UPDATE 2-Petrofac expects 2020 sales fall as bribery probe weighs on orders [Reuters]
PETROFAC LTD UNSP/ADR (POFCY)
NASDAQ:AMEX Investor Relations:
petrofac.com/en-gb/investors
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Source: Reuters
UPDATE 2-Petrofac expects 2020 sales fall as bribery probe weighs on orders - Reuters 3 Min Read * Half-year core profit falls about 9% * Low order intake weighs on 2020 revenue forecast * Sees $13 billion in bid opportunities in H2 * Company not blacklisted in Saudi Arabia or Iraq -CFO (Adds CFO comments, shares, background) By Yadarisa Shabong Aug 28 (Reuters) - Oilfield services provider Petrofac Ltd reported a drop in first half new orders on Wednesday and forecast lower revenue next year, citing uncertainty caused by an ongoing investigation into its contract dealings in Saudi Arabia and Iraq. Petrofac said in June it had lost out on $10 billion worth of contracts globally due to the investigation by Britain’s Serious Fraud Office (SFO), which led to a February conviction of its former head of sales on 11 counts of bribery related to Iraqi and Saudi contracts. The company has stressed that no charges have been brought against Petrofac or any other employees. Shares of the FTSE 25
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News
- UK's Petrofac says still grappling with challenging contracts, shares tumble [Reuters]Reuters
- Institutions own 26% of Petrofac Limited (LON:PFC) shares but retail investors control 57% of the company [Yahoo! Finance]Yahoo! Finance
- UK's Serious Fraud Office charges two former Petrofac executives with bribery [Reuters]Reuters
- Former Petrofac Bosses Charged With Bribery by SFO [BNN Bloomberg (Canada)]BNN Bloomberg
- Two men charged with bribery over Petrofac contracts, UK court listing show [Reuters]Reuters