Our model of local execution to global standards sets us apart from our competitors. Here you can find the latest regulatory news we are required to announce to the market and subscribe to our alert service. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. See more December 22, 2022 Rigzone News Strikes Underway At BP And Repsol North Sea Platforms 84.27%. analyse how our Sites are used. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. It is the premier source of information for industry leaders and professionals. Petrofacs CEO Ayman Asfari however dismissed the reports and told Dow Jones Newswires that the speculation was based on nothing but rumours. - 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!!! latest stories on the British multinational oil and gas company founded in London in 1981. Oil & Gas Middle East covers the latest news and in-depth analysis across the regions upstream sector, leveraging its print and digital products to act as the meeting point of the oil and gas industry. Our stories, told by our people, on the topics that matter to Petrofac. Theres discounts on some courses too. Petrofac stock drops 14% despite being tipped for $1.5 billion of contracts. We are committed to developing our people, identifying and nurturing future leaders, and enabling everyone to perform to their true potential. It is anticipated that Petrofac will take over responsibility for operations on the Heatherand Thistle fields in the second quarter of 2005. This was a deeply regrettable period of Petrofac's history. Petrofac up on Schlumberger takeover speculation, Auditor confirms Turkmen gas field worlds no 2. The industry leader for online information for tax, accounting and finance professionals. The case was sent to Southwark Crown Court where Petrofac will enter its pleas on Monday. April 20 2021. Every story from every site is brought to you automatically and continuously 24/7, within around 10 minutes of publication. 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 A lot can happen before then. 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 . We use Petrofac will employ the majority of the offshore staff, and a significant proportion of the onshore operations support group. Find a contact across our departments and get in touch with the right people at Petrofac. "This period has also been challenging following the SFO's announcement in early January. Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously. 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. Are you ready to bring the right energy? For a full comparison of Standard and Premium Digital, click here. Read about our approach to external linking. They can't seem to find any serious investors. Mr Sen said: "The scandal has since caused Petrofac to lose out on . 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. Petrofac has suspended its shareholder dividend for a second consecutive year. We are designing, building and operating onshore and offshore facilities, and training the people who support them. 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. Here you can find the latest regulatory news we are required to announce to the market and subscribe to our alert service. We have solid experience and a proven operational delivery, along with a strong safety record in delivering projects in refining and petrochemicals. It has postponed its results announcement to April from February because of auditing complications as a result of the pandemic. David Lufkin, former Head of Sales at Petrofac pleaded guilty to 11 counts of bribery in 2019 and 3 counts of bribery in 2021. 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. 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.. 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. Find contacts for Investor Relations at Petrofac. Our Standards: The Thomson Reuters Trust Principles. Published by ITP Media Group. Financial News Articles for Aston Martin Lagonda Global Holdings Plc Ord Gbp0.10 updated throughout the day. The company estimated the overall pipeline for work at $45bn, compared with $46bn at this point . Petrofac, the oil & gas facilities Service Operator, will take over responsibility for the management of the Thistle and Heather platforms for Lundin Britain Limited (LundinBritain). 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 Shares in the oilfield engineer rose 4.4 per cent to 12.98 - which some traders. Find out more about our investment case, our strategy, and our financial performance. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Our Group Executive Committee is responsible for day-to-day operational management, communication and implementation of strategic decisions, and other administrative matters. 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". 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. 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,. It reported a pre-tax loss of $180m during 2020, as revenue dropped from $5.5bn to $4.1bn and contracts shrunk. Find out more about our investment case, our strategy, and our financial performance. Our trusted partners offer trading courses designed for every level. 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 . 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. Former executive David Lufkin pleaded guilty to 14 charges of bribery brought by the UKs Serious Fraud Office. We design, build, manage, and maintain oil, gas, refining, petrochemicals, and new energies infrastructure. Browse all Petrofac global news issued since 2004. Petrofac is a candidate for Takeover as his Current market value is 400 millions where Wood group is CMV . 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. Analysts have been lukewarm on the stock. 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. By ITP Tue 16 Mar 2021. Morgan Stanley had earlier in the month raised its target price to 155. Find here important dates in our investor and financial calendar. 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 support credit card, debit card and PayPal payments. 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 . Amount of Analyst Coverage Petrofac has only been the subject of 1 research reports in the past 90 days. 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. Like this article? OIL services firm Petrofac is readying its defence against the looming threat of an opportunistic takeover as its battle against corruption allegations drags on. More than four decades of delivering the most significant energy projects across the globe. All financial investments involve an element of risk. Browse latest Petrofac news, or use filters to find historic news from 2004 onwards. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Once 125 breaks then 140 plus some say 160-200 very likely. Find put more about our drive to deliver a sustainable energy sector while delivering superior returns to our investors. In the context of a possible, Dont miss out as PFC do provide strong services. Hear from some of the people helping our clients meet the worlds evolving energy needs. Save. The BBC is not responsible for the content of external sites. Aston Martin Lagonda News Headlines. Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in, Find your bookmarks in your Independent Premium section, under my profile, Petrofac will plead guilty to seven separate offences of failing to prevent bribery, after a long-running probe by the Serious Fraud Office into payments made in the Middle East. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Net . 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. While serving as prime minister Theresa May wrote to her Bahraini counterpart to support Petrofacs bid for a contract in the country. London: British oil services group Petrofac said on Friday it would plead guilty to seven counts of failing to prevent bribery to secure projects in Iraq, Saudi Arabia and the UAE between 2012 and . Trading at 34.3% below our estimate of its fair value Earnings are forecast to grow 80.76% per year Risk Analysis Highly volatile share price over the past 3 months Shareholders have been substantially diluted in the past year See All Risk Checks My Notes New Notes are coming soon Aston Martin Lagonda Global Holdings plc Competitors Find answers to frequently asked questions about working for Petrofac and landing a job with Petrofac. 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. Working closely with Qatar Petroleum, we successfully trained engineers and project managers, providing more than 340,000 hours of personnel specific training. 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. I am quite a stale bull on Petrofac having had a broadly positive view in recent years and suggesting it as a 'buy . Check if your 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. Petrofac was formerly run by Ayman Asfari, a Conservative donor who with his wife has given about 800,000 to the party. See news. 19 Mar 2021 Issue: 64 / 11 By: Jamie Ingram. We have fundamentally overhauled our compliance regime, as well as the people, and the culture that supports it. "Petrofac Ltd announces it has today been notified by ADNOC Group that it has been suspended from competing for new awards until . Rapid rise for PFC as I suspect a, After Wood group mania i bought back few more today The reason for buying is shorting. The oil services group awaits its next hearing on Monday at Southark. With the sharp falls last week, Petrofac definitely becomes more interesting and penalties concerning the contracts should be priced into the stock already. "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. Ayman Asfari, the Syrian-born executive who . Target 170p plus more. Lufkin was today sentenced to a two-year custodial sentence, which was suspended . We are a leading international energy services company that helps our clients meet the world's evolving energy needs. Petrofac Limited ( PFC) Petrofac Limited: FULL YEAR 2022 RESULTS DATE 28-Feb-2023 / 09:30 GMT/BST Petrofac Limited (the 'Company' or 'Petrofac') PETROFAC FULL YEAR 2022 RESULTS DATE Petrofac will publish its Full Year 2022 results on Tuesday, 25 April 2023. He will take over as Petrofac CEO on April 1. UK's Petrofac Romania takeover by Expert Petroleum gets antitrust nod. When pressed on the matter . You may change or cancel your subscription or trial at any time online. We use necessary cookies to make our site work. 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. 2. 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. This post was updated on 28/09/2021 to reflect the adjournment of pleas and sentencing. 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. Find out how we unlock value at every stage of the energy asset life cycle. We are designing, building and operating onshore and offshore facilities, and training the people who support them. 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. Our people are helping us continually evolve, to meet the demands of our clients and be the champions of a sustainable energy sector. This is the third set of convictions secured by the SFO in its four-year investigation into cross-border corruption at the Petrofac Group. Petrofac was in demand as a fourth consecutive gain gave the FTSE 100 its sharpest rebound in nearly three years. 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.". Chat About PFC Shares - Stock Quote, Charts, Trade History, Share Chat, Financial Terms Glossary. This accords with a contrarian investment case, plus takeover potential. 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 represents a discount of 27.2% to the closing share price of 158p on 25 . 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