15th Mar 2021 21:33
(Alliance News) - Petrofac Ltd on Monday noted its suspension form competing for new awards by Abu Dhabi National Oil Company Group.
Petrofac shares ended 19% lower in London on Monday at 109.40 pence each.
The suspension is in relation to bribery charges against a former Petrofac employee in relation to historic contract awards in the United Arab Emirates in 2013 and 2014.
In January, the UK's Serious Fraud Office said a former executive of the oilfield services company pleaded guilty to three counts of bribery.
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 SFO said in a statement.
These charges are in addition to eleven charges of bribery already brought by the SFO, to which Lufkin pleaded guilty in February 2019.
The oilfield services company based in Jersey noted, also in January, that no charges were brought against Petrofac or any other officers and employees.
On Monday, Petrofac said it will continue to execute two engineering, procurement & construction projects for ADNOC which are currently under construction.
ADNOC has stated that it recognises the long-standing nature of its relationship with Petrofac and has confirmed that its decision will be reviewed on a periodic basis.
"Petrofac is committed to operating at the highest standards of ethical business practice. No charges have been brought against any Petrofac Group company or any current officer or employee," Petrofac said.
By Greg Roxburgh; [email protected]
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