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LONDON, Oct 2 (Reuters) - British oil services group
Petrofac said it is looking at refinancing options
including debt and fresh equity as it faces a possible $240
million fine from a London court.
Petrofac decided to plead guilty to seven charges after a
four-year Serious Fraud Office (SFO) investigation into
allegations it had failed to prevent bribery in Iraq, Saudi
Arabia and the UAE between 2012 and 2015.
"The Joint Submission to the Court by the Company and the
SFO details a potential penalty of $240 million prior to the
application of any adjustment to the level of fine," Petrofac
said in a statement released late on Friday.
"The Company has made a submission to the Court for a
substantial reduction based on alternative approaches to
sentencing and its ability to pay," it added.
Petrofac’s lawyer has argued a fine of between $90 million
and $100 million was more proportionate, a spokesperson said.
Sentencing in the case was postponed to Monday, a court
spokesperson said in an email on Friday.
Petrofac said it was reviewing options for creating a
sustainable capital structure, including new revolving credit
facilities with its lending banks, accessing public debt capital
markets and additional equity capital.
With the investigation hanging over its past contracts,
Petrofac has struggled to secure key contracts in the Middle
East and has seen its shares battered.
(Reporting by Shadia Nasralla; Editing by Alexander Smith and
David Holmes)
