1st Feb 2021 14:41
Petrofac Ltd - oilfield services company based in Jersey - Says issued GBP300 million in commercial paper with a maturity of 12 months under the Covid Corporate Financing facility, the maximum amount it is eligible to issue under the facility. Notes the Covid Corporate Financing facility is designed to bridge coronavirus disruption to their cash flows through the purchase of short-term debt in the form of commercial paper.
This follows the UK's Serious Fraud Office reporting that David Lufkin, former global head of sales of Petrofac, pleaded guilty to three counts of bribery at Westminster Magistrates' Court in January. The offences relate to corrupt offers and payments made between 2012 and 2018 to influence the award of contracts to Petrofac in the United Arab Emirates worth approximately USD3.3 billion, the Serious Fraud Office said in a statement last month. These charges are in addition to eleven charges of bribery already brought by the Serious Fraud Office, to which Lufkin pleaded guilty in February 2019.
Current stock price: 124.50 pence, up 4.4% on Monday
Year-to-date change: down 9.8%
By Zoe Wickens; [email protected]
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