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Petrofac to tap investors for $275m

Contractor also plans $500m bond issue as part of refinancing
Petrofac to tap investors for $275m
  • Court-imposed fine of £77m leads to pre-tax loss
  • Chief exec hopes to be able to re-bid in three key Middle East markets

 

Oil & gas contractor Petrofac (PFC) attempted to put a long-running corruption scandal behind it, as it announced plans to tap equity investors for $275m (£199m), with some of the proceeds earmarked to meet a £77m fine imposed on the company earlier this month, after it pleaded guilty to failing to prevent former employees from offering bribes. Chief executive Sami Iskander argued that the resolution of the case “lifts an historic cloud which we have operated under for four years”.

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