Petrofac Jumps After Plea Deal With U.K. Fraud Cops
- Oil service provider enters agreement with U.K.’s SFO
- Charges relate to bribery of former employees 2011 to 2017
Photographer: Vincent Mundy/Bloomberg
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U.K. oil-service provider Petrofac Ltd. entered into a deal with the U.K. Serious Fraud Office and intends to plead guilty to seven counts of failing to prevent bribery between 2011 and 2017.
Petrofac said it the charges relate to former employees offering or making payments to agents in relation to projects awarded between 2012 and 2015 in Iraq, Kingdom of Saudi Arabia and the United Arab Emirates. All employees involved in the charges have left the business, it said in a statement.