Widening Petrofac Uncertainty to Extreme Amid Ongoing Fraud Investigation
We are are widening our uncertainty rating for Petrofac to "extreme" following the May 25 announcement that the company's chief operating officer had been suspended as a result of ongoing investigation by the UK Serious Fraud Office (SFO). The SFO's investigation of Petrofac involves the allegations of bribery and corruption involving the company's operations in Kazakhstan from 2002 to 2009.Given that the investigation does not seem to involve current operations, and also given the estimates we...
Petrofac is a holding company. Co. is engaged as a service provider to the oil and gas production and processing industry. Co. designs, builds, operates and maintains oil and gas facilities. Co. has three segments: Engineering & Construction, which provides engineering, procurement and construction project execution services to the onshore and offshore oil and gas industry; Engineering & Production Services, which includes engineering and production services activities to the oil and gas industry; and Integrated Energy Services, which provides an integrated service for clients, with projects that cover upstream developments project, related energy infrastructure projects, and investment.
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