|Bid||391.00 x 93700|
|Ask||410.00 x 159300|
|Day's Range||392.20 - 399.10|
|52 Week Range||376.40 - 679.00|
|Beta (3Y Monthly)||0.47|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 28, 2019|
|Forward Dividend & Yield||0.28 (7.03%)|
|1y Target Est||8.63|
Moody's Investors Service ("Moody's") has today affirmed the Ba1 corporate family rating (CFR) and the Ba1-PD probability of default rating (PDR) on UK-based oil and gas services provider Petrofac Limited's (Petrofac). The outlook change to negative follows an announcement on 7 February 2019 by the UK Serious Fraud Office (SFO), stating that a former employee of the group pleaded guilty to eleven counts of bribery. In Moody's view, this negatively reflects on the group's reputation and raises concerns from a social and government perspective, even if no charges have been brought against the company or its subsidiaries.
A legal fund backed by one of the world’s biggest activist investors, Paul Singer, was on Monday preparing to pull the trigger on a £400 million legal claim over the bribery scandal engulfing oil engineer Petrofac. The oil services group, headquartered in London, is in the firing line of litigation funding arm Innsworth — which is owned by Singer’s Elliott Management. It previously mounted legal action against Volkswagen and Tesco.
PLC pleaded guilty to 11 counts of bribery relating to projects in Iraq and Saudi Arabia that netted the company more than $4 billion. David Lufkin, 51 years old, the former global head of sales for Petrofac International Ltd., a subsidiary of Petrofac, entered his plea Wednesday at Westminster Magistrates’ Court, the U.K. Serious Fraud Office said in a statement. An investigation into Petrofac, its subsidiaries, their officers, employees and agents over operations in multiple jurisdictions is ongoing, the SFO said.
Shares in British oil services firm Petrofac slumped almost 30 percent on Thursday after a former senior executive pleaded guilty to 11 counts of bribery in relation to oil deals in Iraq and Saudi Arabia. Britain's Serious Fraud Office said David Lufkin, a former global head of sales for Petrofac, was convicted over what the prosecutor called corrupt attempts by Petrofac to secure deals, via agents, worth more than $730 million (566 million pounds) in Iraq and more than $3.5 billion in Saudi Arabia. Petrofac said a number of Petrofac individuals and entities were alleged to have acted "with the individual concerned", although no current board member of Petrofac Ltd was alleged to have been involved and there had been no further charges.
Oil firm Petrofac was hammered today after a former executive pleaded guilty to 11 counts of bribery as part of an ongoing Serious Fraud Order investigation into the company. David Lufkin, 51, ex-global head of sales for Petrofac, entered his pleas at Westminster Magistrates’ Court yesterday. The indictments relate to “corrupt offers” made to influence the award of contracts to Petrofac worth in excess of $730 million (£565.9 million) in Iraq and more than $3.5 billion in Saudi Arabia.
has pleaded guilty to bribery relating to corrupt payments the oil services company made to win contracts in Iraq and Saudi Arabia worth more than $4bn. The news triggered a more than 30 per cent drop in its shares and comes as part of an investigation into the company, its subsidiaries and employees under suspicion of bribery, corruption and money laundering. David Lufkin, a British national and Petrofac’s former global head of sales, was involved in payments of millions of dollars to agents to secure the work on projects including a $330m contract on Iraq’s Badra oilfield, awarded in February 2012.
dropped after below-expectations profitability guidance overshadowed solid fourth-quarter results. The social media company posted fourth-quarter adjusted operating earnings of $397m on revenue up 24 per cent to $909m, beating consensus forecasts of $347m and $867m respectively. Twitter, which changed how it provided forward guidance, also flagged a 20 per cent jump in cash operating expenses for 2019.
Oct 31 (Reuters) - Shanghai Zhenhua Heavy Industries Co Ltd: * SAYS IT AND PETROFAC INTERNATIONAL (UAE) LLC PLAN TO SET UP UNIT IN HONG KONG Source text in Chinese: https://bit.ly/2Pv3AUt Further company ...
Ayman Asfari became the CEO of Petrofac Limited (LON:PFC) in 2002. First, this article will compare CEO compensation with compensation at similar sized companies. Next, we’ll consider growth that the Read More...
Moody's Investors Service, ("Moody's") today affirmed Ithaca Energy Limited's (Ithaca) B3 Corporate Family Rating (CFR) and B3-PD probability of default rating (PDR), and withdrew the Caa1 rating assigned to its $300 million senior unsecured notes due July 2019, which were recently repaid early as part of a holistic debt refinancing exercise. Concurrently, Moody's has changed the outlook on all ratings to stable from negative. The stabilisation of the rating outlook follows the recent completion by Ithaca of the refinancing of its debt facilities, whereby it termed out its debt maturity profile, while strengthening its capital structure with the support of its 100%-owner Delek Group.
Petrofac (POFCY) will work on the Tinhert Field Development Project, following the signing of an EPC contract with Sonatrach.
The results bode well for a refocusing on core business after a difficult period marred by investments in production that fell afoul of the 2014 collapse in oil prices. The company's main measure of profit rose to $190 million (147.39 million pounds) compared to $158 million a year earlier, excluding a $207 million charge for losses on oil asset sales and helped by some of its remaining upstream businesses swinging into the black. Chief Financial Officer Alastair Cochran told Reuters that Petrofac would continue on a course that has seen it agree sales of $800 million in mostly oil-producing assets this year.
If you want to know who really controls Petrofac Limited (LON:PFC), then you’ll have to look at the makeup of its share registry. Large companies usually have institutions as shareholders,Read More...
Petrofac (POFCY) is curtailing oil production and is gradually moving back to its less capital-intensive oilfield services business.
By Helen Reid LONDON (Reuters) - Britain's major stock index faltered on Friday, propped up by Shire and oil stocks, while investors awaited a speech by the U.S. Fed Chair and digested U.S.-China trade ...
Petrofac, which designs, builds, operates and maintains oil and gas facilities, expanded into oil and gas production during the oil price boom earlier this decade. It announced the sale of its oil fields in Mexico last month after a warning last year that its integrated energy services (IES) division would have lower than expected profits. The proceeds from the sale of the North Sea assets, which also include a 24.8 percent interest in the FPF1 floating production facility, will be used to cut debt.
Iraq signed a $369 million contract with Petrofac on Monday to build a new crude-processing facility in the giant Majnoon oilfield, a senior oil executive told Reuters. Under the deal terms, work to build ...