A major client based in the UAE has since broken its ties with Petrofac. Chief executive Sami Iskander announced a new strategy to turn the company around following a series of setbacks. Shares in oilfield services provider Petrofac [LON:PFC] plunged yet further last week after a former executive pleaded guilty to attempting to influence the award of contacts in the United Arab Emirates which then barred the company bidding for future contracts. I am quite a stale bull on Petrofac having had a broadly positive view in recent years and suggesting it as a 'buy . We are required to publish certain news in accordance with regulatory rules. We are a leading international energy services company that helps our clients meet the world's evolving energy needs. Browse all Petrofac global news issued since 2004. Search Message Boards:Petrofac takeover by, By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Expert insights, analysis and smart data help you cut through the noise to spot trends, We have astrong position in some of the mostresilient sectors of the upstream oil and gas market. Browse our locations and find contact information of our global offices. 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 Kawash, a senior executive at energy firm McDermott. Expect positive RNS as Orders flow. Lufkin pleaded guilty to offering and making . When is the next test date for bank covenants? If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. RNS can change the game especially a. 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. PIs alone cannot take this beyond the 90s,too mmany shorts. Visit our investor centre and get the latest financial highlights, key data, reports, and strategic insight in one place. Read about our approach to external linking. While serving as prime minister Theresa May wrote to her Bahraini counterpart to support Petrofacs bid for a contract in the country. You may change or cancel your subscription or trial at any time online. Our comprehensive programme of corporate renewal has been acknowledged by the SFO. -1.75p With the "unanimous support" of its lenders, Petrofac has secured a $610m extension of its existing revolving credit facility to 2 June 2022, with an option to extend for a further six. Lets not forget the pandemic. 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 . 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 . The UAE accounts for almost a third of the companys bidding pipeline. Find here important dates in our investor and financial calendar. Last year, Fitch gave a BBB- outlook negative on Petrofac but it did say we believe that the potential one-off payment related to the Serious Fraud Office (SFO) investigation is mitigated by sufficient liquidity headroom and expected disposal proceed.. Connect with us on LinkedIn, Twitter, Instagram, and YouTube. It has postponed its results announcement to April from February because of auditing complications as a result of the pandemic. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The suspension is subject to review so theres hope for Petrofac that its not permanent. Working closely with Qatar Petroleum, we successfully trained engineers and project managers, providing more than 340,000 hours of personnel specific training. Petrofac was in demand as a fourth consecutive gain gave the FTSE 100 its sharpest rebound in nearly three years. Hear from some of the people helping our clients meet the worlds evolving energy needs. The company also manages the Northern Producer, (Galley field), Montrose, Arbroath, Kittiwake, Hewett & Bacton Terminal facilities. 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. This accords with a contrarian investment case, plus takeover potential. He is expected to be sentenced on Monday. Like this article? UK's Petrofac sells North Sea assets to Ithaca Energy for $292 million Petrofac, which designs, builds, operates and maintains oil and gas facilities, expanded into oil and gas production during the oil price boom earlier this decade REUTERS UK's Petrofac sells North Sea assets for $292 million Its an exciting time for Petrofac, and were looking for more people to join us. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Despite the "lower levels of activity" compared with last year, Petrofac boss Sami Iskander said the energy industry looked to be at the beginning of a "multi-year upcycle". This post was updated on 28/09/2021 to reflect the adjournment of pleas and sentencing. We have astrong position in some of the mostresilient sectors of the upstream oil and gas market. The Thistle and Heather platforms will become another part of Petrofacs established portfolio of managed facilities in the UK sector of the North Sea. See news. Until he stepped down at the end. A multinational firm that was headed by a Tory party donor has been fined 70m after admitting it used "systemic" bribery to secure large contracts . 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Given the detail in its December trading update, there shouldnt be any nasty surprises in the April results either. The fine imposed Monday, which was less than half of the maximum penalty expected by Petrofac,. Are you ready to bring the right energy? Target 170p plus more. Former executive David Lufkin pleaded guilty to 14 charges of bribery brought by the UKs Serious Fraud Office. It reported. We are designing, building and operating onshore and offshore facilities, and training the people who support them. Find contacts for Media Relations at Petrofac. News 20 Dec 2022 Petrofac Limited - trading update 20 December 2022 Read the release News 19 Dec 2022 Petrofac and ENH partner to support Mozambique nationalisation goals Read the release News 13 Dec 2022 Production starts at Tinrhert Field Development project in Algeria Read the release News 12 Dec 2022 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. Video, At the crash site of 'no hope' - BBC reporter in Greece, Harry and Meghan told to 'vacate' Frogmore Cottage, Dozens of girls treated after new Iran poisonings, Rare Jurassic-era bug found at Arkansas Walmart, China and Belarus call for peace in Ukraine, Ed Sheeran says wife developed tumour in pregnancy, Man survives 31 days in jungle by eating worms, Covid origin likely China lab incident - FBI chief, Baby's body found as police still question couple. 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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. 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. Saipem: technology partner of Snam and Baker Hughes for experiments at the Istrana plant One of its largest recent contract wins was engineering support for the Seagreen wind array off the coast of north-east Scotland. 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Petrofac Doha Qatar Al Emadi Financial Square Building 2 Al Muntazah C-Ring Road PO Box 2895 Open in Google maps +974 4 419 2426 Browse latest Petrofac news, or use filters to find historic news from 2004 onwards. Find all the documents related to our refinancing on our dedicated page. Here you can find the latest regulatory news we are required to announce to the market and subscribe to our alert service. Represents the total incurred expenses through normal operations. Find out how we unlock value at every stage of the energy asset life cycle. The collapse in the oil price a year ago also hit the company's results, and it has since cut $140m from its cost base. please read our, NewsNow aims to be the worlds most accurate and comprehensive aggregator of Petrofac news, covering the. 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. 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. Once 125 breaks then 140 plus some say 160-200 very likely. Are you ready to bring the right energy? Wherever you are on your energy journey, Petrofac has the expertise and experience to support. A lot can happen before then. university Every story from every site is brought to you automatically and continuously 24/7, within around 10 minutes of publication. Petrofac Share Chat. 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. Petrofac stock drops 14% despite being tipped for $1.5 billion of contracts. 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. Our people are helping us continually evolve, to meet the demands of our clients and be the champions of a sustainable energy sector. Petrofac is a candidate for Takeover as his Current market value is 400 millions where Wood group is CMV . Former prime minister David Cameron promoted the company during a two-day stay in Bahrain in 2017, flying back from the country on a plane owned by Mr Asfari, the Guardian reported in 2019. 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