Expect RNS soon with strong results and profits. Retail Petrofac May 2022 Tory donor Ayman Asfari to leave bribery scandal-hit Petrofac Syrian-born businessman who built London-listed oil company was investigated by Serious Fraud Office 8 May. Find a contact across our departments and get in touch with the right people at Petrofac. We would also like to set optional cookies to improve our site and bring you more . Aston Martin Lagonda News Headlines. Petrofac Share Chat. Our partners are established, regulated businesses and we are grateful for their support. Visit our investor centre and get the latest financial highlights, key data, reports, and strategic insight in one place. The company estimated the overall pipeline for work at $45bn, compared with $46bn at this point . The UAE accounts for almost a third of the companys bidding pipeline. 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. When is the next test date for bank covenants? Petrofac has suspended its shareholder dividend for a second consecutive year. It reported. 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. Find put more about our drive to deliver a sustainable energy sector while delivering superior returns to our investors. We design, build, manage, and maintain oil, gas, refining, petrochemicals, and new energies infrastructure. City sources told The Sunday . Its an exciting time for Petrofac, and were looking for more people to join us. Touch device users, explore by touch or with swipe gestures. 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. Search and apply to our latest roles and find out how we support our people to thrive in a delivery-focused culture. We are designing, building and operating onshore and offshore facilities, and training the people who support them. It has postponed its results announcement to April from February because of auditing complications as a result of the pandemic. 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. -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. Petrofac sinks as former executive awaits sentencing for bribery David Lufkin is due to be sentenced on Monday after pleading guilty to offences relating to corrupt offers and payments made to. Petrofac will also continue to perform engineering design &construction services for these facilities under a prior arrangement with Lundin Britain. More about our structure and how we are set up to deliver for our clients. Rapid rise for PFC as I suspect a, After Wood group mania i bought back few more today The reason for buying is shorting. Find here important dates in our investor and financial calendar. We have 8,200 employees across more than 30 offices. We are committed to developing our people, identifying and nurturing future leaders, and enabling everyone to perform to their true potential. Remember PFC are a good, Like the Broker I am very positive on PFC outlook and can shoot up quickly so be ready for sone positive RNS Relevance is automatically assessed so some headlines not qualifying as Petrofac news might appear - please feel free to contact us regarding any persistent issues. By country. 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. Find all the documents related to our refinancing on our dedicated page. N.B. All Rights Reserved. Please try different keywords. Saipem: technology partner of Snam and Baker Hughes for experiments at the Istrana plant 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 . 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. Start your Independent Premium subscription today. "Every day a takeover more likely. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. 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. 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. We are required to publish certain news in accordance with regulatory rules. 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. 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 . The Thistle and Heather platforms will become another part of Petrofacs established portfolio of managed facilities in the UK sector of the North Sea. Expert insights, analysis and smart data help you cut through the noise to spot trends, We think these smaller companies represent significant growth stories. personalising content and ads, providing social media features and to With the sharp falls last week, Petrofac definitely becomes more interesting and penalties concerning the contracts should be priced into the stock already. Orders start to flow. Our people are helping us continually evolve, to meet the demands of our clients and be the champions of a sustainable energy sector. They can't seem to find any serious investors. Read about our approach to external linking. We are an ambitious company which strives to maintain its position as the first choice provider of operations management, maintenance, engineering and construction services to the oil, gas and petrochemical industries worldwide., Petrofac Limited 2023 Registered Office: 26 New Street, St Helier, Jersey, JE2 3RA, Competence management systems and software, Petrofac to take over management of a further two North Sea platforms. To see how, and to learn how to control cookies, All rights reserved. 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 . 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. Judge Deborah Taylor described Petrofac's corruption as "systemic, serious and grave" when she sentenced the company and Mr Lufkin on 4 October 2021. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. FTSE 100 live: BT jumps on takeover talk, THG sell-off worsens, Entain crashes as DraftKing drops bid - Find the latest news, magazine articles, stories and opinion pieces, background information, and images for download in our media centre. Were a leading energy services company that helps our clients meet the worlds evolving energy needs. or 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. AML Share News. 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Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. When pressed on the matter Andrew Gould, chairman and former CEO of Schlumberger declined to comment. Petrofac also wants to expand into a broader range of energy sectors, including carbon capture and storage, hydrogen and waste-to-fuels. We are only half way through the production potential of the North Sea. JP. Target 170p plus more. Like this article? Latest news, market . We are committed to ensuring it will never happen again. One of its largest recent contract wins was engineering support for the Seagreen wind array off the coast of north-east Scotland. The contract, worth in excess of $250m, is for the life of field. The company, whose biggest shareholder is a major Tory donor, said it had indicated guilty pleas to failing to stop former staff from making payments linked to contracts the business wanted to win. Amount of Analyst Coverage Petrofac has only been the subject of 1 research reports in the past 90 days. Our trusted partners offer trading courses designed for every level. 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. Hear from some of the people helping our clients meet the worlds evolving energy needs. UK's Petrofac Romania takeover by Expert Petroleum gets antitrust nod. Theres discounts on some courses too. We call these regulatory news and they can be found here. 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. You may change or cancel your subscription or trial at any time online. We have solid experience and a proven operational delivery, along with a strong safety record in delivering projects in refining and petrochemicals. The penalty includes a $64 million fine and a $31 . Two years ago, he pleaded guilty to 11 charges brought by the SFO. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Time for a, Shorter attack.Bonds prices fallingand this is because of a, pepe: "In that case, stock price would be trending up nicely." analyse how our Sites are used. 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. Find a list of industry and trade events we are taking part in. These included the ongoing Serious Fraud Office (SFO) inquiry. OIL services firm Petrofac is readying its defence against the looming threat of an opportunistic takeover as its battle against corruption allegations drags on. 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. 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. Future leaders, and strategic insight in one place carbon capture and storage, hydrogen waste-to-fuels... Declined to comment petrofac takeover news champions of a sustainable energy sector while delivering superior returns to investors! Sector of the pandemic in excess of $ 250m, is for the life of.! Suspended its shareholder dividend for a second consecutive year and to learn how to cookies. Auditing complications as a result of the pandemic superior returns to our.! 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