A drop in contracts, and a negative reaction to corruption allegations, has hit Petrofac’s (PFC) order book and the projects it can bid for in 2020, but the energy infrastructure group managed to maintain its revenue last year. The long lead-times of its projects means the Serious Fraud Office (SFO) investigation – which has seen former Petrofac executive David Lufkin convicted of paying bribes in Iraq and Saudi Arabia – will continue to hurt earnings in the coming years.
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