Petrofac Ltd. (PFC)

Sector:

Fossil Fuels Production & Distribution

Index:

FTSE Small Cap

149.70p
   
  • Change Today:
    -1.30p
  • 52 Week High: 174.93
  • 52 Week Low: 87.85
  • Currency: UK Pounds
  • Shares Issued: 519.82m
  • Volume: 3,846,759
  • Market Cap: £778.17m
  • RiskGrade: 428

Petrofac announces $275m capital raise to pay bribery fine

By Michele Maatouk

Date: Tuesday 26 Oct 2021

LONDON (ShareCast) - (Sharecast News) - Oilfield services provider Petrofac announced a $275m (£199.6m) placing and open offer on Tuesday, the proceeds of which will be used to reduce debt and pay a £77m fine relating to bribery offences in the Middle East.
The company plans to issue just under 173.6m shares at 115p each, which is a 27.2% discount to the closing share price on Monday.

Petrofac announced earlier this month that it had struck a deal with the Serious Fraud Office following a four-year investigation and that Southwark Crown Court had imposed the fine for seven offences of failing to prevent bribery in the Middle East between 2012 and 2015.

Petrofac chairman René Médori said: "Support from all our shareholders and debt providers in the refinancing plan will provide the company with a stable platform from which to grow and look to the future with confidence.

"I welcome the continuing support of our largest shareholder and fellow board member Ayman Asfari, as Petrofac moves on to the next chapter of its history."

News of the placing came alongside the group's results for the six months to the end of June, which showed that its net loss widened to $86m from $78m in the first half of last year. The company put this down to the bribery fine.

Petrofac said trading and new awards were in line with expectations, and continue to be impacted by Covid-19.

Chief executive Sami Iskander said: "While the first half performance reflects the challenges of the market and Covid-19, we have continued to deliver successfully for clients and enhance our delivery capability.

"Importantly, the conclusion of the SFO investigation allows us to focus on the future and unlock new opportunities - with an uncompromising approach to compliance and ethics that will always be at the core of how we operate. This rigorous approach to governance sits alongside our environmental and social agenda and is critical to our future success."

At 1205 BST, the shares were down 18% at 129.43p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Petrofac Market Data

Currency UK Pounds
Share Price 149.70p
Change Today -1.30p
% Change -0.86 %
52 Week High 174.93
52 Week Low 87.85
Volume 3,846,759
Shares Issued 519.82m
Market Cap £778.17m
RiskGrade 428

Petrofac Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
41.85% above the market average41.85% above the market average41.85% above the market average41.85% above the market average41.85% above the market average
42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average
Price Trend
33.61% above the market average33.61% above the market average33.61% above the market average33.61% above the market average33.61% above the market average
25.00% above the sector average25.00% above the sector average25.00% above the sector average25.00% above the sector average25.00% above the sector average
Income Not Available
Growth
72.83% below the market average72.83% below the market average72.83% below the market average72.83% below the market average72.83% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average

What The Brokers Say

Strong Buy 3
Buy 1
Neutral 4
Sell 0
Strong Sell 0
Total 8
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Petrofac Dividends

  Latest Previous
  Interim Final
Ex-Div 19-Sep-19 25-Apr-19
Paid 18-Oct-19 24-May-19
Amount 12.70¢ 25.30¢

Trades for 18-Jan-2022

Time Volume / Share Price
12:54 1,235 @ 149.70p
12:54 951 @ 149.70p
12:54 19 @ 149.80p
12:54 1 @ 149.70p
12:54 1,224 @ 149.80p

Top of Page