1 October 2021
STATEMENT ON SFO INVESTIGATION
Following the announcements issued on Friday 24th September and Monday 27th September 2021, Petrofac Limited (the "Company" or "Petrofac") announces that the sentencing hearing at Southwark Crown Court commenced today and sentencing of the Company for historic offences under Section 7 of the UK Bribery Act 2010 is scheduled to take place on Monday 4th October 2021.
As announced on 24th September, the penalty will be determined at the sole discretion of the Court. The Joint Submission to the Court by the Company and the SFO details a potential penalty of US$240 million prior to the application of any adjustment to the level of fine ("step back"). The Company has made a submission to the Court for a substantial reduction based on alternative approaches to sentencing and its ability to pay. The Court may also take into account the SFO's recognition that Petrofac is a changed company with transformed leadership, personnel, compliance and assurance processes.
The Company will make a further announcement following sentencing.
Petrofac is currently undertaking a comprehensive review of refinancing options to create a sustainable, long-term capital structure with appropriate leverage, liquidity and duration to support the delivery of the Company's strategic plan. This process includes the assessment of all available options including but not limited to revolving credit facilities with the Company's lending banks, accessing public debt capital markets, and additional equity capital, to best position the Company to take advantage of its strong presence in its attractive target markets.
Petrofac has a well-developed, comprehensive compliance and governance regime. This is supported by a dedicated compliance and investigations team, new systems and technologies, mandatory training and a company culture based on ethical business conduct and transparency. Its compliance regime is championed, supported, and overseen at local, divisional and Board level, and supplemented by regular independent audit.
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.
For further information contact:
+44 (0) 20 7811 4900
Jonathan Yarr, Head of Investor Relations
Alison Flynn, Group Head of Communications
Tulchan Communications Group
+44 (0) 20 7353 4200
NOTES TO EDITORS
Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including many of the world's leading energy companies.
Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. Our purpose is to enable our clients to meet the world's evolving energy needs. Our four values - driven, agile, respectful and open - are at the heart of everything we do.
Petrofac's core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and local delivery model with a strong focus on in-country value. We operate in several other significant markets, including India, South-East Asia and the United States. We have 9,400 employees based across 31 offices globally.
Petrofac is quoted on the London Stock Exchange (symbol: PFC).
For additional information, please refer to the Petrofac website at www.petrofac.com