Browse and download our annual reports, brochures, and policies in one place. Neither company has made any official statements on the topic, and the share price rise on the FTSE should be viewed in the context of a strong day for energy companies across the board. Petrofac is part of the Fossil Fuels sector. Lufkin was today sentenced to a two-year custodial sentence, which was suspended . N.B. 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. 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 . Energy transition is at the core of our global strategy, creating long-term value for our clients, stakeholders, and teams. See news. Find answers to frequently asked questions about working for Petrofac and landing a job with Petrofac. The issue price of the 173.5m new shares is 115p. Start your Independent Premium subscription today. It said it has strengthened its balance sheet, although there are some one-off outflows from the sale of its Mexican assets, and improved liquidity. 84.27%. We have 8,200 employees across more than 30 offices. Energy transition is at the core of our global strategy, creating long-term value for our clients, stakeholders, and teams. Its an exciting time for Petrofac, and were looking for more people to join us. The ratings have been removed from Rating Watch Negative following completion of the refinancing. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services. The penalty includes a $64 million fine and a $31 . One of its largest recent contract wins was engineering support for the Seagreen wind array off the coast of north-east Scotland. We support credit card, debit card and PayPal payments. 19 Mar 2021 Issue: 64 / 11 By: Jamie Ingram. Petrofac was fined following SFO investigation. Ayman Asfari, CEO of Petrofac Limited, said: "This is an important step for Petrofac. Find all the documents related to our refinancing on our dedicated page. Contracts in the pipeline and. Save. Net income. Author Nicoleta Banila. Petrofac Limited 2023 Registered Office: 26 New Street, St Helier, Jersey, JE2 3RA, Competence management systems and software. 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. This article does not constitute investment advice. The industry leader for online information for tax, accounting and finance professionals. See here for a complete list of exchanges and delays. The outlook is strong as demand increases for their services. Petrofac was formerly run by Ayman Asfari, a Conservative donor who with his wife has given about 800,000 to the party. Our Group Executive Committee is responsible for day-to-day operational management, communication and implementation of strategic decisions, and other administrative matters. This post was updated on 28/09/2021 to reflect the adjournment of pleas and sentencing. Our comprehensive programme of corporate renewal has been acknowledged by the SFO. 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. Explore individual locations to get a better understanding of what we offer and find out how to apply. Petrofac has suspended its shareholder dividend for a second consecutive year. We have fundamentally overhauled our compliance regime, as well as the people, and the culture that supports it. Expect RNS soon with strong results and profits. Barclays cut it to equal weight from overweight in December because of a weaker-than-expected 2021 outlook and gave a target price of 230. "This period has also been challenging following the SFO's announcement in early January. Find a list of analysts covering Petrofac, as well as consensus data compiled and updated by Petrofac. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Join over 300,000 Finance professionals who already subscribe to the FT. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Browse our locations and find contact information of our global offices. Also a strong, Looks like a good move getting a fresh face from McDermott with solid experience. 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. We think these smaller companies represent significant growth stories. Find all the documents related to our refinancing on our dedicated page. Find a list of analysts covering Petrofac, as well as consensus data compiled and updated by Petrofac. AML Share News. The BBC is not responsible for the content of external sites. Explore individual locations to get a better understanding of what we offer and find out how to apply. Former executive David Lufkin pleaded guilty to 14 charges of bribery brought by the UKs Serious Fraud Office. 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. Find contacts for Media Relations at Petrofac. Petrofac will also continue to perform engineering design &construction services for these facilities under a prior arrangement with Lundin Britain. PFC is now a, Next level 100p then we are off to the races 150plus. Dow and X-energy to build U.S. Gulf Coast nuclear demonstration plant, Oil settled up as rising supplies face Chinese demand hopes, Reporting by Radhika Anilkumar in Bengaluru; Editing by Savio D'Souza and Mark Potter, Western US cities vote to move ahead with novel nuclear power plant, Greta Thunberg detained by Norway police during pro-Sami protest, Exclusive: Biden administration to move on Midwest ethanol-blended gasoline rule this week -sources, Delta pilots ratify new contract, raise 'the bar' for rival airlines, Caterpillar reaches tentative deal with union, averting possible strike, Pfizer/BioNTech seeks U.S. nod for updatedCOVID vaccine as booster in kids under 5, China willing to play constructive role in debt talks, Exclusive news, data and analytics for financial market professionals. 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. Petrofac was. "If the inability to return Petrofac's E&C business to awards growth has been the underlying drag on the investment case during Iskander's tenure, today's announcement suggests there remain significant challenges to such an outcome," they said. organisation 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, Small-CAP winners & losers: Petrofac, Enquest price targets cut, ICR Integrity announces major contract win with Petrofac, Icr secures major North Sea contract with Petrofac, 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. Petrofac has been living under the shadow of the past, but today it is a profoundly different business, in which stakeholders can be assured of our commitment to the highest standards of business ethics, wherever we operate.. Read about our approach to external linking. -83.42%. Find out more here. (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 is a candidate for Takeover as his Current market value is 400 millions where Wood group is CMV . Orders start to flow. Find our more about our Board members, their priorities and roles. Lufkin pleaded guilty to offering and making . 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. Search and apply to our latest roles and find out how we support our people to thrive in a delivery-focused culture. 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. Petrofac is now frozen out of new contract awards in the Middle East's three largest oil producers - Saudi Arabia, Abu Dhabi and Iraq. Find the latest news, magazine articles, stories and opinion pieces, background information, and images for download in our media centre. Find put more about our drive to deliver a sustainable energy sector while delivering superior returns to our investors. . CEO Sami Iskander to step down end of March, To be replaced by senior McDermott executive Tareq Kawash. Analysts have been lukewarm on the stock. 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 . 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