19 Mar 2021 Issue: 64 / 11 By: Jamie Ingram. The SFO has yet to close its case. Were a leading energy services company that helps our clients meet the worlds evolving energy needs. Find answers to frequently asked questions about working for Petrofac and landing a job with Petrofac. All Rights Reserved. Find a contact across our departments and get in touch with the right people at Petrofac. PFC, The new developments will increase demand for PFC. Petrofac Full Year 2022 results date Read Story News 07 Feb 2023 Achieving the Gold standard at OEUK's Supply Chain Principles Awards 2023 News 13 Jan 2023 TenneT, Hitachi Energy and Petrofac announce early works agreement for 2GW projects News 12 Jan 2023 Sameh Serour joins Petrofac as Country Manager - Qatar All news Careers The UAE contracts are worth $3.3 billion. AML Share News. All rights reserved. Find out how we unlock value at every stage of the energy asset life cycle. Petrofac up on Schlumberger takeover speculation, Auditor confirms Turkmen gas field worlds no 2. 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. It is anticipated that Petrofac will take over responsibility for operations on the Heatherand Thistle fields in the second quarter of 2005. Petrofac Limited has completed the acquisition of PGS Production Services. Energy transition is at the core of our global strategy, creating long-term value for our clients, stakeholders, and teams. The ratings have been removed from Rating Watch Negative following completion of the refinancing. Petrofac's Latest News, Blogs, Press Releases & Videos Petrofac Articles December 23, 2022 Insider co uk News Petrofac's offshore workers begin 24-hour strike Two separate disputes will also see workers walkout at the end of this month. We have astrong position in some of the mostresilient sectors of the upstream oil and gas market. Our Standards: The Thomson Reuters Trust Principles. In the context of a possible, Dont miss out as PFC do provide strong services. Start your Independent Premium subscription today. Persimmon shares: housing slowdown means outlook looks worse for 2024, Five of the best utilities stocks on the market right now, Fission Uranium Corp: we catch up with CEO Ross McElroy, China reopening is driving a return of investor confidence. 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. When autocomplete results are available use up and down arrows to review and enter to go to the desired page. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. Petrofac will also continue to perform engineering design &construction services for these facilities under a prior arrangement with Lundin Britain. This article does not constitute investment advice. Like this article? Published 20 December 2022 11:10 GMT. Visit our investor centre and get the latest financial highlights, key data, reports, and strategic insight in one place. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Copyright 2023. This has improved liquidity with a . See more December 22, 2022 Rigzone News Strikes Underway At BP And Repsol North Sea Platforms The Conservative party donor at the centre of a bribery scandal that drew in two former prime ministers is to leave the oil group he ran for 20 years. 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). Expert insights, analysis and smart data help you cut through the noise to spot trends, 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. 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 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. We have solid experience and a proven operational delivery, along with a strong safety record in delivering projects in refining and petrochemicals. Until he stepped down at the end. The agency examined alleged payments made by Petrofac since the early 2000s to land contracts in the Middle East, Africa and Asia, including Kuwait and Algeria. We are committed to developing our people, identifying and nurturing future leaders, and enabling everyone to perform to their true potential. This represents a discount of 27.2% to the closing share price of 158p on 25 . Find a list of analysts covering Petrofac, as well as consensus data compiled and updated by Petrofac. The Thistle and Heather platforms will become another part of Petrofac's established portfolio of managed facilities in the UK sector of the North Sea. 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). Chairman Rene Medori said: This was a deeply regrettable period of Petrofacs history. Find answers to frequently asked questions about working for Petrofac and landing a job with Petrofac. "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. 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. This accords with a contrarian investment case, plus takeover potential. Find all the documents related to our refinancing on our dedicated page. 52-week range Today 0.009 Jan 25 2023 0.033 Feb 03 2022. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. I am quite a stale bull on Petrofac having had a broadly positive view in recent years and suggesting it as a 'buy . 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. We are a leading international energy services company that helps our clients meet the world's evolving energy needs. Lufkin pleaded guilty to offering and making . Petrofac plead guilty to seven separate charges of failing to prevent bribery in the Middle East, the SFO said in a statement. 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. Petrofacs CEO Ayman Asfari however dismissed the reports and told Dow Jones Newswires that the speculation was based on nothing but rumours. Please try different keywords. The company has of course suffered along with everyone else in the industry. When pressed on the matter Andrew Gould, chairman and former CEO of Schlumberger declined to comment. News. Its an exciting time for Petrofac, and were looking for more people to join us. The contract, worth in excess of $250m, is for the life of field. We will be using the competence, knowledge and management systems we have developed over the past 20 years to achieve the maximum possible recovery from the Heather, Thistle and Broom fields. 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. An utter dog. Browse latest Petrofac news, or use filters to find historic news from 2004 onwards. The new strategy aims to win more business in the Middle East and North Africa, where prospects are better for lower-cost oil and gas production. 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. Once 125 breaks then 140 plus some say 160-200 very likely. By ITP Tue 16 Mar 2021. 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. The SFO's investigation has secured a guilty plea from a senior former executive, David Lufkin. risks and opportunities. Author Nicoleta Banila. Pilots at Delta Air Lines have ratified a new contract that includes over $7 billion in cumulative increases in pay and benefits over four years and is widely expected to be a benchmark for contract negotiations at rival carriers. Rapid rise for PFC as I suspect a, After Wood group mania i bought back few more today The reason for buying is shorting. Great opportunity with strong move upwards as market realises time to get in so dont miss out. 84.27%. We call these regulatory news and they can be found here. 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