNow aims to be the world's most accurate and comprehensive aggregator of Petrofac news, covering the latest stories on the British multinational oil and gas company founded in London in 1981. Petrofac seen falling to FY underlying loss (Sharecast News) - Energy services company Petrofac warned on Tuesday that it expects to report a full-year underlying loss of approximately. Lundin Britain as licence operator for the Heather, Thistle and Broom fields, has entered into an alliance with Petrofac, the independent Service Operator, to manage these facilities. please read our, NewsNow aims to be the worlds most accurate and comprehensive aggregator of Petrofac news, covering the. Shares in Petrofac, which did not give a reason for Iskander's planned departure, were down 3.2% at 0855 GMT. Search Message Boards:Petrofac takeover by, By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Concerning Saudi Arabia and Iraq, these countries are not yet included in its bidding pipeline but losing a $3.5 billion contract and a consequent loss of orders from Saudi Arabia and Iraq has already dragged down overall orders in 2019 (Lufkin pleaded guilty to charges related to contracts in those countries in February 2019). All rights reserved. The contract, worth in excess of $250m, is for the life of field. Simply log into Settings & Account and select "Cancel" on the right-hand side. Petrofac, the oil & gas facilities Service Operator, will take over responsibility for the management of the Thistle and Heather platforms for Lundin Britain Limited (LundinBritain). Find out how we unlock value at every stage of the energy asset life cycle. Our Group Executive Committee is responsible for day-to-day operational management, communication and implementation of strategic decisions, and other administrative matters. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. We support credit card, debit card and PayPal payments. Until he stepped down at the end. Ayman Asfari, CEO of Petrofac Limited, said: "This is an important step for Petrofac. Every story from every site is brought to you automatically and continuously 24/7, within around 10 minutes of publication. We have 8,200 employees across more than 30 offices. Wherever you are on your energy journey, Petrofac has the expertise and experience to support. N.B. Petrofac will also continue to perform engineering design &construction services for these facilities under a prior arrangement with Lundin Britain. Petrofac Limited has completed the acquisition of PGS Production Services. The SFO's investigation has secured a guilty plea from a senior former executive, David Lufkin. We have solid experience and a proven operational delivery, along with a strong safety record in delivering projects in refining and petrochemicals. Petrofac, the Aberdeen-based oil services company, is raising 200 million ($275m) in a placing and open offer which will pay for its recent fine for bribery offences. Start your Independent Premium subscription today. 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 We use necessary cookies to make our site work. Saipem: technology partner of Snam and Baker Hughes for experiments at the Istrana plant We are an ambitious company which strives to maintain its position as the first choice provider of operations management, maintenance, engineering and construction services to the oil, gas and petrochemical industries worldwide., Petrofac Limited 2023 Registered Office: 26 New Street, St Helier, Jersey, JE2 3RA, Competence management systems and software, Petrofac to take over management of a further two North Sea platforms. N.B. Once 125 breaks then 140 plus some say 160-200 very likely. The outlook is strong as demand increases for their services. Our purpose is to enable our clients to meet the worlds evolving energy needs, and our four values are essential to who we are and what we do. When autocomplete results are available use up and down arrows to review and enter to go to the desired page. The issue price of the 173.5m new shares is 115p. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. This was a deeply regrettable period of Petrofac's history. 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 is part of the Fossil Fuels sector. London: British oil services group Petrofac said on Friday it would plead guilty to seven counts of failing to prevent bribery to secure projects in Iraq, Saudi Arabia and the UAE between 2012 and . 84.27%. Its an exciting time for Petrofac, and were looking for more people to join us. Standard Digital includes access to a wealth of global news, analysis and expert opinion. The company, whose biggest shareholder is a major Tory donor, said it had indicated guilty pleas to failing to stop former staff from making payments linked to contracts the business wanted to win. Lufkin was today sentenced to a two-year custodial sentence, which was suspended . We have solid experience and a proven operational delivery, along with a strong safety record in delivering projects in refining and petrochemicals. Petrofac sinks as former executive awaits sentencing for bribery David Lufkin is due to be sentenced on Monday after pleading guilty to offences relating to corrupt offers and payments made to. Please try different keywords. We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. Find a list of industry and trade events we are taking part in. 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Find put more about our drive to deliver a sustainable energy sector while delivering superior returns to our investors. All Rights Reserved. Browse and download our annual reports, brochures, and policies in one place. We think these smaller companies represent significant growth stories. Our model of local execution to global standards sets us apart from our competitors. 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. -1.75p With the "unanimous support" of its lenders, Petrofac has secured a $610m extension of its existing revolving credit facility to 2 June 2022, with an option to extend for a further six. Company results reflect lower orders In its 2020 outlook, Petrofac said the market was improving but that it expected to see a decrease in group revenue reflecting low new order intake in recent years. Save. 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). Petrofac has suspended its shareholder dividend for a second consecutive year. Find all the documents related to our refinancing on our dedicated page. The oil services group awaits its next hearing on Monday at Southark. Of global news, analysis and expert opinion you automatically and continuously 24/7, within 10. Of strategic decisions, and were looking for more people to join us comprehensive solution to manage all complex! 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