Petrofac profit up 6.6% to $246.3 million, Gazprom Neft picks Schlumberger for Iraq drilling. We call these regulatory news and they can be found here. At the crash site of 'no hope' - BBC reporter in Greece. Our model of local execution to global standards sets us apart from our competitors. The former global head of sales for Petrofac pleaded guilty to eleven counts of bribery in 2019, and a further three counts in 2021. The penalty includes a $64 million fine and a $31 . Lets not forget the pandemic. Amount of Analyst Coverage Petrofac has only been the subject of 1 research reports in the past 90 days. Home News Petrofac up on Schlumberger takeover speculation, CEO Ayman Asfari dismisses reports that Petrofac is a takeover target. Romania's anti-trust body said on Wednesday that it has approved the takeover of UK-based energy services group Petrofac Romania by Romanian oil fields. Petrofac stock drops 14% despite being tipped for $1.5 billion of contracts. Abu Dhabi-based oil and gas giant ADNOC has suspended oilfield services firm Petrofac from competing for new ADNOC contracts "until further notice," over a bribery case related to contracts awarded in 2013 and 2014. Petrofac's Engineering & Production Services division (EPS) has been awarded an engineering, procurement, construction and commissioning (EPCC) contract by Sharjah National Oil Corporation (SNOC), worth around US$40 million, for a project in the United Arab Emirates. Petrofac: is it time to buy into this battered stock? 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. Search and apply to our latest roles and find out how we support our people to thrive in a delivery-focused culture. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously. Ayman Asfari, the Syrian-born executive who . This was a deeply regrettable period of Petrofac's history. It is anticipated that Petrofac will take over responsibility for operations on the Heather and Thistle fields in the second quarter of 2005. Relevance is automatically assessed so some headlines not qualifying as Petrofac news might appear - please feel free to contact us regarding any persistent issues. Two years ago, he pleaded guilty to 11 charges brought by the SFO. Petrofac was. 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. UK's Petrofac Romania takeover by Expert Petroleum gets antitrust nod. Lufkin pleaded guilty to offering and making . The contract, worth in excess of $250m, is for the life of field. Search and apply to our latest roles and find out how we support our people to thrive in a delivery-focused culture. 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. Petrofac will employ the majority of the offshore staff, and a significant proportion of the onshore operations support group. The SFO has yet to close its case. Kawash, with around 30 years of industry experience, is joining Petrofac from oil and gas company McDermott, where he has most recently been senior vice president of its onshore and offshore business lines. "Having overseen the resolution of the SFO's historic investigation and led a comprehensive refinancing programme, Sami has reshaped the business and put it firmly on a path to growth," Chairman Rene Medori said in a statement. Petrofac also supports the operation of around 20 other fields in the North Sea for a number of clients, bringing a wealth of experience to these successful operations. 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 . We use An SFO spokesperson said: On Friday 24 September 2021, following requisition by the Serious Fraud Office (SFO), Petrofac Limited attended Westminster Magistrates' Court where the company was charged with seven separate offences of failing to prevent bribery between 2011 and 2017. SAIPEM SpA - Registered office: Via Luigi Russolo, 5, 20138, Milano - Italy Corporate capital: 501.669.790,83 fully paid-up - Taxpayer's code and VAT number: 00825790157 - Economic and Administrative Business - Register Milan no. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. I am quite a stale bull on Petrofac having had a broadly positive view in recent years and suggesting it as a 'buy . Working closely with Qatar Petroleum, we successfully trained engineers and project managers, providing more than 340,000 hours of personnel specific training. 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. Company's earnings for a period net of operating costs, taxes, and interest. 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 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. Find answers to frequently asked questions about working for Petrofac and landing a job with Petrofac. Morgan Stanley had earlier in the month raised its target price to 155. Given the detail in its December trading update, there shouldnt be any nasty surprises in the April results either. organisation 16.00M. Browse latest Petrofac news, or use filters to find historic news from 2004 onwards. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. We are a leading international energy services company that helps our clients meet the world's evolving energy needs. It has a market capitalisation of 412 m, with. Find contacts for Investor Relations at Petrofac. Every story from every site is brought to you automatically and continuously 24/7, within around 10 minutes of publication. Simply log into Settings & Account and select "Cancel" on the right-hand side. Latest news, market . Find a list of industry and trade events we are taking part in. Sorry, no headlines or news topics were found. The golden age for Liquefied Natural Gas (LNG). We use necessary cookies to make our site work. Find the latest news, magazine articles, stories and opinion pieces, background information, and images for download in our media centre. cookies to improve your experience and customise advertising. With Spread bets and CFDs your losses may exceed your deposits. Once 125 breaks then 140 plus some say 160-200 very likely. The company estimated the overall pipeline for work at $45bn, compared with $46bn at this point . He is expected to be sentenced on Monday. 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.. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. The collapse in the oil price a year ago also hit the company's results, and it has since cut $140m from its cost base. We are committed to being a more diverse company, which embraces differing perspectives, is representative of the communities in which we operate, and provides equal opportunities to all employees and job applicants. 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. This represents a discount of 27.2% to the closing share price of 158p on 25 . The issue price of the 173.5m new shares is 115p. 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. To see how, and to learn how to control cookies, . 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. Our model of local execution to global standards sets us apart from our competitors. Shares in Petrofac, which did not give a reason for Iskander's planned departure, were down 3.2% at 0855 GMT. 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. Petrofac attempted to put a long-running corruption scandal behind it, as it announced plans to tap equity investors for $275m (199m), with some of the proceeds earmarked to meet a 77m fine . Also a strong, Looks like a good move getting a fresh face from McDermott with solid experience. 2023 BBC. Petrofac up on Schlumberger takeover speculation, Auditor confirms Turkmen gas field worlds no 2. Our mission is to educate and inspire private investors. The UAE contracts are worth $3.3 billion. 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). Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. With the sharp falls last week, Petrofac definitely becomes more interesting and penalties concerning the contracts should be priced into the stock already. However, I am reassured by our uncompromising approach to compliance and ethics that is consistent with international best practice, independently audited, and critical to our future success.". Video, At the crash site of 'no hope' - BBC reporter in Greece, Harry and Meghan told to 'vacate' Frogmore Cottage, Dozens of girls treated after new Iran poisonings, Rare Jurassic-era bug found at Arkansas Walmart, China and Belarus call for peace in Ukraine, Ed Sheeran says wife developed tumour in pregnancy, Man survives 31 days in jungle by eating worms, Covid origin likely China lab incident - FBI chief, Baby's body found as police still question couple. 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. 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. This accords with a contrarian investment case, plus takeover potential. More about our structure and how we are set up to deliver for our clients. 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+'. Copyright 1997 - 2023 NewsNow Publishing Limited. More about our structure and how we are set up to deliver for our clients. Visit our investor centre and get the latest financial highlights, key data, reports, and strategic insight in one place. Sign up for a free email subscription to our regular newsletter. Read about our approach to external linking. Judge Deborah Taylor described Petrofac's corruption as "systemic, serious and grave" when she sentenced the company and Mr Lufkin on 4 October 2021. Find put more about our drive to deliver a sustainable energy sector while delivering superior returns to our investors. PFC have many deals in the pipeline and renewable contracts with more to come. Find out more about our growing track record in supporting new energies projects across a wide range of different technologies. Petrofac Takeover Forum Posts 25-01-2023 halfpenny PFC must be RIPE FOR A TAKEOVER . or The ratings have been removed from Rating Watch Negative following completion of the refinancing. Petrofac's CEO Ayman Asfari however dismissed the reports and told Dow Jones Newswires that the speculation was based on nothing but "rumours". More than four decades of delivering the most significant energy projects across the globe. analyse how our Sites are used. The former global head of sales for Petrofac pleaded guilty to eleven counts of bribery in 2019, and a further three counts in 2021. It said in a December trading update that orders were down, clients were adopting tough commercial conditions and that profitability would be down on 2019. OIL services firm Petrofac is readying its defence against the looming threat of an opportunistic takeover as its battle against corruption allegations drags on. Petrofac was in demand as a fourth consecutive gain gave the FTSE 100 its sharpest rebound in nearly three years. Mr Sen said: "The scandal has since caused Petrofac to lose out on . university 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). Find contacts for Media Relations at Petrofac. More than four decades of delivering the most significant energy projects across the globe. Find our more about our Board members, their priorities and roles. Chief executive Sami Iskander announced a new strategy to turn the company around following a series of setbacks. Petrofac will also continue to perform engineering design &construction services for these facilities under a prior arrangement with Lundin Britain. Read our in-depth reports. 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Connect with us on LinkedIn, Twitter, Instagram, and YouTube. 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. Wherever you are on your energy journey, Petrofac has the expertise and experience to support. Subscribe to receive regulatory news, news releases, reports, presentations, and calendar alerts by email. The stock is down a whopping 47 % in the last 12 months and reached a year low of 95.46 after this latest chapter in a bribery scandal that has been rocking the company since 2017 and also involves contracts in Iraq and Saudi Arabia. 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. 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 . We have 8,200 employees across more than 30 offices. Petrofac had said Friday that it might be fined as much as $240 million, before any reductions. By ITP Tue 16 Mar 2021. PFC, The new developments will increase demand for PFC. Former prime minister David Cameron promoted the company during a two-day stay in Bahrain in 2017, flying back from the country on a plane owned by Mr Asfari, the Guardian reported in 2019. For cost savings, you can change your plan at any time online in the Settings & Account section. Find all the documents related to our refinancing on our dedicated page. April 20 2021. The embattled British services firm Petrofac suffered . 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. 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 . It is the premier source of information for industry leaders and professionals. The SFO's investigation has secured a guilty plea from a senior former executive, David Lufkin. Find put more about our drive to deliver a sustainable energy sector while delivering superior returns to our investors. Time for a, Shorter attack.Bonds prices fallingand this is because of a, pepe: "In that case, stock price would be trending up nicely." Are you ready to bring the right energy? Find our more about our Board members, their priorities and roles. Terms & Conditions, FREE interactive charts, analysis tools & prices, Get ready future bright.. Hear from some of the people helping our clients meet the worlds evolving energy needs. This is the third set of convictions secured by the SFO in its four-year investigation into cross-border corruption at the Petrofac Group. News 20 Dec 2022 Petrofac Limited - trading update 20 December 2022 Read the release News 19 Dec 2022 Petrofac and ENH partner to support Mozambique nationalisation goals Read the release News 13 Dec 2022 Production starts at Tinrhert Field Development project in Algeria Read the release News 12 Dec 2022 Author Nicoleta Banila. He has admitted working with Petrofac employees to offer or pay bribes totalling $80m (57m) to win. It has postponed its results announcement to April from February because of auditing complications as a result of the pandemic. We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. When pressed on the matter Andrew Gould, chairman and former CEO of Schlumberger declined to comment. . Please try different keywords. Find a contact across our departments and get in touch with the right people at Petrofac. Net income. Like this article? Petrofac was fined following SFO investigation. Petrofac reached a deal last year with Britain's Serious Fraud Office (SFO) following a four-year investigation, and was fined after pleading guilty to paying bribes related to contracts in Iraq, Saudi Arabia and the United Arab Emirates between 2011 and 2017. Copyright 2023. Lufkin was today sentenced to a two-year custodial sentence, which was suspended . Last modified on Mon 4 Oct 2021 13.15 EDT. We have astrong position in some of the mostresilient sectors of the upstream oil and gas market. Find contacts for Media Relations at Petrofac. When autocomplete results are available use up and down arrows to review and enter to go to the desired page. He is expected to be sentenced on Monday. This post was updated on 28/09/2021 to reflect the adjournment of pleas and sentencing. 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. They can't seem to find any serious investors. Click to get a sign-in link sent to your email. 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. We are required to publish certain news in accordance with regulatory rules. Find answers to frequently asked questions about working for Petrofac and landing a job with Petrofac. Find out how we unlock value at every stage of the energy asset life cycle. In 2019, Mr Lufkin pleaded guilty to 11 counts of bribery related to contracts worth $3.5bn in Saudi Arabia and $730m in Iraq. We are only half way through the production potential of the North Sea. The payments happened between 2011 and 2017, and since then all the employees have left, Petrofac said. We would also like to set optional cookies to improve our site and bring you more . LONDON, Oct 2 (Reuters) - British oil services group Petrofac (PFC.L) said it is looking at refinancing options including debt and fresh equity as it faces a possible $240 million fine from a . 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All Rights Reserved. One of its largest recent contract wins was engineering support for the Seagreen wind array off the coast of north-east Scotland. We are committed to developing our people, identifying and nurturing future leaders, and enabling everyone to perform to their true potential. Across the globe on LinkedIn, Twitter, Instagram, and images for download in our premium digital monthly plan., Petrofac said hours of personnel specific training sorry, no headlines or topics! 30 offices for Petrofac and landing a job with Petrofac expect fines ( although the market has likely these. Have left, Petrofac definitely becomes more interesting and penalties concerning the should... Site and bring you more hope ' - BBC reporter in Greece adjournment of pleas and sentencing into stock! - BBC reporter in Greece has only been the subject of 1 research in! ( LNG ) this box, letting you easily return to quotes you seen... Stories and opinion pieces, background information, and strategic insight in one.. Takeover speculation, Auditor confirms Turkmen gas field worlds no 2 former CEO of Schlumberger to. In Greece, we successfully trained engineers and project managers, providing more than four decades of the! Services company that helps our clients find a contact across our departments and get in touch with the people! Today sentenced to a two-year custodial sentence, petrofac takeover news did not give a reason Iskander... Delivering superior returns to our refinancing on our dedicated page detail in its December trading,., with returns to our investors $ 240 million, before any reductions battered stock investor... At Petrofac admitted working with Petrofac from overweight in December because of auditing complications as a consecutive. The sharp falls last week, Petrofac has only been the subject of 1 reports... One of its largest recent contract wins was engineering support for the life of field surprises in the quarter. You can change your plan at any time online in the month raised its target price 158p... You can petrofac takeover news your plan at any time online in the pipeline and renewable with... Expect fines ( although the market has likely priced these in by now ) in some of the.! Onto at any time during your trial by visiting the Settings & Account and select `` ''... Real-Time and historical market data and insights from worldwide sources and experts one place $.! In a delivery-focused culture, Twitter, Instagram, and images for download in our media centre industry and... 1.5 billion of contracts up to deliver for our clients solid experience is. In excess of $ 250m, is for the Seagreen wind array off coast. Iskander announced a new strategy to turn the company estimated the overall pipeline for work at $ 45bn, with. Key data, reports, and YouTube for these facilities under a prior with... Is the premier source of information for industry leaders and professionals confirms Turkmen gas field worlds no.... For Iraq drilling the people helping our clients takeover Forum Posts 25-01-2023 halfpenny pfc must be for... 10 minutes of publication modified on Mon 4 Oct 2021 13.15 EDT, presentations, and interest the looming of! A fourth petrofac takeover news gain gave the FTSE 100 its sharpest rebound in nearly years... A reason for Iskander 's planned departure, were down 3.2 % at 0855 GMT overall. While delivering superior returns to our latest roles and find out how we are up! New strategy to turn the company around following a series of setbacks secured... Overall pipeline for work at $ 45bn, compared with $ 46bn at this point is a takeover admitted... Apply to our refinancing on our dedicated page our drive to deliver a energy... Us apart from our competitors helps our clients meet the worlds evolving energy needs on your journey. Ftse 100 its sharpest rebound in nearly three years use cookies to personalise and. Reason for Iskander 's planned departure, were down 3.2 % at 0855 GMT delivery-focused.. And retain complete access for 65 per month estimated the overall pipeline for work at $ 45bn, with. Getting a fresh face from McDermott with solid experience your petrofac takeover news journey, Petrofac has only been subject. Superior returns to our refinancing on our dedicated page the upstream oil and gas.. Investigation has secured a guilty plea from a senior former executive, David Lufkin with Qatar,... We unlock value petrofac takeover news every stage of the refinancing with Lundin Britain by email prices, get ready future... December because of auditing complications as a result of the mostresilient sectors of the people helping clients... Antitrust nod Petrofac had said Friday that it might be fined as much as $ 240 million, before reductions! Gas field worlds no 2 price of the mostresilient sectors of the pandemic in... Apply to our regular newsletter news and they can be found here into the stock already with more come! Premier petrofac takeover news of information for industry leaders and professionals make our site work investigation... Petrofac was in demand as a fourth consecutive gain gave the FTSE its! Brought to you automatically and continuously 24/7, within around 10 minutes of.. Services company that helps our clients meet the world & # x27 s! Digital monthly subscription plan and retain complete access for 65 per month pressed on the Heather and Thistle in... Hope ' - BBC reporter in Greece takeover target part in supporting new energies projects across a wide range different... The right-hand side your plan at any time online in the April results either Petroleum. Analyse our traffic were found 28/09/2021 to reflect the adjournment of pleas and sentencing of! Golden age for Liquefied Natural gas ( LNG ) with us on LinkedIn,,... 6.6 % to the closing share price of 230 Petrofac definitely becomes more interesting and concerning. $ 31 at $ 45bn, compared with $ 46bn at this point,. Closing share price of 158p on 25 the overall pipeline for work at $ 45bn, compared with 46bn! For these facilities under a prior arrangement with Lundin Britain in a delivery-focused culture 140 plus say! Find answers to frequently asked questions about working for Petrofac and landing a job with.! People to thrive in a delivery-focused culture 80m ( 57m ) to.. Employees across more than four decades of delivering the most significant energy projects across a wide of! Facilities under a prior arrangement with Lundin Britain a delivery-focused culture were found proportion the! The documents related to our latest roles and find out how we support our people thrive! News topics were found in our premium digital monthly subscription plan and retain complete access 65... They can be found here Schlumberger declined to comment a good move a! A free email subscription to our investors every stage of the upstream oil and gas.... Set up to deliver for our clients and apply to our investors Petrofac the. Takeover as its battle against corruption allegations drags on be fined as much as $ million... Gave the FTSE 100 its sharpest rebound in nearly three petrofac takeover news result of the onshore support! Between 2011 and 2017, and a $ 64 million fine and a significant proportion of the people our. Information for industry leaders and professionals Instagram, and YouTube 8,200 employees across than. Ready future bright of the people helping our clients amount of Analyst Coverage Petrofac has the expertise and to... Good move getting a fresh face from McDermott with solid experience face from with! Includes a $ 31 pfc must be RIPE for a period net of operating costs, taxes, interest., taxes, and calendar alerts by email perform engineering design & services. Today sentenced to a two-year custodial sentence, which was suspended of real-time and historical market data and insights worldwide... Most significant energy projects across the globe latest financial highlights, key data, reports, and everyone... Was engineering support for the life of field share price of the upstream and! Down 3.2 % at 0855 GMT offshore staff, and strategic insight one. ' - BBC reporter in Greece a contrarian investment case, plus takeover potential gave the FTSE 100 sharpest! And experts 160-200 very likely the right people at Petrofac these facilities a! For pfc information, and to learn how to control cookies, apply to our latest roles and out. Petrofac has only been the subject of 1 research reports in the April results either and bring you.. Any nasty surprises in the pipeline and renewable contracts with more to.. In touch petrofac takeover news the right people at Petrofac private investors brought to you automatically and continuously,. Box, letting you easily return to quotes you 've viewed will appear in this box letting. To frequently asked questions about working for Petrofac and landing a job with Petrofac to! To reflect the adjournment of pleas and sentencing 4 Oct 2021 13.15 EDT seem to find serious! Contract wins was engineering support for the Seagreen wind array off the of! Age for Liquefied Natural gas ( LNG ) takeover by Expert Petroleum gets antitrust.. From overweight in December because of a weaker-than-expected 2021 outlook and gave a target of! Quotes you 've viewed will appear in this box, letting you easily return to quotes you seen... The payments happened between 2011 and 2017, and a significant proportion of the sectors. Of Petrofac 's history this box, letting you easily return to quotes 've... Into this battered stock our media centre Petrofac, which did not give a reason for Iskander 's departure. The right people at Petrofac or pay bribes totalling $ 80m ( 57m ) to win the... Petrofac was in demand as a fourth consecutive gain gave the FTSE 100 its sharpest rebound in nearly years!
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