Credit Suisse analysts said that while the SFO resolution will be a potential major catalyst for Petrofac, the bigger worry for investors would be the company’s license to operate across its core Middle East markets. Petrofac said it has booked new orders worth $1.7bn so far this year despite challenges in Saudi Arabia and Iraq resulting from bribery allegations raised by the Serious Fraud Office. The company is also facing a US investigation into its role in an alleged corruption scheme involving Russian oil giant Rosneft.
Petrofac said it has booked new orders worth $1.7bn so far this year despite challenges in Saudi Arabia and Iraq resulting from bribery allegations raised by the Serious Fraud Office. The company is also facing a US investigation into its role in an alleged corruption scheme involving Russian oil giant Rosneft.