UPDATE 2-Petrofac loses out on $10 bln in contracts as SFO probe drags on [Reuters]
PETROFAC LTD UNSP/ADR (POFCY)
NASDAQ:AMEX Investor Relations:
petrofac.com/en-gb/investors
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Source: Reuters
Petrofac flags challenges in Saudi Arabia and Iraq - Reuters 2 Min Read (Reuters) - British oilfield services provider Petrofac Ltd said on Tuesday that it has booked $1.7 billion in new orders so far this year even as it faced challenges in Saudi Arabia and Iraq, which has crimped its business. Petrofac for the last two years has been navigating legal challenges as Britain probes allegations of bribery at the company. But the company has managed to sign multiple contracts and sell some assets to beef-up its core business. In February, a former senior executive pleaded guilty to 11 counts of bribery in relation to oil deals in Iraq and Saudi Arabia as part of an investigation brought on by Britain’s Serious Fraud Office (SFO). While the company has not been charged on any accounts, the convicting of former executives and top bosses being called for inquiries have hammered Petrofac shares. They lost nearly half of their value since the SFO first began its investigations into the compan
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