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(Sharecast News) - Petrofac shares surged after the oilfield services provider said it has been fined £77m by Southwark Crown Court for seven offences of failing to prevent bribery in the Middle East between 2012 and 2015, drawing a line under the issue.
Last week, the company said it had struck a deal with the Serious Fraud Office following a four-year investigation. It said it could be facing a fine of $240m (£176m).
Petrofac said on Monday that all employees involved in the charges have left the business.
The penalty comprises a confiscation order of £22.8m, a £47.2m fine and the SFO's costs of £7m.
Chairman René Médori said: "This draws a line under a regrettable period of our history. We have taken responsibility, reformed and learned from these past mistakes, as acknowledged by the SFO and the Court.
"Most importantly, the extensive work that we have done since the SFO investigation began means that the Petrofac of today has a comprehensive compliance and governance regime that meets or exceeds international best practice. The past behaviour uncovered by the SFO would not be possible today, and we look to the future a better and more focused company, well positioned to capitalise on the opportunities we see before us."
At 1350 BST, the shares were up 8% at 188p.
Laura Hoy, equity analyst at Hargreaves Lansdown, said Petrofac had "closed the book on a tumultuous chapter".
"The monetary loss will be a relief, since far higher numbers were bandied around at the start of the investigation, and Petrofac is more than capable of covering the fine. Though it could prove unhelpful as the group aims to shore up its balance sheet and return to a net cash position.
"The bigger story is that the end of the investigation will unlock the lucrative Saudi Arabia and UAE markets. Petrofac's been unable to compete for new contracts with the investigation underway, and that's created a lot of uncertainty about the group's order book. With the shackles off, future prospects should start looking rosier."
8 Mar 2024 14:25
IN BRIEF: Petrofac wins USD200 million contract in Turkmenistan
Petrofac Ltd - energy infrastructure company with core markets in the Middle East and North Africa - Receives award from Turkmengaz for an operations contract from Turkmenistan at the Galkynysh gas field in the country. The three-year contract is valued at over USD200 million and includes provision of personnel to supervise and support operations and maintenance activity. Furthermore, it includes the development and implementation of management systems to support operations at central processing facilities 1 and 1A at the gas field.
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