Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

Petrofac in £180m cash call to fund SFO bribery settlement

Petrofac in £180m cash call to fund SFO bribery settlement

London-listed Petrofac will announce a $250m equity-raising and wider refinancing weeks after it was fined £77m by the SFO for bribery offences, Sky News can reveal.

Petrofac, the London-listed oil group, will this week unveil plans to tap shareholders in a £180m fundraising that will be used in part to pay a Serious Fraud Office (SFO) fine for bribery offences.

Sky News has learnt that Petrofac is preparing to announce as early as Tuesday morning that it intends to undertake an equity placing of about $250m (£181.5m).

One source said the shares would be sold at a price of about 120p - a roughly 25% discount to Monday's closing share price of 158p.

Petrofac's board and its advisers are understood to be finalising the plans on Monday evening.

If successfully completed, the placing proceeds will be used to help the company draw a line under the most ignominious chapter in its history.

Earlier this month, it announced that it had been hit with a £77m fine following a long-running case brought by the SFO.

According to a Petrofac statement about the penalty, it related to seven offences "of failing to prevent former Petrofac Group employees from offering or making payments to agents in relation to projects awarded between 2012 and 2015, contrary to Section 7 of the UK Bribery Act 2010".

Rene Medori, the company's chairman, said: "We have taken responsibility, reformed and learned from these past mistakes, as acknowledged by the SFO and the Court.

"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."

A person close to Petrofac said the equity-raising would form part of a comprehensive refinancing package that would be designed to reset the company's balance sheet and place it on a stronger financial footing.

This week's announcement is expected to include details of amended and enhanced borrowing facilities.

The size of the share sale, which is said to have gained support from institutional investors, is designed to provide additional funding for growth opportunities.

Petrofac designs and maintains oil, gas and renewable energy infrastructure, and has a strong presence in the Middle East and North Africa, as well as the UK North Sea.

In total, the company employs more than 9,000 people.

Goldman Sachs and JP Morgan, Petrofac's corporate brokers, are said to be working on the cash call.

A Petrofac spokesman declined to comment.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×