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    PFC   GB00B0H2K534

PETROFAC LIMITED

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Petrofac : to plead guilty to bribery after 'deeply regrettable period'

09/24/2021 | 10:00am EDT

* To plead guilty to seven counts of failing to prevent bribery

* Sentencing hearing on Monday

* Former executive David Lufkin will also be sentenced

* "A deeply regrettable period" of history -Chairman René Medori

Sept 24 (Reuters) - 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 2015, calling it a "deeply regrettable period."

The company indicated its plans at London's Westminster Magistrates' Court after being formally charged by the UK Serious Fraud Office (SFO), drawing a line under a four-year criminal investigation. Its shares surged 25% in relief.

Petrofac, which has struggled to secure key contracts in the Middle East and has seen its shares battered during the SFO investigation, will formally enter its pleas and await sentencing at London's Southwark Crown Court on Monday.

Petrofac said offers or payments to agents to help secure projects were made between 2011 and 2017 but that all employees involved had left.

"This was a deeply regrettable period of Petrofac's history," said Chairman René Medori in a statement, adding that the company's "comprehensive program of corporate renewal" had been acknowledged by the SFO.

"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," he said.

Former executive David Lufkin, who has separately pleaded guilty to 14 charges of bribery to secure billions of dollars worth of contracts for Petrofac in the Middle East, is also expected to be sentenced on Monday.

His lawyer did not immediately respond to a request for comment.

In March, the UAE's state-backed oil firm, ADNOC, barred Petrofac from competing for new contracts in the country.

It is the second corporate guilty plea secured by the SFO in five months.

Former Airbus subsidiary GPT Special Project Management pleaded guilty to corruption over military contracts for Saudi Arabia in April.

(Reporting by Yadarisa Shabong in Bengaluru and Kirstin Ridley in London; Editing by Jan Harvey and Steve Orlofsky)


© Reuters 2021
Stocks mentioned in the article
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AIRBUS SE -0.84% 111.4 Real-time Quote.25.11%
PETROFAC LIMITED 0.88% 160.3 Delayed Quote.15.06%
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Financials (USD)
Sales 2021 3 226 M - -
Net income 2021 50,4 M - -
Net Debt 2021 265 M - -
P/E ratio 2021 15,1x
Yield 2021 -
Capitalization 739 M 740 M -
EV / Sales 2021 0,31x
EV / Sales 2022 0,33x
Nbr of Employees 10 645
Free-Float 78,9%
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Mean consensus HOLD
Number of Analysts 9
Last Close Price 2,19 $
Average target price 2,50 $
Spread / Average Target 14,0%
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Managers and Directors
Sami Monir Amin Iskander Chief Executive Officer & Executive Director
Afonso Reis E Sousa i Chief Financial Officer & Executive Director
René Médori Non-Executive Chairman
Tarek Massoud Chief Compliance Officer
Matthias F. Bichsel Senior Independent Non-Executive Director
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