According to analysts' consensus price target of GBX 191.67, Petrofac has a forecasted upside of 147.2% from its current price of GBX 77.55. 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. We are committed to ensuring it will never happen again. Find contacts for Media Relations at Petrofac. 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.". Subscribe to receive regulatory news, news releases, reports, presentations, and calendar alerts by email. Petrofac plead guilty to seven separate charges of failing to prevent bribery in the Middle East, the SFO said in a statement. Find our more about our Board members, their priorities and roles. Here you can find the latest regulatory news we are required to announce to the market and subscribe to our alert service. We would also like to set optional cookies to improve our site and bring you more . Read about our approach to external linking. 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.. 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, Small-CAP winners & losers: Petrofac, Enquest price targets cut, ICR Integrity announces major contract win with Petrofac, Icr secures major North Sea contract with Petrofac, 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. Copyright 1997 - 2023 NewsNow Publishing Limited. When pressed on the matter Andrew Gould, chairman and former CEO of Schlumberger declined to comment. We design, build, manage, and maintain oil, gas, refining, petrochemicals, and new energies infrastructure. The company has of course suffered along with everyone else in the industry. Were a leading energy services company that helps our clients meet the worlds evolving energy needs. Despite the "lower levels of activity" compared with last year, Petrofac boss Sami Iskander said the energy industry looked to be at the beginning of a "multi-year upcycle". "Every day a takeover more likely. 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). 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. The BBC is not responsible for the content of external sites. It has postponed its results announcement to April from February because of auditing complications as a result of the pandemic. Petrofac to plead guilty to seven bribery offences. He is expected to be sentenced on Monday. Wherever you are on your energy journey, Petrofac has the expertise and experience to support. This article does not constitute investment advice. Time for a, Shorter attack.Bonds prices fallingand this is because of a, pepe: "In that case, stock price would be trending up nicely." 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. UK's Petrofac Romania takeover by Expert Petroleum gets antitrust nod. News. organisation Its an exciting time for Petrofac, and were looking for more people to join us. 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 . Browse and download our annual reports, brochures, and policies in one place. The penalty includes a $64 million fine and a $31 . We are designing, building and operating onshore and offshore facilities, and training the people who support them. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Search and apply to our latest roles and find out how we support our people to thrive in a delivery-focused culture. The UAE accounts for almost a third of the companys bidding pipeline. Find the latest news, magazine articles, stories and opinion pieces, background information, and images for download in our media centre. The industry leader for online information for tax, accounting and finance professionals. Petrofac was fined following SFO investigation. The SFO had already secured guilty pleas from David Lufkin, a former executive, surrounding payments totalling 81 million dollars (60 million at todays exchange rate) to win contracts worth about 7.5 billion dollars. 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 . Energy transition is at the core of our global strategy, creating long-term value for our clients, stakeholders, and teams. Represents the total incurred expenses through normal operations. N.B. This has improved liquidity with a . Petrofac Shut Out Of Key Abu Dhabi Market. JP. 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. Petrofac is now frozen out of new contract awards in the Middle East's three largest oil producers - Saudi Arabia, Abu Dhabi and Iraq. The fine imposed Monday, which was less than half of the maximum penalty expected by Petrofac,. For a full comparison of Standard and Premium Digital, click here. This was a deeply regrettable period of Petrofac's history. Our mission is to educate and inspire private investors. The company estimated the overall pipeline for work at $45bn, compared with $46bn at this point . 18 Aug, 2022 15:01 JP Morgan stays 'overweight' on Petrofac, says bid pipeline 'growing and accelerating' Petrofac Petrofac Ltd. 79.10p 16:35 27/02/23 2.00% 1.55p Analysts at JP Morgan. He has admitted working with Petrofac employees to offer or pay bribes totalling $80m (57m) to win. 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. Petrofac Doha Qatar Al Emadi Financial Square Building 2 Al Muntazah C-Ring Road PO Box 2895 Open in Google maps +974 4 419 2426 "This period has also been challenging following the SFO's announcement in early January. See news. Petrofacs CEO Ayman Asfari however dismissed the reports and told Dow Jones Newswires that the speculation was based on nothing but rumours. The oil services group awaits its next hearing on Monday at Southark. We are committed to developing our people, identifying and nurturing future leaders, and enabling everyone to perform to their true potential. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Neither company has made any official statements on the topic, and the share price rise on the FTSE should be viewed in the context of a strong day for energy companies across the board. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. He is expected to be sentenced on Monday. Surely PFC is a, Absolute shambles management should all resign they hyped things big time and look where we are under a quid again, Great opportunity to get more. 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. RNS can change the game especially a. Chairman Rene Medori said: This was a deeply regrettable period of Petrofacs history. Visit our investor centre and get the latest financial highlights, key data, reports, and strategic insight in one place. 788744 The SFO has yet to close its case. 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. 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. Sign up for a free email subscription to our regular newsletter. 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 company also manages the Northern Producer, (Galley field), Montrose, Arbroath, Kittiwake, Hewett & Bacton Terminal facilities. FTSE 100 live: BT jumps on takeover talk, THG sell-off worsens, Entain crashes as DraftKing drops bid - 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. See Top Rated MarketRank Stocks Here About Petrofac (LON:PFC) Stock The case was sent to Southwark Crown Court where Petrofac will enter its pleas on Monday. They can't seem to find any serious investors. We call these regulatory news and they can be found here. 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. Given the detail in its December trading update, there shouldnt be any nasty surprises in the April results either. 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. , which was less than half of the companys bidding pipeline optional to. 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