Petrofac Limited: Statement on Final Outcome of SFO Investigation (1238021)
October 04 2021 - 6:38AM
UK Regulatory
Petrofac Limited ( PFC) Petrofac Limited: Statement on Final
Outcome of SFO Investigation 04-Oct-2021 / 11:37 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.
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Press Release
4 October 2021
STATEMENT ON FINAL OUTCOME OF SFO INVESTIGATION
Following the announcement of Friday 1 October 2021, Petrofac
Limited (the "Company" or "Petrofac") announces that Southwark
Crown Court today imposed a total penalty of GBP 77 million
(approximately USUSD104.6 million at current exchange rates) in
relation to seven historic offences of failing to prevent former
Petrofac Group employees from offering or making payments to agents
in relation to projects awarded between 2012 and 2015, contrary to
Section 7 of the UK Bribery Act 2010. All employees involved in the
charges have left the business. This concludes the Serious Fraud
Office's investigation into the Company.
In determining the penalty, the Court and the Serious Fraud
Office acknowledged Petrofac's corporate reform through its
transformation of the Company's leadership, personnel, compliance
and assurance processes.
The penalty is comprised of the following elements: a
confiscation order of GBP 22.8 million payable by 3 January 2022; a
fine of GBP 47.2 million payable on 14 February 2022; and the
Serious Fraud Office's costs of GBP 7 million payable on 14
February 2022.
Chairman René Médori said: "This draws a line under a
regrettable period of our history. We have taken responsibility,
reformed and learned from these past mistakes, as acknowledged by
the SFO and the Court. Most importantly, the extensive work that we
have done since the SFO investigation began means that the Petrofac
of today has a comprehensive compliance and governance regime that
meets or exceeds international best practice. The past behaviour
uncovered by the SFO would not be possible today, and we look to
the future a better and more focused company, well positioned to
capitalise on the opportunities we see before us."
Group Chief Executive Sami Iskander said: "We are now in a
position to put this behind us. This part of our history does not
represent the Petrofac of today - a company that as its new CEO I
am proud to lead, and which operates upon the core principle of
ethical business conduct, supported by a comprehensive governance
regime. We have refined our best-in-class delivery capabilities,
restructured the business around technical excellence, re-focused
on our customers, hired new talent, and further sharpened our
cost-competitiveness.
"We emerge from this cloud as the world needs more energy - both
traditional energies that can be produced in the most efficient
manner, and renewable energies on which a lower carbon world can be
built. Petrofac is well positioned to support both, with the
capabilities, experience, and expertise to deliver for our
expanding customer needs. Our markets in both traditional and new
energies are growing and we have a clear path to rebuild our
business with a differentiated customer proposition that sets us
apart."
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
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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.: 123514
EQS News ID: 1238021
End of Announcement EQS News Service
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