United Kingdom: Petrofac sees further fall in revenue after probe hit 2019

Oilfield services provider Petrofac reported a 16.7% drop in core profit for 2019 on Tuesday and reiterated forecasts of a decline in revenue this year as it recovers from a hit to orders in Saudi Arabia and Iraq last year.

Petrofac officials said last June that the company had lost out on $10 billion worth of contracts globally due to a probe by Britain’s Serious Fraud Office (SFO) into dealings in Saudi Arabia and Iraq that saw its former head of sales convicted of bribery a year ago.

It said it was still cooperating with the SFO but reiterated neither the company nor any of its current employees or officials had been accused and that it was focussed on bringing the matter to a close as fast as possible.

The full original article can be found at reuters.com

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