Petrofac expects to raise $ 275 million by selling shares

Oil services firm Petrofac said on Tuesday that it plans to raise $ 275 million by selling shares and will use the money to pay fines related to corruption charges and reduce its debt, driving the share price down by 23%.

The company expects the net profit for the engineering and construction sector will be in line with its 2020 levels and said it is on track to cut costs by $ 250 million questyear with the intention of restarting the sectors in due course.

Earlier this month the company was fined 77 million pounds (105.89 million dollars) and a former executive was sentenced to two years in prison with suspended sentences after the company and the executive declared themselves. guilty of corruption charges.

The fine set by London’s Southwark Crown Court was less than the $ 240 million the company said it faced for failing to prevent bribery from 2011 to 2017.

Despite a four-year investigation by the UK Serious Fraud Office into Petrofac’s previous contracts, the company struggled to secure new contracts in Middle East.

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