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    UK's Petrofac fined $104mn for bribery


"This draws a line under a regrettable period of our history," the company's chairman said.

by: Daniel Graeber

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Natural Gas & LNG News, Europe, Corporate, Litigation, Competition, Contracts and tenders, Companies, Europe, Petrofac, Political, Regulation, News By Country, United Kingdom

UK's Petrofac fined $104mn for bribery

UK oil services company Petrofac said October 4 that a $104mn penalty for bribery offences in Iraq, Saudi Arabia and the UAE is indicative of a “regrettable period of our history.”

The services company was fined by the Southwark Crown Court in London and its former head of sales, David Lufkin, was handed a two-year suspended sentence. Lufkin had already issued a guilty plea to 14 counts of bribing agents with an estimated $80mn related to contracts worth $7.5bn.

The company itself pleaded guilty for failing to prevent former Petrofac group employees from offering or making payments to agents in relation to projects awarded between 2012 and 2015 in Iraq, Saudi Arabia and the United Arab Emirates, contrary to the UK Bribery Act 2010.

All employees involved in the charges have left the business.

Petrofac said the ruling concludes the fraud investigations into the company.

“This draws a line under a regrettable period of our history,” said chairman Rene Medori

CEO Sami Iskander added that he and his team were rebuilding the company into a new Petrofac that is relevant for the future, across both traditional and new energies, built on a foundation of the highest ethical standards.