Petrofac Limited: Statement on SFO investigation (1237693)
October 01 2021 - 12:11PM
UK Regulatory
Petrofac Limited ( PFC) Petrofac Limited: Statement on SFO
investigation 01-Oct-2021 / 17:10 GMT/BST Dissemination of a
Regulatory Announcement that contains inside information according
to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The
issuer is solely responsible for the content of this
announcement.
-----------------------------------------------------------------------------------------------------------------------
Press Release
1 October 2021
STATEMENT ON SFO INVESTIGATION
Following the announcements issued on Friday 24th September and
Monday 27th September 2021, Petrofac Limited (the "Company" or
"Petrofac") announces that the sentencing hearing at Southwark
Crown Court commenced today and sentencing of the Company for
historic offences under Section 7 of the UK Bribery Act 2010 is
scheduled to take place on Monday 4 th October 2021.
As announced on 24th September, the penalty will be determined
at the sole discretion of the Court. The Joint Submission to the
Court by the Company and the SFO details a potential penalty of
USUSD240 million prior to the application of any adjustment to the
level of fine ("step back"). The Company has made a submission to
the Court for a substantial reduction based on alternative
approaches to sentencing and its ability to pay. The Court may also
take into account the SFO's recognition that Petrofac is a changed
company with transformed leadership, personnel, compliance and
assurance processes.
The Company will make a further announcement following
sentencing.
Petrofac is currently undertaking a comprehensive review of
refinancing options to create a sustainable, long-term capital
structure with appropriate leverage, liquidity and duration to
support the delivery of the Company's strategic plan. This process
includes the assessment of all available options including but not
limited to revolving credit facilities with the Company's lending
banks, accessing public debt capital markets, and additional equity
capital, to best position the Company to take advantage of its
strong presence in its attractive target markets.
Petrofac has a well-developed, comprehensive compliance and
governance regime. This is supported by a dedicated compliance and
investigations team, new systems and technologies, mandatory
training and a company culture based on ethical business conduct
and transparency. Its compliance regime is championed, supported,
and overseen at local, divisional and Board level, and supplemented
by regular independent audit.
ENDS
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation.
For further information contact:
Petrofac Limited
+44 (0) 20 7811 4900
Jonathan Yarr, Head of Investor Relations
jonathan.yarr@petrofac.com
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
Tulchan Communications Group
+44 (0) 20 7353 4200
petrofac@tulchangroup.com
Martin Robinson
NOTES TO EDITORS
Petrofac
Petrofac is a leading international service provider to the
energy industry, with a diverse client portfolio including many of
the world's leading energy companies.
Petrofac designs, builds, manages and maintains oil, gas,
refining, petrochemicals and renewable energy infrastructure. Our
purpose is to enable our clients to meet the world's evolving
energy needs. Our four values - driven, agile, respectful and open
- are at the heart of everything we do.
Petrofac's core markets are in the Middle East and North Africa
(MENA) region and the UK North Sea, where we have built a long and
successful track record of safe, reliable and innovative execution,
underpinned by a cost effective and local delivery model with a
strong focus on in-country value. We operate in several other
significant markets, including India, South-East Asia and the
United States. We have 9,400 employees based across 31 offices
globally.
Petrofac is quoted on the London Stock Exchange (symbol:
PFC).
For additional information, please refer to the Petrofac website
at www.petrofac.com
-----------------------------------------------------------------------------------------------------------------------
ISIN: GB00B0H2K534
Category Code: MSCH
TIDM: PFC
LEI Code: 2138004624W8CKCSJ177
OAM Categories: 2.2. Inside information
3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 123441
EQS News ID: 1237693
End of Announcement EQS News Service
=------------------------------------------------------------------------------------
Image link:
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1237693&application_name=news
(END) Dow Jones Newswires
October 01, 2021 12:11 ET (16:11 GMT)
Petrofac (LSE:PFC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Petrofac (LSE:PFC)
Historical Stock Chart
From Sep 2023 to Sep 2024