Hints and tips:
...The agency is also probing the collapsed funeral-plan provider Safe Hands Plans Ltd over suspicions of fraud, and it charged two former senior executives at Petrofac last week with bribery....
...Following the update, Petrofac’s share price slumped below 66p, sinking its market capitalisation to under £350mn....
...SELL: Petrofac (PFC) The Serious Fraud Office (SFO) has fined Petrofac £77m after it admitted paying tens of millions of pounds in bribes between 2011 and 2017, writes Alex Hamer....
...Petrofac will enter formal pleas at a hearing on Monday at Southwark Crown Court....
...Petrofac’s shares rose more than 10 per cent in morning trading on Monday....
...Petrofac’s shares have lost nearly 85 per cent of their value since May 2017 when the SFO confirmed its investigation....
...David Lufkin, Petrofac’s former global head of sales, pleaded guilty to three counts of bribery relating to payments made between 2012 and 2018 that were to influence the award of contracts to Petrofac in...
...Petrofac will deepen its cost-cutting next year after warning that revenues would continue to be hit by the pandemic....
...Petrofac’s chairman, René Médori, said Mr Asfari’s contribution to Petrofac had been “extraordinary”....
...Petrofac shares dropped as much as 12 per cent....
...The value of Petrofac’s backlog of work stood at $7.4bn at the end of December, versus $9.6bn a year earlier....
...Key reports Monday Occidental Petroleum Corp; Royal Caribbean Cruises Ltd Tuesday Home Depot; HSBC; Intuit; Occidental Petroleum; InterContinental Hotels Wednesday Booking; Lowe’s Companies; Royal...
...Another part of Petrofac’s malaise applies to rival oil service groups too. The sector has delinked from the oil price....
...Shares in Petrofac fell 5 per cent in early London trading....
...Petrofac has pointed out that no charges have been brought against the company....
...Shares in Petrofac were down 5 per cent by early afternoon on Tuesday in London....
...Petrofac shares have dropped by more than 50 per cent since May 2017....
...Petrofac gave no update on the Serious Fraud Office investigation into alleged bribery and corruption....
...Petrofac half-year results Given Petrofac’s specialisation in building big offshore and onshore oil rigs, and the recent departure of its chairman after its chief operating officer was arrested and suspended...
...A further $28m of contingent consideration is payable depending on field performance, Petrofac said....
...” ● Petrofac raised to “buy” at Jefferies with an unchanged 600p price target....
...Investors are wired to ask this question whenever a director splashes out on (or cashes out of) their own company, although it is a query that has chased Petrofac long before chief executive Ayman Asfari...
...In London, Petrofac dropped more than 12 per cent in a belated response to a statement first thing Monday that revealed that the Serious Fraud Office had widened the scope of its investigation of the oil...
...Analysts have valued Petrofac’s North Sea division at about $400m-$600m against an expected end-of-year net debt of $820m. Petrofac jumped 3.8 per cent to 451.6p....
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