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Country of Incorporation
Current disclosures in PETROFAC LTD, 5 currently shorting.
Thu September 12, 2019
Mon August 12, 2019
Fri August 30, 2019
Thu August 15, 2019
Tue August 13, 2019
Posted: August 28, 2019
Solid operational performance in all our businesses
Business performance net profit (1)(2) of US$154 million
Reported net profit (2) of US$139 million
New order intake (3) of US$2.0 billion year to date
Net cash of US$69 million
Interim dividend of 12.7 US cents per share
The Board has declared an interim dividend of 12.7 US cents per share (2018: 12.7 US cents). The interim dividend will be paid on 18 October 2019 to eligible shareholders on the register at 20 September 2019 (the 'record date'). Shareholders who have not elected to receive dividends in US dollars will receive a sterling equivalent. Shareholders can elect by close of business on the record date to change their dividend currency election.
Full RNS can be read here, https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PFC/14203796.html
Opinion: Strong Buy
Posted: June 26, 2019
(Sharecast News) - Petrofac shares surged on Wednesday following reports that the Serious Fraud Office has abandoned a criminal investigation into three businessmen who were accused of paying brides in the energy industry.
The SFO had been probing claims that Unaoil - a Monaco-based consultancy that worked with Petrofac, primarily in Kazakhstan between 2002 and 2009 - had paid multimillion pound brides to land contracts in the oil and gas industry.
But The Guardian cited sources earlier as saying that the SFO has dropped the investigation into the trio.
Compliance industry newsletter MLex was the first to report the news, saying on Tuesday that the probe had been halted after three years.
The SFO launched an investigation into Petrofac in May 2017 as part of a wider probe into Unaoil. In February 2019, David Lufkin, Petrofac's former global head of sales, pleaded guilty to 11 counts of bribery linked to contracts worth more than $730m in Iraq and $3.5bn in Saudi Arabia.
SFO spokesman Adam Lilley said the Unaoil investigation "remains active and is ongoing".
"We do not comment on ongoing investigations," he said.
At 1540 BST, the shares were up 14.5% at 463.80p.
Opinion: Strong Buy
Posted: June 26, 2019
SFO drops investigation into trio accused of energy industry bribes
Ata Ahsani and his sons formerly owned and controlled Monaco-based firm Unaoil
Prosecutors have dropped a criminal investigation into three businessmen who had been accused of paying huge bribes in the energy industry, sources with knowledge of the inquiry have said.
The Serious Fraud Office had been investigating claims that Unaoil, a firm formerly owned and controlled by its chairman Ata Ahsani and his sons Cyrus and Saman, paid multimillion-pound bribes to land contracts in the oil and gas industry.
On Tuesday, the SFO declined to say why its investigation into the trio had been dropped.
The termination of the investigation comes as the SFO faces renewed criticism for closing corruption investigations into large multinational firms and its failure to convict business executives.
Last year, the SFO charged four Unaoil employees with conspiring to make corrupt payments to secure contracts in Iraq. The SFO’s prosecution of these employees continues.
The SFO issued summonses against Unaoil as a corporate body over allegations of conspiracy to give corrupt payments. It is unclear if these summonses are still in operation.
The investigation by the SFO into alleged bribery and money laundering by Unaoil and its employees opened in 2016 after a leak of thousands of the firm’s emails to journalists at Australia’s Fairfax media. Police in Monaco raided Unaoil’s headquarters at the SFO’s request.
The first charges from the investigation – against the four employees – came in 2017. Their trial is scheduled to begin in January 2020.
The halting of the Unaoil investigation was first reported by compliance industry newsletter MLex on Tuesday. The SFO said it could not comment on an ongoing investigation.
The Ahsani family and Unaoil declined to comment. Unaoil has consistently denied involvement in bribery, calling the allegations “malicious and damaging”.
Last year, the SFO said it was seeking the extradition of Saman Ahsani, the 43-year-old commercial director of Unaoil, from his home in Monaco. He had not been charged with any offence and it is understood that a warrant for his extradition has been withdrawn.
In February, the SFO was criticised by anti-corruption campaigners after it closed its investigation into alleged bribery by Rolls-Royce employees. On the same day, it announced that it was closing down another investigation alleged corruption by Britain’s biggest drug-maker, GSK.
Posted: June 25, 2019
RNS Number : 2678D
25 June 2019
Petrofac issues the following pre-close trading update ahead of the announcement of its results for the six months ending 30 June 2019 on 28 August 2019.
· Trading in line with prior guidance
· New order intake (1) of US$1.7 billion in the year to date
· Net debt (2) expected to be around US$0.1 billion at 30 June 2019
Ayman Asfari, Petrofac's Group Chief Executive, commented:
"We are trading in line with our prior guidance reflecting solid operational performance across the business.
"We continue to maintain excellent client relationships in all of our markets, although new order intake in the year to date reflects our recent challenges in Saudi Arabia and Iraq. Looking forward, the Group has a busy tendering pipeline in other markets with around US$15 billion of bid opportunities due for award in the second half of the year.
"We are making good progress delivering our strategic objectives. We continue to target best-in-class delivery for our clients and are improving our competitiveness by reducing costs, driving digitalisation, increasing local content and investing in talent. Furthermore, we are well positioned in the second half with good revenue visibility, a strong balance sheet and high levels of tendering activity."
Engineering & Construction (E&C)
Overall, Engineering & Construction results are forecast to be in line with management guidance, with revenues for the full year expected to be around US$4.5 billion and net margins at the low end of guidance.
We have continued to make steady progress delivering our portfolio of projects. In Malaysia, the RAPID project is substantially complete with all units ready for the introduction of gas. On the Upper Zakum Field Development in the UAE, commissioning work at the central and west islands is at an advanced stage. In Saudi Arabia, the Jazan South tank farm is mechanically complete, whilst the Jazan North tank farm and Fadhili projects are nearing mechanical completion. In Kuwait, we are focused on the delivery of priority units on the KNPC Clean Fuels project and water has been introduced into the Lower Fars Heavy Oil plant. We are also preparing for the introduction of power at the BorWin 3 offshore grid connection project in the North Sea. Meanwhile, our engineering, procurement and construction management (EPCm) projects are progressing well: the Al Taweelah Alumina Refinery recently started up, and both Yibal Khuff and the Rabab Harweel Integrated Project are nearing completion.
We have secured new orders worth US$1.6 billion in E&C in the year to date (1H 2018: US$1.6 billion(3)), including a lump-sum engineering, procurement and construction (EPC) contract for the Ain Tsila Development Project in Algeria and the Mabrouk Project in Oman.
Engineering & Production Services (EPS)
Engineering & Production Services is performing in line with expectations, with growth in Projects offsetting lower activity from Operations.
We have secured US$0.1 billion of awards and extensions in the year to date (1H 2018: US$0.5 billion(3)), including new awards and contract extensions in the UK North Sea, Oman, UAE and Iraq.
Integrated Energy Services (IES)
Net production is expected to be approximately 2.1 million barrels of oil equivalent (mmboe) for the first half of the year (1H 2018: 3.1 mmboe), in line with expectations and reflecting divestments in the second half of 2018. The average realised oil price (net of royalties) for the first half is expected to be approximately US$69 per barrel of oil equivalent (1H 2018: US$56/boe), reflecting higher realised prices and production mix.
Group backlog stood at US$8.9 billion at 31 May 2019:
31 May 2019
31 December 2018 (3)
Engineering & Construction
Engineering & Production Services
Net debt (2) is expected to be around US$0.1 billion at 30 June 2019 (31 December 2018: US$90 million net cash), reflecting the reversal of temporary favourable working capital movements at the end of 2018, the phasing of tax and dividend payments as well as the purchase of treasury shares. We continue to review options for our remaining non-core assets, consistent with our strategy to enhance returns.
Alastair Cochran, Chief Financial Officer, will host a conference call for analysts and investors at 8am today.
(1) New order intake comprises new contract awards and extensions, net variation orders and the rolling increment attributable to EPS contracts which extend beyond five years.
(2) Net debt comprises interest-bearing loans and borrowings less cash and short-term deposits (i.e. excludes IFRS 16 lease liabilities).
(3) On 1 January 2019, the EPCm business was reclassified from the EPS division to the E&C division. The EPCm business is presented within the E&C division in prior period comparative figures.
Posted: June 25, 2019
Mohammed Ghazi Al-Mutairi joins Petrofac as Country Chair - Kuwait
Petrofac has appointed Mohammed Ghazi Al-Mutairi as Country Chair, Kuwait, recognising the multiple substantial projects and activities the company has in-country and the strategic importance of Kuwait to the Group.
Mohammed Ghazi Al-MutairiMr Al-Mutairi, who holds a BSc in Chemical Engineering from Kuwait University, brings over 32 years’ experience in the Kuwait oil and gas industry. He has significant leadership experience, having served as Chairman and Board member of a number of major companies in the sector, most recently as the Chief Executive Officer of Kuwait National Petroleum Company (KNPC), and was Chairman of the Gulf Downstream Association.
This appointment is aligned to the continued role Petrofac has in the development of Kuwait’s oil and gas infrastructure and increased demand the company sees helping clients expand both their upstream production and their downstream operations.
In his role as ambassador in-country, Mr Al-Mutairi will represent the Petrofac Group, working closely with the various parties across the entire Petrofac portfolio, in the ongoing delivery and development of the company’s full-service capability offering and operations in Kuwait.
Roberto Bertocco, Chief Commercial Officer, said: “We are delighted to welcome Mohammed to Petrofac. He has played an important role in shaping Kuwait’s downstream sector, leading the implementation of some of the region’s most complex energy projects. This is a key market where our continued focus is on investing in-country and building capabilities for the future to ensure we’re part of the fabric of Kuwait for many years to come.”
Petrofac has been supporting Kuwait’s oil and gas industry since the 1980s with a strong track record in delivery, excellent safety record and focus on enhancing in-country value by supporting local goods and services. Substantial ongoing projects include KNPC’s Clean Fuels Project, partnering with Samsung and CB&I to upgrade the Mina Abdullah refinery, creating a truly world-class facility which operates to high environmental standards and brings production to 454,000 barrels a day. EPC contracts with Kuwait Oil Company include Gathering Centre 32 (GC32) and the Lower Fars heavy oil Project, where operations and maintenance services are also being provided.
Posted: June 21, 2019
The company will report its revenue for Q1 2019 on 25-06-2019.
Posted: June 21, 2019
Petrofac has entered into a collaboration agreement with Marginal Field Development Company (MFDevCo) for the pursuit of opportunities in the recovery of stranded gas resources.
Under the agreement, the companies will work together to engineer, deliver and operate gas to wire facilities for the redevelopment and recovery of marginal gas fields, supporting UK clients in their pursuit to Maximise Economic Recovery.
Petrofac, through its Engineering and Production Services business, will provide engineering support, and input to feasibility studies and opportunity screening, working with MFDevCo to secure projects that will be developed and delivered using MFDevCo's gas-to-wire approach, which includes the use of Siemens' technology.
The approach maximises the recovery of stranded gas resources by using gas to generate electrical power on an offshore platform. Turbines installed on the platform convert the gas into electricity that can then be exported to shore in a cheaper and more efficient way than conventional methods; eliminating the expenditure, loss of value and reliance on pipeline networks.
The agreement allows for Petrofac to provide engineering and asset operations services on all gas-to-wire projects identified by MFDevCo, subject to agreeing terms on a case by case basis. It has an initial term of two years but both parties are viewing this as the basis for a long-term collaboration with benefits that will increase as working practices are cemented and efficiencies increased going forward.
Nick Shorten, Managing Director for Petrofac's Engineering and Production Services business in the Western Hemisphere, said: 'At a time when industry is so firmly focused on extending the life of the UK Continental Shelf, we're delighted to be working with MFDevCo to offer new and existing clients a solution to get more from their gas reserves. By blending our capabilities and expertise, we believe we can provide cost-effective development solutions to unlock the full potential of marginal gas fields within the basin.'
Alison Pegram, Managing Director of MFDevCo, commented: 'Maximising the economic recovery of gas resources currently considered stranded should be central to the move towards a cleaner energy future and gas to wire offers a means to do this. Petrofac has extensive experience in the operation, maintenance and management of gas production facilities in the UK, so we're very pleased to be collaborating with the company for our gas-to-wire initiative as our project negotiations intensify. We believe this provides the final element required to allow us to move forward and demonstrates that, as a group, we have the capability necessary to deliver and operate these projects.'
Posted: June 11, 2019
Petrofac has secured its third project under a 10-year Framework Agreement with Petroleum Development Oman (PDO) with the award of a procurement services project for the Mabrouk North East Line Pipe Procurement Project in Oman.
The contract, valued at approximately US$75 million, is the latest to be awarded under the agreement signed in 2017 to provide Engineering, Procurement and Construction Management (EPCM) Support Services for PDO’s major oil and gas projects.
The 19-month project scope includes management of line pipe material from sourcing, technical and commercial evaluation, planning and control services with management and co-ordination of interfaces with all parties involved.
Elie Lahoud, Group Managing Director, Engineering & Construction - Oman, Iraq and Saudi Arabia said: “We have a strong track record with PDO in Oman and are delighted to have been awarded this latest project under the long-term framework agreement.
“The procurement and management activities for this project will be undertaken from Petrofac’s Muscat office from where we provide first-class expertise in high-value order management. We continue to maximise the provision of local goods and services which evidences our ongoing commitment to delivering in-country value through each of the projects we undertake in the Sultanate.”
Posted: June 11, 2019
Petrofac has been ranked second in Oil & Gas Middle East magazine's Top 30 EPC Contractors list for 2019.
This is the ninth year in a row that we have taken one of the top four spots.
The report ranks the region's most prominent contracting companies in the upstream EPC sector, considering factors such as the volume and value of contract wins, along with revenues earned.
Posted: June 4, 2019
Top 5 of the Top 30 EPC review: The top contractors from our 2018 list
Every year, Oil & Gas Middle Eastcompiles a list of the Top 30 EPC Contractors for the upstream segment. Ahead of the June 2019 issue which will feature this year's edition of the list, we look back at the top contractors from last year's list.
Petrofac ranked first on last year’s list after landing some big tickets deals such as an $800mn contract from supermajor BP for the second planned phase of the major Khazzan gas project in Oman. Petrofac will help spike production from the central processing facility to around 1,500 million standard cubic feet per day.
The firm penned a ten-year association with Petroleum Development Oman, which has already fashioned a significant downstream contract, while it also has on-going key projects in Kuwait.
2. Larsen & Toubro
L&T Hydrocarbon Engineering (LTHE) was very visible in 2017-2018. It won an award from Saudi Aramco as part of a consortium with Subsea 7 for three gas production deck modules. The consortium has four on-going projects in the kingdom. LTHE signed a major field development EPC contract with Abu Dhabi’s Al Dhafra Petroleum Operations Company, worth in excess of $342mn. The scope of the contract includes the commissioning of flow lines, gathering facilities and pipelines to transfer crude oil and gas from the Haliba oilfield to a processing facility at Asab. LTHE also snared a big-ticket tie-up with the Kuwait Oil Company last year when it was chosen to build a crude oil transit pipeline from North Kuwait to Ahmadi, with a Q3 2020 completion date. The deal is worth $262mn.
SNC-Lavalin had projects right across the Middle East but Saudi Arabia is a rich seam. As a case in point, the firm’s subsidiary in the kingdom was awarded a five-year framework agreement to provide general engineering services to Al Khafji Joint Operations (KJO), a joint venture between the Aramco Gulf Operations Company and the Kuwait Gulf Oil Company. KJO is responsible for oil and gas exploration, development and production in the offshore area close to the Saudi-Kuwait border. The signed agreement will cover both on-shore and off-shore engineering projects. It also sealed the $2.7bn acquisition last year of the UK’s WS Atkins, a design, engineering and project management consultancy.
Wood’s purchase and absorption of Amec Foster Wheeler, a firm that had 35,000 employees and revenue of more than $7bn in 2016, created a genuine EPC sector big beast. The entity’s expanded global footprint could well see Wood getting among the medals in our list next year. The firm trousered a much-coveted new multi-million dollar, five-year contract to support Saudi Aramco in the delivery of one of its mega-projects, providing engineering and project management services to develop the Marjan oilfield. The front end engineering design (FEED), major increment and overall project management consultancy will be executed from Wood’s Reading, UK, Khobar, Saudi Arabia and India offices. Wood is present in seven countries across the Middle East including the UAE, Kuwait, Iraq and Kuwait and maintains almost 4,000 regional staff.
McDermott is moving upwards on our list thanks to its merger with another member of last year’s top thirty, the Chicago Bridge and Iron Company (CB&I). The deal, valued at around $6bn, ticks some key boxes for McDermott. Speaking exclusively to Oil & Gas Middle East, the firm’s president and CEO David Dickson said the combination with CB&I gives his firm a wider, more balanced global footprint and diversifies its offering into areas such as onshore EPC work and the LNG sector.
Posted: May 28, 2019
Petrofac's Engineering and Production Services (EPS) business has been awarded two Operations and Maintenance (O&M) contract extensions for long-standing clients worth a combined value of approximately US$32 million.
Petrofac secured a 12-month renewal from Total E&P UK (Total) for the supply of O&M support to its Alwyn and Dunbar platforms in the Northern North Sea - a role it has held for 14 years.
The company has also been awarded a 12-month extension from a major International Oil Company (IOC), under which it will continue to provide offshore and onshore O&M support to one of its platforms in the Central North Sea.
Both contracts will be managed via Petrofac's dedicated 24/7 Operations Hub, through which all its labour supply contracts are managed. The Hub offers flexibility of shared resources across contracts, enabling fluctuating client requirements to be managed in a flexible, cost-effective way.
Nick Shorten, Managing Director for Petrofac's Engineering and Production Services business in the Western Hemisphere, commented: 'These contract renewals reflect the strength and collaborative nature of our long-standing relationships with both IOCs and are testament to the knowledge our teams have gained our clients' assets. We are delighted that each client has demonstrated continued confidence in our ability to maintain safe operations while delivering improvements to production efficiency.'
Petrofac currently supports 45 assets in the North Sea, and 80% of these contracts have been held for a decade or more.
Opinion: No Opinion
Posted: May 1, 2019
Wed, 1st May 2019 14:58
RNS Number : 7884X
01 May 2019
Final Dividend - exchange rate
Petrofac Limited hereby confirms that further to the final results announcement issued on Thursday, 28 February 2019, the UK Sterling equivalent of the final dividend of 25.30 US cents per ordinary share will be 19.34 pence per Share, based on an exchange rate of GB£1 = US$1.3079.
Subject to shareholder approval at the Annual General Meeting, the final dividend will be paid on Friday, 24 May 2019 to shareholders on the register at the close of business on Friday, 26 April 2019.
Posted: April 29, 2019
Petrofac has announced that it has secured several new contracts and extensions in the region, to provide training solutions for clients in the UAE, Oman and Iraq.
“These contract awards demonstrate the continued expansion of our differentiated training services offering in key countries, where supporting the national workforce development agenda is core to our approach. Petrofac has a strong track record in delivering large scale projects and solutions focused on the transfer of knowledge and technology, that have significant contribution to delivering in-country value,” said Karim Osseiran, Petrofac’s global head (Training Services).
According to a statement, in Oman, the company won two new contracts for the provision of HSE and technical training solutions and a contract extension for the provision of assessment services.
A new contract has also been awarded for the delivery of an internationally accredited operations and maintenance training programme, which will be delivered via the Takatuf Petrofac Oman (TPO) training centre in Muscat. The TPO facility was opened by Petrofac and its partner Takatuf Oman in late 2018, to provide training for the country’s next generation of workforce for the industry.
In the UAE, the firm secured a contract for the provision of on-the-job technical training and other specialised services to support a client’s oil and gas training facility.
In its statement, Petrofac notes that a British oilfield services company remains committed to the continuous development of the Iraqi workforce and, accordingly, that a contract has been renewed to deliver training solutions.
Opinion: Strong Buy
Posted: March 13, 2019
Petrofac awarded US$1 billion EPC project in Algeria
Petrofac has been awarded a contract worth around US$1 billion with Groupment Isarene, the joint operating group set up by Sonatrach, Petroceltic and Enel, for the Ain Tsila Development Project in Algeria.
Located around 1,100 kilometres south-east of Algiers, the Ain Tsila field will produce gas, LPG and Condensate, for the local Algerian market and for export. Under the terms of the 42-month contract, the lump-sum engineering, procurement and construction (EPC) project scope of work includes commissioning, start-up and performance testing.
E S Sathyanarayanan, Group Managing Director, Engineering & Construction, commented: “I am delighted we have the opportunity to be working with the Groupement Isarene partners to deliver this strategically important project.
“This award builds on Petrofac’s significant track record in Algeria where we have been operating successfully for more than 20 years, with a strong record for project execution and the development of local capability. We are focused on delivering an effective, safe solution that meets our high standards and continues our commitment to the local energy sector.”
Petrofac’s EPC activities in Algeria include Sonatrach’s Tinrhert Field Development Project, along with the Alrar and Reggane projects that commenced production last year.
Posted: February 28, 2019
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018
· Solid operational performance in all our businesses
· Business performance net profit (1)(2) down 2% to US$353 million
· Reported net profit (2) of US$64 million post impairments and exceptional items
· New order intake (3) of US$5.0 billion; backlog (4) of US$9.6 billion at 31 December 2018
· Net debt eliminated; net cash of US$90 million
· Full year dividend of 38.0 cents per share
Full details below...
Posted: February 12, 2019
OIL FIELD services company Petrofac is facing a potential £400m lawsuit from angry investors, following a share price crash after one of its former executives pleaded guilty to bribery and corruption charges.
The former global head of sales at Petrofac, David Lufkin, pleaded guilty last Thursday to offering corrupt payments in an attempt to secure contracts in Saudi Arabia worth $3.7bn (£2.88bn) and in Iraq worth $730m.
The news sent Petrofac's share price plunging nearly 30 per cent, from 559p to 395p.
Litigation funder Innsworth said yesterday it was preparing to fund a lawsuit against Petrofac on behalf of a group of institutional shareholders, who claim they have suffered substantial losses because of Petrofac's actions.
Innsworth said it was working with listed law firm Keystone Law and was "well progressed" in its analysis of potential claims.
Petrofac declined to comment on the potential lawsuit.
Last week the company said: "Petrofac confirms that no charges have been brought against any group company or any other officers or employees.
"Although not charged, a number of Petrofac individuals and entities are alleged to have acted together with the individual concerned.
"No current board member of Petrofac Limited is alleged to have been involved."
Its chairman, Rene Medori, said Petrofac "has policies and procedures in place designed to ensure that we operate at the highest levels of compliance."
Petrofac's share price fell 1.4 per cent to 388p yesterday.
Opinion: Strong Buy
Posted: February 11, 2019
Petrofac secures UK Well Services agreement
Petrofac’s Engineering and Production Services (EPS) business has added to its growing Well Engineering portfolio with the award of a contract from independent Exploration and Production company, Siccar Point Energy.
The three-year agreement, which includes options to extend, is estimated to be worth up to US$95 million over the term.
The contract includes provision of Well Operator and Well Engineering Project Management services including supply chain management, for Siccar Point’s operated assets West of Shetland. Under these terms, Petrofac will be responsible for all new well work and the ongoing integrity management of existing well stock.
Petrofac will also deploy its industry-leading well project management software, WellAtlas®* to ensure efficient and assured project delivery.
Commenting on the award, Nick Shorten, Managing Director for Petrofac Engineering and Production Services in the Western Hemisphere, said: “We are delighted to have secured this significant new scope with Siccar Point Energy and very much look forward to supporting them in successfully delivering their ambitious exploration, appraisal and development plans, safely and cost efficiently over the next three years.
“This award builds on our existing track record for delivering Well Operator and Project Management services for clients across the globe, but specifically West of Shetland, where we have significant exploration, appraisal and development experience.”
* WellAtlas® is a unique integrated software tool which supports the entire well management and delivery agenda, providing a comprehensive overview of projects.
Opinion: Strong Buy
Posted: February 7, 2019
I've loaded up on Petrofac shares, this morning.
I've been buying in 5000k tranches.
Lowest paid 420.6667
Highest paid 445.8636
I've bought a total of 42685K shares, this morning.
Will now sit back and wait for the price to head back towards 545.00 region.
Opinion: Strong Buy
Posted: February 7, 2019
RNS Number : 3724P
07 February 2019
7 February 2019
BOARD UPDATE ON UK SERIOUS FRAUD OFFICE INVESTIGATION
This morning the Serious Fraud Office announced that a former employee of a Petrofac subsidiary yesterday admitted bribery under the UK Bribery Act 2010.
Petrofac confirms that no charges have been brought against any Group company or any other officers or employees. Although not charged, a number of Petrofac individuals and entities are alleged to have acted together with the individual concerned.
No current Board member of Petrofac Limited is alleged to have been involved.
René Médori, Chairman of Petrofac, said:
"The SFO has chosen to bring charges against a former employee of a subsidiary company. It has deliberately not chosen to charge any Group company or any other officer or employee. In the absence of any charge or credible evidence, Petrofac intends as a matter of policy to stand by its employees."
"Petrofac has policies and procedures in place designed to ensure that we operate at the highest levels of compliance and ethics."
Posted: February 7, 2019
LONDON (Reuters) - A former executive at British oil firm Petrofac has pleaded guilty to eleven counts of bribery as part of an ongoing Serious Fraud Office investigation into the company and its subsidiaries, prosecutors said on Thursday.
David Lufkin, 51, a British national and previously global head of sales for Petrofac International Limited, entered his pleas at Westminster Magistrates' Court on Wednesday.
The SFO said the charges related to the making of corrupt offers to influence the award of contracts to Petrofac worth in excess of 730 million dollars in Iraq and in excess of 3.5 billion dollars in Saudi Arabia.
The SFO said its investigation into Petrofac's use of agents in multiple jurisdictions, including Iraq and Saudi Arabia, is ongoing. Lufkin will be sentenced at a later date, prosecutors added.
The SFO first said it had begun an investigation into Petrofac in 2017 as part of a wider probe into Monaco-based oil and gas consultancy Unaoil.
Petrofac said last February that it expected its top management to be interviewed as part of the SFO investigation.
Petrofac did not immediately respond to a request for comment.
(Reporting by Iain Withers; Editing by Rachel Armstrong)