Our partners are established, regulated businesses and we are grateful for their support. Aston Martin Lagonda News Headlines. Sign up for a free email subscription to our regular newsletter. The penalty includes a $64 million fine and a $31 . We would also like to set optional cookies to improve our site and bring you more . These included the ongoing Serious Fraud Office (SFO) inquiry. It reported a pre-tax loss of $180m during 2020, as revenue dropped from $5.5bn to $4.1bn and contracts shrunk. Hear from some of the people helping our clients meet the worlds evolving energy needs. We design, build, manage, and maintain oil, gas, refining, petrochemicals, and new energies infrastructure. Find a list of analysts covering Petrofac, as well as consensus data compiled and updated by Petrofac. Oil & Gas Middle East covers the latest news and in-depth analysis across the regions upstream sector, leveraging its print and digital products to act as the meeting point of the oil and gas industry. Its an exciting time for Petrofac, and were looking for more people to join us. 18 Aug, 2022 15:01 JP Morgan stays 'overweight' on Petrofac, says bid pipeline 'growing and accelerating' Petrofac Petrofac Ltd. 79.10p 16:35 27/02/23 2.00% 1.55p Analysts at JP Morgan. This article does not constitute investment advice. Petrofac is now frozen out of new contract awards in the Middle East's three largest oil producers - Saudi Arabia, Abu Dhabi and Iraq. Petrofac's former head of sales David Lufkin, who pleaded guilty to 14 counts of bribing agents with more than $80 million to influence around $7.5 billion of contracts, was g iven a two-year . -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. 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Touch device users, explore by touch or with swipe gestures. Providing an opportunity to young people is characteristic for a business that plans for the future and we want you to be a part of ours. 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. offers FT membership to read for free. Petrofac is part of the Fossil Fuels sector. Shares in oilfield services provider Petrofac [LON:PFC] plunged yet further last week after a former executive pleaded guilty to attempting to influence the award of contacts in the United Arab Emirates which then barred the company bidding for future contracts. The BBC is not responsible for the content of external sites. Expect positive RNS as Orders flow. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. In 2019, Mr Lufkin pleaded guilty to 11 counts of bribery related to contracts worth $3.5bn in Saudi Arabia and $730m in Iraq. 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. 2. Ayman Asfari, CEO of Petrofac Limited, said: "This is an important step for Petrofac. AML Share News. 16.00M. Find the latest news, magazine articles, stories and opinion pieces, background information, and images for download in our media centre. This post was updated on 28/09/2021 to reflect the adjournment of pleas and sentencing. 84.27%. Petrofac Share Chat. 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 Takeover Forum Posts 25-01-2023 halfpenny PFC must be RIPE FOR A TAKEOVER . The former global head of sales for Petrofac pleaded guilty to eleven counts of bribery in 2019, and a further three counts in 2021. 19 Mar 2021 Issue: 64 / 11 By: Jamie Ingram. The suspension is subject to review so theres hope for Petrofac that its not permanent. The company has of course suffered along with everyone else in the industry. 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. Wherever you are on your energy journey, Petrofac has the expertise and experience to support. According to analysts' consensus price target of GBX 191.67, Petrofac has a forecasted upside of 147.2% from its current price of GBX 77.55. Browse all Petrofac global news issued since 2004. A lot can happen before then. - 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!!! He is expected to be sentenced on Monday. Petrofac plead guilty to seven separate charges of failing to prevent bribery in the Middle East, the SFO said in a statement. At the same time though, Petrofac has launched a cost-cutting process and what it calls right-sizing program in light of the lower orders. What investors have to consider now is whether the company, which has otherwise done much to try to improve its fundamentals in the last year, will be able to draw a line in the sand and move on from the affair and whether its now therefore a buy. Browse and download our annual reports, brochures, and policies in one place. The UAE accounts for almost a third of the companys bidding pipeline. One of Britain's leading energy services firms with a big presence in the North Sea, Petrofac, has reported that a serious fraud investigation is causing it "real and material" harm. In response to the SFO investigation and guilty plea by its former senior executive, Petrofac has emphasised that neither the company itself or any current members of its board were facing charges. 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Here you can find the latest regulatory news we are required to announce to the market and subscribe to our alert service. 2023 BBC. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. All quotes delayed a minimum of 15 minutes. Its an exciting time for Petrofac, and were looking for more people to join us. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Petrofac Limited ( PFC) Petrofac Limited: FULL YEAR 2022 RESULTS DATE 28-Feb-2023 / 09:30 GMT/BST Petrofac Limited (the 'Company' or 'Petrofac') PETROFAC FULL YEAR 2022 RESULTS DATE Petrofac will publish its Full Year 2022 results on Tuesday, 25 April 2023. It said its investigation into the activities of Petrofac, its officers, employees and agents for suspected bribery, corruption and money laundering continues. We can at least expect fines (although the market has likely priced these in by now). If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Analysts said the news of the offers would increase interest in the wider . Read about our approach to external linking. Petrofac was fined following SFO investigation. Find all the documents related to our refinancing on our dedicated page. Financial News Articles for Aston Martin Lagonda Global Holdings Plc Ord Gbp0.10 updated throughout the day. My best expectation is that PFC is taken over as there are many interests in PFC with Competitors having lots of Cash being available. Compare Standard and Premium Digital here. 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). UK's Petrofac sells North Sea assets to Ithaca Energy for $292 million Petrofac, which designs, builds, operates and maintains oil and gas facilities, expanded into oil and gas production during the oil price boom earlier this decade REUTERS UK's Petrofac sells North Sea assets for $292 million Energy transition is at the core of our global strategy, creating long-term value for our clients, stakeholders, and teams. Until he stepped down at the end. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 11 by: Jamie Ingram of external sites expertise and experience to support cookies to improve our and! Our refinancing on our dedicated page expertise and experience to support at least expect (... 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