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Petrofac

  • Petrofac fined £77m for string of Middle Eastern bribery charges

    Petrofac fined £77m for string of Middle Eastern bribery charges

    Petrofac has been fined £77m for seven separate charges of failing to prevent bribery in the Middle East, to which the London-listed oil services provider plead guilty last month. The penalty, for failing to prevent former Petrofac employees from offering or making payments to agents in relation to projects awarded between 2012 and 2015, is [...]

  • Petrofac cuts plea deal with UK’s serious fraud watchdog

    Oil services group Petrofac has cut a plea deal with the UK’s fraud watchdog in a bid to bring a close to a long-standing inquiry. The London-listed group has been at the centre of a Serious Fraud Office (SFO) inquiry into suspected bribery, money laundering and corruption. Petrofac plead guilty to seven separate charges of [...]

  • Petrofac snaps up new deals worth £220m in Oman

    Petrofac snaps up new deals worth £220m in Oman

    Oil field services firm Petrofac today announced it had won two contracts worth a combined $300m (£220m) from Oman’s petroleum development outfit. Shares in the firm rose 1.5 per cent in early trading today. The first of these, at Marmul in the south of the Gulf state, is a 30 month contract to build and [...]

  • The week ahead, 14-18 December: Shaftesbury, SSP, Petrofac, and interest rates

    December 13, 2020

    All eyes will be fixed firmly on Brussels this week, as businesses across the country hold their breath to see if the UK can finally reach a deal with the EU. With markets on edge as they await the outcome of the talks, there’s little to distract traders, with only a handful of firms reporting [...]

  • Petrofac books $78m loss and cuts dividend on back of oil price crash

    August 11, 2020

    Oil services group Petrofac posted a $78m (£59.6m) loss in the first half of 2020 and said it would not pay its dividend due to the decline in oil prices caused by the coronavirus pandemic. The FTSE 250 firm also announced plans to become net zero in scope one and two emissions – those used [...]

  • Petrofac posts $73m profit as one-off charges bite

    February 25, 2020

    Oilfield services giant Petrofac posted a $73m (£56.4m) profit last year as a number of exceptional charges limited the firm’s growth in 2019. Shares in the firm rose 1.1 per cent as marketts opened. The figures Reported profit was roughly 10 per cent higher year-on-year, increasing from $64m in 2018 to $73m last year. Net [...]

  • Petrofac shares drop as order book shrinks

    December 17, 2019

    Petrofac shares fell over six and a half per cent today after the oilfield services company’s order book continued to shrink. New orders to date for the firm total $3bn (£2.3bn), down from nearly $5bn at the same time last year. Read more: Petrofac warns revenues will shrink after SFO prove hinders new work The [...]

  • Petrofac continue expansion with $120m contract wins

    November 20, 2019

    Petrofac, a leading provider of oilfield services, today announced that it had won $120m (£92.9m) in new contracts as it continues its expansion into new geographies. The FTSE 250 company said that it had agreed to purchase US firm W&W Energy Services, a provider of production and infrastructures services to producers in Texas’ Permian basin. [...]

  • Petrofac warns revenues will shrink after SFO probe hinders new work

    August 28, 2019

    Oilfield services giant Petrofac shares fell 1.97 per cent this morning as it warned revenues would dry up next year after an investigation by the Serious Fraud Office caused it to lose out on contracts. In a glum first half financial report, the FTSE 250 company said the decline reflects a “low order intake in [...]

  • North Sea explorers get boost as US clamps down on Iran oil exports

    April 23, 2019

    Toughened sanctions against Iran helped push up oil prices over the weekend, lighting a fire under London-listed exploration companies today. The cost of international standard Brent crude has risen 2.9 per cent over since Friday, hitting $74.68 per barrel – its highest point since October. Read more: FTSE 100 climbs to fresh six-month high as [...]

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