Petrofac

Petrofac Limited
Company typePublic limited company
LSE: PFC
IndustryEngineering, Procurement & Construction, Oil & Gas
Founded1981
HeadquartersLondon, United Kingdom
Key people
René Médori, Chairman
Tareq Kawash, Group Chief Executive
Afonso Reis e Sousa, Chief Financial Officer
ProductsPetrochemicals
RevenueDecrease US$2,496 million (2023)[1]
Decrease US$(395) million (2023)[1]
Decrease US$(523) million (2023)[1]
Number of employees
7,950 (2023)[2]
Websitewww.petrofac.com

Petrofac Limited is an international energy services company that designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure, and trains the people who support them. It operates in a range of markets from design to decommissioning. It is registered in Jersey (number 81792), with its main corporate office on Jermyn Street, London. It has 7,950 employees across more than 30 offices globally.[3] The company is listed on the London Stock Exchange.

History

The company was established as a producer of a modular plant in Tyler, Texas, United States in 1981.[2] It was first listed on the London Stock Exchange in 2005.[2] In 2010, it bought a 20 percent share in the Gateway storage scheme, an undersea cavern for gas storage.[4] In November 2013, Petrofac and the Italian oil firm Bonatti partnered on a $650 million joint venture with Sonatrach to develop new separation and booster compression facilities, extending the life of the Alrar gas field in south-east Algeria.[5] In November 2014, the company issued a profit warning, saying that profit for 2015 would fall by 25%, as slowing demand in China and abundant US output cut the oil price.[6]

In January 2021, a former Global Head of Sales at Petrofac Ltd., which serves the British energy industry, pleaded guilty to charges related to bribery. The UK Serious Fraud Office confirmed that David Lufkin offered and paid around $30 million to win United Arab Emirates contracts worth $3.3 billion for Petrofac between 2012 and 2018. The guilty plea included 11 other charges of bribery, where Lufkin made corrupt offers to influence contract awards of more than $3.5 billion in Saudi Arabia, and over $730 million in Iraq.[7] In October 2021 Petrofac was fined £77m for seven charges of failing to prevent bribery in the Middle East.[8]

In April 2024, the company announced that its financial results would be delayed to the end of May 2024, because of ongoing financing discussions, and in the meantime, its shares would be suspended.[9][10] The results were announced on 31 May 2024 but, because of ongoing refinancing discussions, the shares remained suspended.[11]

Services

Petrofac is organised into three divisions:[12]

  • Asset Solutions
  • Engineering & Construction
  • New Energy Services

References

  1. ^ a b c "Annual Results 2023" (PDF). Petrofac. Retrieved 3 June 2024.
  2. ^ a b c "Heritage". Petrofac. Retrieved 2 March 2021.
  3. ^ "Where we operate | About us | Petrofac". www.petrofac.com. Retrieved 2020-03-11.
  4. ^ Petrofac buys into UK gas storage project Archived 2011-04-14 at the Wayback Machine Evening Standard, 6 December 2010
  5. ^ Petrofac and Bonatti win US$650mn EPC project in Algeria, Africa: Oil Review Africa, 2013
  6. ^ "Petrofac issues profit warning". TheGuardian.com. 24 November 2014. Retrieved 6 December 2014.
  7. ^ "Former Petrofac Executive Pleads Guilty to Three Counts of Bribery". The Wall Street Journal. Retrieved 15 January 2021.
  8. ^ "Petrofac fined £77m for string of Middle Eastern bribery charges". CityAM. 2021-10-04. Retrieved 2021-10-11.
  9. ^ "Petrofac shares sink on suspension notice due to full-year results delay". UK Investor Magazine. 29 April 2024. Retrieved 29 April 2024.
  10. ^ "Petrofac shares collapse on debt warning". Energy Voice. 29 April 2024. Retrieved 29 April 2024.
  11. ^ "Where did it all go wrong for Petrofac's shareholders?". The Armchair Trader. 31 May 2024. Retrieved 3 June 2024.
  12. ^ "Petrofac: About Us". Archived from the original on 2013-12-03. Retrieved 2012-04-01.

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