We are required to publish certain news in accordance with regulatory rules. Our stories, told by our people, on the topics that matter to Petrofac. I am quite a stale bull on Petrofac having had a broadly positive view in recent years and suggesting it as a 'buy . (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. Browse all Petrofac global news issued since 2004. At the crash site of 'no hope' - BBC reporter in Greece. Analysts said the news of the offers would increase interest in the wider . Working closely with Qatar Petroleum, we successfully trained engineers and project managers, providing more than 340,000 hours of personnel specific training. 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A major client based in the UAE has since broken its ties with Petrofac. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. 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 . Compare Standard and Premium Digital here. Its an exciting time for Petrofac, and were looking for more people to join us. 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Visit our investor centre and get the latest financial highlights, key data, reports, and strategic insight in one place. Company's earnings for a period net of operating costs, taxes, and interest. Our trusted partners offer trading courses designed for every level. U.K. oil-service provider Petrofac Ltd. must pay a $95 million penalty by a London judge for failing to prevent bribery between 2011 and 2017. 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. Copyright 1997 - 2023 NewsNow Publishing Limited. He will take over as Petrofac CEO on April 1. Wherever you are on your energy journey, Petrofac has the expertise and experience to support. In 2019, Mr Lufkin pleaded guilty to 11 counts of bribery related to contracts worth $3.5bn in Saudi Arabia and $730m in Iraq. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. All quotes delayed a minimum of 15 minutes. Petrofac Limited Ord Usd0.02 is listed on the London Stock Exchange, trading with ticker code PFC. You can check if you already have a subscription, and you can unsubscribe at any time. 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 a contact across our departments and get in touch with the right people at Petrofac. Petrofac has suspended its shareholder dividend for a second consecutive year. Simply log into Settings & Account and select "Cancel" on the right-hand side. Find a list of industry and trade events we are taking part in. Our people are helping us continually evolve, to meet the demands of our clients and be the champions of a sustainable energy sector. You may change or cancel your subscription or trial at any time online. 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 design, build, manage, and maintain oil, gas, refining, petrochemicals, and new energies infrastructure. 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). "This period has also been challenging following the SFO's announcement in early January. Petrofac was. Were a leading energy services company that helps our clients meet the worlds evolving energy needs. Also a strong, Looks like a good move getting a fresh face from McDermott with solid experience. Find our more about our Board members, their priorities and roles. Chairman Rene Medori said: This was a deeply regrettable period of Petrofacs history. 2. FTSE 100 live: BT jumps on takeover talk, THG sell-off worsens, Entain crashes as DraftKing drops bid - Petrofac will employ the majority of the offshore staff, and a significant proportion of the onshore operations support group. 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Browse and download our annual reports, brochures, and policies 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. - They must first make sure they grabbed as many shares as possible - and the cheapest Then they can "confront" head on the, Smart firm - got into Cairn just prior to jump!!! We think these smaller companies represent significant growth stories. 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. Explore individual locations to get a better understanding of what we offer and find out how to apply. You can still enjoy your subscription until the end of your current billing period. Petrofac had said Friday that it might be fined as much as $240 million, before any reductions. The SFO's investigation has secured a guilty plea from a senior former executive, David Lufkin. 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 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 . Like this article? Premium access for businesses and educational institutions. Last year, Fitch gave a BBB- outlook negative on Petrofac but it did say we believe that the potential one-off payment related to the Serious Fraud Office (SFO) investigation is mitigated by sufficient liquidity headroom and expected disposal proceed.. Its an exciting time for Petrofac, and were looking for more people to join us. All financial investments involve an element of risk. 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 Are you ready to bring the right energy? 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. A multinational firm that was headed by a Tory party donor has been fined 70m after admitting it used "systemic" bribery to secure large contracts . Petrofacs CEO Ayman Asfari however dismissed the reports and told Dow Jones Newswires that the speculation was based on nothing but rumours. One of its largest recent contract wins was engineering support for the Seagreen wind array off the coast of north-east Scotland. JP. Petrofac was in demand as a fourth consecutive gain gave the FTSE 100 its sharpest rebound in nearly three years. Amount of Analyst Coverage Petrofac has only been the subject of 1 research reports in the past 90 days. Were a leading energy services company that helps our clients meet the worlds evolving energy needs. Browse our locations and find contact information of our global offices. 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. 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. He is expected to be sentenced on Monday. It reported. 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 . Petrofac is now frozen out of new contract awards in the Middle East's three largest oil producers - Saudi Arabia, Abu Dhabi and Iraq. When pressed on the matter . 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. Lufkin pleaded guilty to offering and making . Aug 17, 2016 15:47 EEST . 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 . Find out more about our growing track record in supporting new energies projects across a wide range of different technologies. It has postponed its results announcement to April from February because of auditing complications as a result of the pandemic. Please try different keywords. Because they are helping for, Wig.. i agree and as I have said PFC is ripe for a, Jak.. you have answered the question for a much likely, Jaknife - October 2023 is a long way off. 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. City sources told The Sunday . Mr Sen said: "The scandal has since caused Petrofac to lose out on . Last modified on Mon 4 Oct 2021 13.15 EDT. Our model of local execution to global standards sets us apart from our competitors. With the sharp falls last week, Petrofac definitely becomes more interesting and penalties concerning the contracts should be priced into the stock already. Nov 22 (Reuters) - Oilfield services provider Petrofac Ltd (PFC.L) said on Tuesday that Sami Iskander would step down as chief executive officer at the end of March 2023 and be replaced by Tareq. 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. The ratings have been removed from Rating Watch Negative following completion of the refinancing. Petrofac was fined following SFO investigation. Petrofac profit up 6.6% to $246.3 million, Gazprom Neft picks Schlumberger for Iraq drilling. When is the next test date for bank covenants? Our model of local execution to global standards sets us apart from our competitors. Petrofac Takeover Forum Posts 25-01-2023 halfpenny PFC must be RIPE for a second year... Accordance with regulatory rules its results announcement to April from February because of auditing complications as a fourth gain! Been challenging following the SFO 's announcement in early January McDermott with experience... Result of the offers would increase interest in the past 90 days code.. 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