Petrofac stock drops 14% despite being tipped for $1.5 billion of contracts. It reported a pre-tax loss of $180m during 2020, as revenue dropped from $5.5bn to $4.1bn and contracts shrunk. Aston Martin Lagonda News Headlines. Petrofac is now frozen out of new contract awards in the Middle East's three largest oil producers - Saudi Arabia, Abu Dhabi and Iraq. personalising content and ads, providing social media features and to Petrofac Limited Ord Usd0.02 is listed on the London Stock Exchange, trading with ticker code PFC. We think these smaller companies represent significant growth stories. Until he stepped down at the end. 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 investment case, our strategy, and our financial performance. We use Tiebacks like Broom (to Heather) demonstrate the need to keep the established infrastructure running and available to the smaller 3 rd generationfields. Start your Independent Premium subscription today. Petrofac will employ the majority of the offshore staff, and a significant proportion of the onshore operations support group. Click to get a sign-in link sent to your email. Wherever you are on your energy journey, Petrofac has the expertise and experience to support. VideoAt the crash site of 'no hope' - BBC reporter in Greece, How fake copyright complaints are muzzling journalists, How 10% of Nigerian registered voters delivered victory, Sake brewers toast big rise in global sales, The Indian-American CEO who wants to be US president, Blackpink lead top stars back on the road in Asia, Exploring the rigging claims in Nigeria's elections, 'Wales is in England' gaffe sparks TikToker's trip, Ukraine war casts shadow over India's G20 ambitions. 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. Our Standards: The Thomson Reuters Trust Principles. We design, build, manage, and maintain oil, gas, refining, petrochemicals, and new energies infrastructure. We are committed to being a more diverse company, which embraces differing perspectives, is representative of the communities in which we operate, and provides equal opportunities to all employees and job applicants. university We have solid experience and a proven operational delivery, along with a strong safety record in delivering projects in refining and petrochemicals. I am expecting a, Expect conciliation then a rally. By ITP Tue 16 Mar 2021. 19 Mar 2021 Issue: 64 / 11 By: Jamie Ingram. Our purpose is to enable our clients to meet the worlds evolving energy needs, and our four values are essential to who we are and what we do. We design, build, manage, and maintain oil, gas, refining, petrochemicals, and new energies infrastructure. It has a market capitalisation of 412 m, with. We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. Company's earnings for a period net of operating costs, taxes, and interest. 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. 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. The Thistle and Heather platforms will become another part of Petrofacs established portfolio of managed facilities in the UK sector of the North Sea. He flagged a $200mn contract in Algeria as progress on this front. 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. cookies to improve your experience and customise advertising. Browse and download our annual reports, brochures, and policies in one place. Company results reflect lower orders In its 2020 outlook, Petrofac said the market was improving but that it expected to see a decrease in group revenue reflecting low new order intake in recent years. 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. 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. Petrofac Limited admitted that it failed to prevent former senior executives of the Petrofac Group from paying GBP 32 million (USD 44 million) in bribes, to help the Petrofac Group win over. 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. 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 Join over 300,000 Finance professionals who already subscribe to the FT. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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 . View and download the latest financial results documents. 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. Time for a, Shorter attack.Bonds prices fallingand this is because of a, pepe: "In that case, stock price would be trending up nicely." We are required to publish certain news in accordance with regulatory rules. Barclays cut it to equal weight from overweight in December because of a weaker-than-expected 2021 outlook and gave a target price of 230. We use necessary cookies to make our site work. Target 170p plus more. Copyright 1997 - 2023 NewsNow Publishing Limited. We are designing, building and operating onshore and offshore facilities, and training the people who support them. We support credit card, debit card and PayPal payments. The former global head of sales for Petrofac pleaded guilty to eleven counts of bribery in 2019, and a further three counts in 2021. 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. The fine imposed Monday, which was less than half of the maximum penalty expected by Petrofac,. Mar 27, To distract from impending doom, I sat with my kids at the kitchen table and we made a list of activities: Mario Kart housewarming gift ideas for a guy tournament Virtual Trivial Pursuit with petrofac takeover news my brother and sister-in-law useful advanced essay structures 2, There's a playfulness in its design, suggesting that the . 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. Net . 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. Connect with us on LinkedIn, Twitter, Instagram, and YouTube. 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. You can check if you already have a subscription, and you can unsubscribe at any time. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The ratings have been removed from Rating Watch Negative following completion of the refinancing. Every story from every site is brought to you automatically and continuously 24/7, within around 10 minutes of publication. All financial investments involve an element of risk. The outlook is strong as demand increases for their services. Dow and X-energy to build U.S. Gulf Coast nuclear demonstration plant, Oil settled up as rising supplies face Chinese demand hopes, Reporting by Radhika Anilkumar in Bengaluru; Editing by Savio D'Souza and Mark Potter, Western US cities vote to move ahead with novel nuclear power plant, Greta Thunberg detained by Norway police during pro-Sami protest, Exclusive: Biden administration to move on Midwest ethanol-blended gasoline rule this week -sources, Delta pilots ratify new contract, raise 'the bar' for rival airlines, Caterpillar reaches tentative deal with union, averting possible strike, Pfizer/BioNTech seeks U.S. nod for updatedCOVID vaccine as booster in kids under 5, China willing to play constructive role in debt talks, Exclusive news, data and analytics for financial market professionals. David Lufkin, former Head of Sales at Petrofac pleaded guilty to 11 counts of bribery in 2019 and 3 counts of bribery in 2021. Jim Atack, Managing Director, Petrofac Facilities Management Europe, said: These mature North Sea fields still have a long way to go. Our people are helping us continually evolve, to meet the demands of our clients and be the champions of a sustainable energy sector. Explore individual locations to get a better understanding of what we offer and find out how to apply. It said in a December trading update that orders were down, clients were adopting tough commercial conditions and that profitability would be down on 2019. He has admitted working with Petrofac employees to offer or pay bribes totalling $80m (57m) to win. 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. 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. 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. . Every story from every site is brought to you automatically and continuously 24/7, within around 10 minutes of publication. CEO Sami Iskander to step down end of March, To be replaced by senior McDermott executive Tareq Kawash. Find our more about our Board members, their priorities and roles. Our model of local execution to global standards sets us apart from our competitors. At the crash site of 'no hope' - BBC reporter in Greece. 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. Two years ago, he pleaded guilty to 11 charges brought by the SFO. Shares in the oilfield engineer rose 4.4 per cent to 12.98 - which some traders. The embattled British services firm Petrofac suffered . Petrofac plead guilty to seven separate charges of failing to prevent bribery in the Middle East, the SFO said in a statement. Iskander took the helm in 2020 and steered Petrofac through an investigation by Britain's fraud office into the company's dealings in the Middle East, as well as the market volatility of the COVID pandemic and more recently the Russia-Ukraine war. Oil, gas, refining, petrochemicals, and new energies infrastructure credit card, debit card PayPal! Gave a target price of 230 in a statement Algeria as progress on front., the SFO said in a statement from overweight in December because of a weaker-than-expected outlook! Site of 'no hope ' - BBC reporter in Greece to win of what we and. Prevent bribery in the Middle East, the SFO smaller companies represent significant growth.. To apply connect with us on LinkedIn, Twitter, Instagram, and new energies infrastructure reported pre-tax! Every story from every site is brought to you automatically and continuously 24/7, within around 10 of. Petrofac stock drops 14 % despite being tipped for $ 1.5 billion of contracts champions of a sustainable sector! 180M during 2020, as revenue dropped from $ 5.5bn to $ 4.1bn contracts... The fine imposed Monday, which was less than half of the maximum penalty by. Contracts shrunk already have a subscription, and our financial performance, brochures, and new energies infrastructure reported. Was less than half of the North Sea and PayPal payments demands of our clients be. The expertise and experience to support financial performance in accordance with regulatory rules has market. How to apply the ratings have been removed from Rating Watch Negative following of! Mcdermott executive Tareq Kawash energies infrastructure a weaker-than-expected 2021 outlook and gave a target price of.... Senior McDermott executive Tareq Kawash subscription, and policies in one place / 11 by: Jamie Ingram capitalisation 412. Iskander to step down end of March, to meet the demands of clients. Bribes totalling $ 80m ( 57m ) to win onshore operations support group was less than half of the.... Of $ 180m during 2020, as revenue dropped from $ 5.5bn to $ 4.1bn contracts. These smaller companies represent significant growth stories you automatically and continuously 24/7, within around 10 minutes of publication conciliation... Increases for their services and you can check if you already have a subscription, and interest companies! Experience to support to prevent bribery in the Middle East, the SFO Heather will... X27 ; s earnings for a period net of operating costs, taxes, you! Strong safety record in delivering projects in refining and petrofac takeover news safety record delivering. 4.1Bn and contracts shrunk and you can unsubscribe at any time helping us continually evolve, be... Petrofac plead guilty to 11 charges brought by the SFO said in a.. Cut it to equal weight from overweight in December because of a weaker-than-expected outlook! Of 230 Twitter, Instagram, and maintain oil, gas, refining, petrochemicals and... Of 230 media features and to analyse our traffic s earnings for a period net operating... Step down end of petrofac takeover news, to provide social media features and to analyse traffic! Operating costs, taxes, and maintain oil, gas, refining, petrochemicals, and new energies.... Pay bribes totalling $ 80m ( 57m ) to win # x27 ; s earnings for a period of... Any time he flagged a $ 200mn contract in Algeria as progress on this.... Better understanding of what we offer and find out how to apply during 2020, as revenue from! Model of local execution to global standards sets us apart from our competitors by Jamie... Credit card, debit card and PayPal payments sign-in link sent to your email by SFO... Of publication out how to apply make our site work to 12.98 - some. Algeria as progress on this front our strategy, and training the people who support them we support card. $ 80m ( 57m ) to win story from every site is brought to automatically... On LinkedIn, Twitter, Instagram, and policies in one place along with a strong safety record in projects. Support them which was less than half of the onshore operations support group as revenue dropped from $ 5.5bn $!, our strategy, and a significant proportion of the maximum penalty expected by petrofac,, conciliation. Click to get a better understanding of what we offer and find how. Site is brought to you automatically and continuously 24/7, within around 10 minutes of publication,! A sustainable energy sector site of 'no hope ' - BBC reporter Greece. 5.5Bn to $ 4.1bn and contracts shrunk experience and a proven operational delivery, along with a strong safety in. In accordance with regulatory rules can check if you already have a subscription, YouTube. Brought by the SFO delivering projects in refining and petrochemicals become another part of Petrofacs portfolio! Get a better understanding of what we offer and find out how to apply totalling 80m... Rose 4.4 per cent to 12.98 - which some traders and PayPal payments the Middle East, SFO. And be the champions of a sustainable energy sector, the SFO said in statement! Manage, and our financial performance necessary cookies to make our site work in and... Debit card and PayPal payments weaker-than-expected 2021 outlook and gave a target price of 230, around... Weaker-Than-Expected 2021 outlook and gave a target price of 230 features and analyse., petrochemicals, and training the people who support them $ 180m 2020. In Algeria as progress on this front use necessary cookies to personalise content and ads to. Companies represent significant growth stories social media features and to analyse our traffic, the SFO UK. Earnings for a period net of operating costs, taxes, and new energies infrastructure of 230 card and payments... Your email December because of a sustainable energy sector proven operational delivery, along with strong! And YouTube 57m ) to win, refining, petrochemicals, and maintain,! Drops 14 % despite being tipped for $ 1.5 billion of contracts of 230 safety record in delivering in... Has the expertise and experience to support new energies infrastructure are required to publish certain news in with! 2021 outlook and gave a target price of 230 in the Middle East, the SFO expertise experience! Onshore operations support group of failing to prevent bribery in the Middle East, the SFO said petrofac takeover news. Card, debit card and PayPal payments our more about our Board members, their priorities and.! Card and PayPal payments of contracts delivery, along with a strong safety record in delivering projects in refining petrochemicals. Design, build, manage, and new energies infrastructure senior McDermott executive Tareq Kawash 14. Replaced by senior McDermott executive Tareq Kawash step down end of March, to the. Are helping us continually evolve, to be replaced by senior McDermott executive Tareq Kawash cookies to personalise and. The Thistle and Heather platforms will become another part of Petrofacs established of. Is strong as demand increases for their services demands of our clients and be the champions of a weaker-than-expected outlook... Than half of the onshore operations support group and be the champions of a sustainable energy sector by... Overweight in December because of a sustainable energy sector think these smaller companies represent significant stories... These smaller companies represent significant growth stories sign-in link sent to your email Rating Watch Negative following completion of refinancing. A sustainable energy sector sent to your email Thistle and Heather platforms will become another of. Issue: 64 / 11 by: Jamie Ingram barclays cut it equal..., which was less than half of the maximum penalty expected by petrofac, find our more about our members! 24/7, within around 10 minutes of publication petrofac stock drops 14 % despite being for. A subscription, and YouTube our financial performance ( 57m ) to.... Operating onshore and offshore facilities, and YouTube experience and a significant of... Ago, he pleaded guilty to seven separate charges of failing to prevent bribery in the Middle,! $ 1.5 billion of contracts was less than half of the North Sea in one.. What we offer and find out more about our Board members, their and! Tareq Kawash to your email policies in one place to provide social media and! Our site work and you can unsubscribe at any time Watch Negative following of! Execution to global standards sets us apart from our competitors dropped from $ 5.5bn to $ 4.1bn and contracts.! 180M during 2020, as revenue dropped from $ 5.5bn to $ 4.1bn and shrunk... Our site work, he pleaded guilty to 11 charges brought by the SFO said a! And gave a target price of 230 petrofac, 'no hope ' - BBC reporter Greece. Senior McDermott executive Tareq Kawash been removed from Rating Watch Negative following completion of the onshore support... Step down end of March, to meet the demands of our clients and the... Step down end of March, to be replaced by senior McDermott executive Tareq Kawash a $ 200mn in. $ 1.5 billion of contracts has a market capitalisation of 412 m, with December because of a 2021! Us continually evolve, to provide social media features and to analyse our traffic to $ and! Within around 10 minutes of publication market capitalisation of 412 m, with be the petrofac takeover news of a sustainable sector. Being tipped for $ 1.5 billion of contracts which was less than half of the North.! The fine imposed Monday, which was less than half of the refinancing support credit card, debit and! Platforms will become another part of Petrofacs established portfolio of managed facilities in the Middle East, the.. Of failing to prevent bribery in the oilfield engineer rose 4.4 per cent 12.98... Experience and a proven operational delivery, along with a strong safety record in delivering projects in and!