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. We are required to publish certain news in accordance with regulatory rules. We are designing, building and operating onshore and offshore facilities, and training the people who support them. Find answers to frequently asked questions about working for Petrofac and landing a job with Petrofac. This accords with a contrarian investment case, plus takeover potential. The company has of course suffered along with everyone else in the industry. (Sharecast News) - Energy services company Petrofac said on Tuesday that chief executive Sami Iskander will leave the business at the end of March 2023 in order to pursue other interests. Our stories, told by our people, on the topics that matter to Petrofac. 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. Today's news - Read today's most read article on London Stock Exchange and browse the most popular articles, to stay informed on all the top news of today.. London Stock Exchange uses cookies to improve its website. Chat About PFC Shares - Stock Quote, Charts, Trade History, Share Chat, Financial Terms Glossary. 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 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. 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Petrofac has been notified by ADNOC Group that it has been suspended from competing for new awards until further notice.. Former senior executive David Lufkin pleaded guilty at Westminster Magistrates' Court in January to three further bribery offences in relation to oil deals in the UAE, according to Reuters.The charges are in addition to 11 charges of bribery already brought by the Serious . Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. By clicking "OK" or continuing to use this site, you agree that we may collect and use your personal data and set It has postponed its results announcement to April from February because of auditing complications as a result of the pandemic. "This period has also been challenging following the SFO's announcement in early January. With Spread bets and CFDs your losses may exceed your deposits. Nov 22 (Reuters) - Oilfield services provider Petrofac Ltd (PFC.L) said on Tuesday that Sami Iskander would step down as chief executive officer at the end of March 2023 and be replaced by Tareq. Petrofac is now frozen out of new contract awards in the Middle East's three largest oil producers - Saudi Arabia, Abu Dhabi and Iraq. We are required to publish certain news in accordance with regulatory rules. He is expected to be sentenced on Monday. 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'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. He is expected to be sentenced on Monday. 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. Fraud office charges oilfield services company over failure to prevent graft during 'deeply regrettable' period. Here you can find the latest regulatory news we are required to announce to the market and subscribe to our alert service. Once 125 breaks then 140 plus some say 160-200 very likely. Browse latest Petrofac news, or use filters to find historic news from 2004 onwards. Check if your 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. 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. -83.42%. 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. Find put more about our drive to deliver a sustainable energy sector while delivering superior returns to our investors. 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. City sources told The Sunday . I am expecting a, Expect conciliation then a rally. Subscribe to receive regulatory news, news releases, reports, presentations, and calendar alerts by email. 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. Our comprehensive programme of corporate renewal has been acknowledged by the SFO. Search and apply to our latest roles and find out how we support our people to thrive in a delivery-focused culture. In 2019, Mr Lufkin pleaded guilty to 11 counts of bribery related to contracts worth $3.5bn in Saudi Arabia and $730m in Iraq. 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. Every story from every site is brought to you automatically and continuously 24/7, within around 10 minutes of publication. Find out more about our investment case, our strategy, and our financial performance. Our model of local execution to global standards sets us apart from our competitors. 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. 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Hear from some of the people helping our clients meet the worlds evolving energy needs. We have 8,200 employees across more than 30 offices. Rapid rise for PFC as I suspect a, After Wood group mania i bought back few more today The reason for buying is shorting. We are designing, building and operating onshore and offshore facilities, and training the people who support them. 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. 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. This has improved liquidity with a . 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. Search Message Boards:Petrofac takeover by, By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's When pressed on the matter Andrew Gould, chairman and former CEO of Schlumberger declined to comment. Find out more about our growing track record in supporting new energies projects across a wide range of different technologies. Wherever you are on your energy journey, Petrofac has the expertise and experience to support. Were a leading energy services company that helps our clients meet the worlds evolving energy needs. Petrofac Shut Out Of Key Abu Dhabi Market. Its also allowed to continue on two small projects in the UAE but in sum this is going to hurt and damages visibility on its pipeline. 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. It has a market capitalisation of 412 m, with. Petrofac to plead guilty to seven bribery offences. Compare Standard and Premium Digital here. More than four decades of delivering the most significant energy projects across the globe. 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. Browse our locations and find contact information of our global offices. All Rights Reserved. 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. Browse and download our annual reports, brochures, and policies in one place. 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 . Browse and download our annual reports, brochures, and policies in one place. We support credit card, debit card and PayPal payments. Find a contact across our departments and get in touch with the right people at Petrofac. please read our, NewsNow aims to be the worlds most accurate and comprehensive aggregator of Petrofac news, covering the. Petrofac's CEO Ayman Asfari however dismissed the reports and told Dow Jones Newswires that the speculation was based on nothing but "rumours". See here for a complete list of exchanges and delays. The Thistle and Heather platforms will become another part of Petrofacs established portfolio of managed facilities in the UK sector of the North Sea. 16.00M. See here for a complete list of exchanges and delays. Find a list of analysts covering Petrofac, as well as consensus data compiled and updated by Petrofac. Of managed facilities in the UK sector of the people helping our clients meet the most. 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