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Update on Unaoil investigation

12 Mai 2017

Petrofac shares fell almost 13 percent on the news as the SFO confirmed, later on Friday, that it had launched an investigation into the activities of Petrofac and its subsidiaries, their officers, employees and agents for suspected bribery, corruption and money laundering.

Petrofac said it is aware of the new investigation, which is in connection with a historic probe into dealings at the Ahsani family run Unaoil. Unaoil is facing investigation in the United Kingdom and Petrofac has conducted its own probe into its relationship with the contractor, concluding in August a year ago that it didn't find evidence that confirmed the payment of bribes. The company said it is cooperating with authorities.

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Petrofac confirmed that its chief executive, Ayman Asfari, and chief operating officer Marwan Chedid have been questioned under caution by the SFO.

The scandal adds to the company's woes as it grapples with a almost three-year slump in crude prices that has battered the oil services sector.