Petrofac
{{Short description|British company}}
{{Infobox company
| name = Petrofac Limited
| logo = Petrofac.svg
| logo_size = 250px
| type = Public limited company
| traded_as = {{lse|PFC}}
| foundation = 1981
| location = London, United Kingdom
| key_people = René Médori, Chairman
Tareq Kawash, Group Chief Executive
Afonso Reis e Sousa, Chief Financial Officer
| industry = Engineering, Procurement & Construction, Oil & Gas
| products = Petrochemicals
| revenue = {{decrease}} US$2,496 million (2023){{cite web|url=https://www.petrofac.com/media/zn5er2nz/petrofac-fy-2023-financial-statements.pdf|title=Annual Results 2023|publisher=Petrofac|access-date=3 June 2024}}
| operating_income = {{decrease}} US$(395) million (2023)
| net_income = {{decrease}} US$(523) million (2023)
| num_employees = 7,950 (2023)
| parent =
| subsid =
| homepage = {{URL|http://www.petrofac.com|petrofac.com}}
| footnotes =
}}
Petrofac Limited is a British international energy services company that designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure, and trains the people who support them. It operates in a range of markets from design to decommissioning. It is registered in Jersey (number 81792), with its main corporate office on Jermyn Street, London. It has 7,950 employees across more than 30 offices globally.{{Cite web |title=Where we operate {{!}} About us {{!}} Petrofac |url=https://www.petrofac.com/who-we-are/what-we-do/ |access-date=2020-03-11 |website=www.petrofac.com |language=en}} The company is listed on the London Stock Exchange.
History
The company was established as a producer of a modular plant in Tyler, Texas, United States in 1981.{{cite web|url=http://www.petrofac.com/about/heritage.aspx|publisher= Petrofac|title= Heritage|access-date=2 March 2021}} It was first listed on the London Stock Exchange in 2005. In 2010, it bought a 20 percent share in the Gateway storage scheme, an undersea cavern for gas storage.[http://www.thisislondon.co.uk/standard-business/article-23904138-petrofac-buys-into-uk-gas-storage-project.do Petrofac buys into UK gas storage project] {{webarchive|url=https://web.archive.org/web/20110414015550/http://www.thisislondon.co.uk/standard-business/article-23904138-petrofac-buys-into-uk-gas-storage-project.do |date=2011-04-14 }} Evening Standard, 6 December 2010 In November 2013, Petrofac and the Italian oil firm Bonatti partnered on a $650 million joint venture with Sonatrach to develop new separation and booster compression facilities, extending the life of the Alrar gas field in south-east Algeria.{{Citation
| url = http://www.oilreviewafrica.com/gas/gas/petrofac-and-bonatti-win-us-650mn-epc-project-in-algeria
| title= Petrofac and Bonatti win US$650mn EPC project in Algeria
| year = 2013
| publisher = Oil Review Africa
| publication-place = Africa
}} In November 2014, the company issued a profit warning, saying that profit for 2015 would fall by 25%, as slowing demand in China and abundant US output cut the oil price.{{cite web|url=https://www.theguardian.com/business/2014/nov/24/petrofac-issues-profit-warning |title=Petrofac issues profit warning |website=TheGuardian.com |date=24 November 2014|access-date=6 December 2014}}
In January 2021, a former Global Head of Sales at Petrofac Ltd., which serves the British energy industry, pleaded guilty to charges related to bribery. The UK Serious Fraud Office confirmed that David Lufkin offered and paid around $30 million to win United Arab Emirates contracts worth $3.3 billion for Petrofac between 2012 and 2018. The guilty plea included 11 other charges of bribery, where Lufkin made corrupt offers to influence contract awards of more than $3.5 billion in Saudi Arabia, and over $730 million in Iraq.{{cite web|url=https://www.wsj.com/articles/former-petrofac-executive-pleads-guilty-to-three-counts-of-bribery-11610737627|title=Former Petrofac Executive Pleads Guilty to Three Counts of Bribery|access-date=15 January 2021|website=The Wall Street Journal|date=15 January 2021 |last1=Hoppe |first1=Joe }} In October 2021 Petrofac was fined £77m for seven charges of failing to prevent bribery in the Middle East.{{Cite web|date=2021-10-04|title=Petrofac fined £77m for string of Middle Eastern bribery charges|url=https://www.cityam.com/petrofac-fined-77m-for-string-of-middle-eastern-bribery-charges/|access-date=2021-10-11|website=CityAM|language=en-GB}}
In April 2024, the company announced that, because of ongoing financing discussions, its financial results would be delayed to the end of May 2024, and in the meantime, its shares would be suspended.{{cite news|url= https://ukinvestormagazine.co.uk/petrofac-shares-sink-on-suspension-notice-due-to-full-year-results-delay/|title=Petrofac shares sink on suspension notice due to full-year results delay|date=29 April 2024|newspaper=UK Investor Magazine|access-date=29 April 2024}}{{cite news|url=https://www.energyvoice.com/oilandgas/552462/petrofac-postpones-2023-results-amid-debt-woes/|title=Petrofac shares collapse on debt warning|date=29 April 2024|newspaper=Energy Voice|access-date=29 April 2024}} The results were announced on 31 May 2024,{{cite news|url=https://www.thearmchairtrader.com/uk-shares/petrofac-share-price-forecast/|title=Where did it all go wrong for Petrofac's shareholders?|date=31 May 2024|newspaper=The Armchair Trader|access-date=3 June 2024}} and trading in the shares resumed on 4 June 2024.{{cite news|url= https://www.energyvoice.com/oilandgas/north-sea/554623/petrofac-shares-resume-trading/ |title= Petrofac shares resume trading|newspaper=Energy Voice|date=4 June 2024|access-date=2 May 2025}}
In May 2025, because of an ongoing restructuring, it again failed to file its financial results on time, and its shares were again suspended.{{cite news|url=https://www.agcc.co.uk/news-article/wood-and-petrofac-shares-suspended|title=Wood and Petrofac shares suspended|newspaper=Aberdeen and Grampian Chamber of Commerce|date=1 May 2025|access-date=2 May 2025}}
Services
Petrofac is organised into three divisions:{{Cite web|url=http://www.petrofac.com/index.asp?pageid=567|title=Petrofac: About Us|access-date=2012-04-01|archive-date=2013-12-03|archive-url=https://web.archive.org/web/20131203082633/http://www.petrofac.com/index.asp?pageid=567|url-status=dead}}
- Asset Solutions
- Engineering & Construction
- New Energy Services
References
{{Reflist|30em}}
{{Portal|Energy|Companies}}
External links
- [http://www.petrofac.com/ Official Petrofac company website]
{{Energy in the United Kingdom|companies}}
{{Petroleum industry}}
{{Authority control}}
Category:Oil and gas companies of the United Kingdom
Category:Companies based in the City of Westminster
Category:British companies established in 1981
Category:Non-renewable resource companies established in 1981
Category:1981 establishments in England