Petrofac was. All financial investments involve an element of risk. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Author Nicoleta Banila. VideoAt the crash site of 'no hope' - BBC reporter in Greece, How fake copyright complaints are muzzling journalists, How 10% of Nigerian registered voters delivered victory, Sake brewers toast big rise in global sales, The Indian-American CEO who wants to be US president, Blackpink lead top stars back on the road in Asia, Exploring the rigging claims in Nigeria's elections, 'Wales is in England' gaffe sparks TikToker's trip, Ukraine war casts shadow over India's G20 ambitions. Net . Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in, Find your bookmarks in your Independent Premium section, under my profile, Petrofac will plead guilty to seven separate offences of failing to prevent bribery, after a long-running probe by the Serious Fraud Office into payments made in the Middle East. It has postponed its results announcement to April from February because of auditing complications as a result of the pandemic. The last trading update was December: Https://www.investeg ate.co.uk/petrofac-l imited--pfc-/eqs/tra ding-update/20221220 070006EPNDU/ This is the one that announced: Financial News Articles for Aston Martin Lagonda Global Holdings Plc Ord Gbp0.10 updated throughout the day. For cost savings, you can change your plan at any time online in the Settings & Account section. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. The SFO had already secured guilty pleas from David Lufkin, a former executive, surrounding payments totalling 81 million dollars (60 million at todays exchange rate) to win contracts worth about 7.5 billion dollars. View and download the latest financial results documents. Expert insights, analysis and smart data help you cut through the noise to spot trends, 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 . Petrofac also wants to expand into a broader range of energy sectors, including carbon capture and storage, hydrogen and waste-to-fuels. Read our in-depth reports. A lot can happen before then. Find all the documents related to our refinancing on our dedicated page. Petrofac is a candidate for Takeover as his Current market value is 400 millions where Wood group is CMV . Petrofac Share Chat. 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. 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Ayman Asfari, the Syrian-born executive who . 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. This is the third set of convictions secured by the SFO in its four-year investigation into cross-border corruption at the Petrofac Group. PFC, Low SP and a Strong Dollar makes this an attractive, Great opportunity with strong move upwards as market realises time to get in so dont miss out. The SFO's investigation has secured a guilty plea from a senior former executive, David Lufkin. UK's Petrofac Romania takeover by Expert Petroleum gets antitrust nod. This article does not constitute investment advice. You can check if you already have a subscription, and you can unsubscribe at any time. 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. The golden age for Liquefied Natural Gas (LNG). Our comprehensive programme of corporate renewal has been acknowledged by the SFO. 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 By country. Fitch Ratings - London - 26 Nov 2021: Fitch Ratings has affirmed engineering and construction (E&C) services provider Petrofac Limited's Long-Term (LT) Issuer Default Rating (IDR) at 'B+'. Key statistics On Friday, MGC Pharmaceuticals Ltd (MXC:ASX) closed at 0.011, 22.22% above the 52 week low of 0.009 set on Jan 25, 2023. Petrofac Shut Out Of Key Abu Dhabi Market. Browse our locations and find contact information of our global offices. See more December 22, 2022 Rigzone News Strikes Underway At BP And Repsol North Sea Platforms 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. 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But the company still faces challenges, with its largest division - engineering and construction (E&C) - seeing revenue drop 40% in the first half of this year and net debt doubling after it paid a $104 million fine to settle the fraud probe. At the crash site of 'no hope' - BBC reporter in Greece. These included the ongoing Serious Fraud Office (SFO) inquiry. -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. cookies to improve your experience and customise advertising. Aug 17, 2016 15:47 EEST . We are required to publish certain news in accordance with regulatory rules. Jim Atack, Managing Director, Petrofac Facilities Management Europe, said: These mature North Sea fields still have a long way to go. Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously. Want to bookmark your favourite articles and stories to read or reference later? Petrofac Limited has completed the acquisition of PGS Production Services. Two years ago, he pleaded guilty to 11 charges brought by the SFO. More than four decades of delivering the most significant energy projects across the globe. Former global head of sales at Petrofac David Lufkin pleaded guilty to three counts of bribery in January for contracts worth $3.3 billion in the UAE between 2012 and 2018, resulting in the global engineering giant being banned from competing for new projects in the Emirates. Amount of Analyst Coverage Petrofac has only been the subject of 1 research reports in the past 90 days. We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. This accords with a contrarian investment case, plus takeover potential. The oil services group awaits its next hearing on Monday at Southark. City sources told The Sunday . Keep your powder dry as RNS on the way soon" The RNS that you're waiting for is some sort of resolution on the banking issue. personalising content and ads, providing social media features and to It reported a pre-tax loss of $180m during 2020, as revenue dropped from $5.5bn to $4.1bn and contracts shrunk. Wherever you are on your energy journey, Petrofac has the expertise and experience to support. Search Message Boards:Petrofac takeover by, By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's View and download the latest financial results documents. More about our structure and how we are set up to deliver for our clients. 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. Our stories, told by our people, on the topics that matter to Petrofac. Visit our investor centre and get the latest financial highlights, key data, reports, and strategic insight in one place. On completion of a transition process, Petrofac will be responsible, as Facilities Managerand Safety Case Holder, for the fields production and maintenance operations. Petrofac was formerly run by Ayman Asfari, a Conservative donor who with his wife has given about 800,000 to the party. -83.42%. Hear from some of the people helping our clients meet the worlds evolving energy needs. Its an exciting time for Petrofac, and were looking for more people to join us. You may change or cancel your subscription or trial at any time online. Find a list of industry and trade events we are taking part in. 2. Premium access for businesses and educational institutions. Petrofac has been notified by ADNOC Group that it has been suspended from competing for new awards until further notice.. Former senior executive David Lufkin pleaded guilty at Westminster Magistrates' Court in January to three further bribery offences in relation to oil deals in the UAE, according to Reuters.The charges are in addition to 11 charges of bribery already brought by the Serious . Browse latest Petrofac news, or use filters to find historic news from 2004 onwards. We think these smaller companies represent significant growth stories. Net income. This has improved liquidity with a . We are designing, building and operating onshore and offshore facilities, and training the people who support them. 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. Published by ITP Media Group. Find answers to frequently asked questions about working for Petrofac and landing a job with Petrofac. 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. Find out more here. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Trading at 34.3% below our estimate of its fair value Earnings are forecast to grow 80.76% per year Risk Analysis Highly volatile share price over the past 3 months Shareholders have been substantially diluted in the past year See All Risk Checks My Notes New Notes are coming soon Aston Martin Lagonda Global Holdings plc Competitors You can still enjoy your subscription until the end of your current billing period. While serving as prime minister Theresa May wrote to her Bahraini counterpart to support Petrofacs bid for a contract in the country. The former global head of sales for Petrofac pleaded guilty to eleven counts of bribery in 2019, and a further three counts in 2021. 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