Petrofac

Petrofac Limited is a British provider of oilfield services to the international oil and gas industry. It is registered in Jersey (number 81792), with its main corporate office on Jermyn Street, London. It has operational centres in Aberdeen, Sharjah, Woking, Chennai, Mumbai, Delhi, Abu Dhabi, Saudi Arabia and Kuala Lumpur. There are another 24 offices in various countries.[4] The company is quoted on the London Stock Exchange, and is a constituent of the FTSE 250 Index.[5]

Petrofac Limited
TypePublic limited company
LSE: PFC
IndustryEngineering, Procurement & Construction, Oil & Gas
Founded1981
HeadquartersLondon, United Kingdom
Key people
Rijnhard van Tets, Chairman[1]
Ayman Asfari, Group Chief Executive
Alastair Cochran, Chief financial officer
ProductsPetrochemicals
RevenueUS$5,530 million (2019)[2]
US$409 million (2019)[2]
US$66 million (2019)[2]
Number of employees
11,500 (2019)[3]
Websitewww.petrofac.com

History

The company was established as a producer of a modular plant in Tyler, Texas, United States in 1981.[3] It was first listed on the London Stock Exchange in 2005.[3] In 2010, it bought a 20 percent share in the Gateway storage scheme, an undersea cavern for gas storage.[6] In November 2013, Petrofac and the Italian oil firm Bonatti partnered on a $650 million joint venture contract for Sonatrach, adding to the firm’s already significant presence in Algeria.[7] In November 2014, the company issued a profit warning, saying that profit for 2015 will fall by 25%, as slowing demand in China and abundant US output cuts the oil price.[8]

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 $3.3 billion to win the United Arab Emirates contracts for Petrofac, between 2012 and 2018. Besides, 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.[9]

Services

Petrofac is organised into three divisions:[10]

  • Engineering & Construction (E&C)
  • Engineering & Production Services (EPS)
  • Integrated Energy Services (IES)

References
  1. Norman Murray steps down from Petrofac helm, The Scotsman, 23 August 2014
  2. "Annual Report 2019" (PDF). Petrofac. Retrieved 3 March 2020.
  3. "Heritage". Petrofac. Retrieved 19 March 2019.
  4. "Where we operate | About us | Petrofac". www.petrofac.com. Retrieved 2020-03-11.
  5. "Our story | About us | Petrofac". www.petrofac.com. Retrieved 2020-03-11.
  6. Petrofac buys into UK gas storage project Archived 2011-04-14 at the Wayback Machine Evening Standard, 6 December 2010
  7. Petrofac and Bonatti win US$650mn EPC project in Algeria, Africa: Oil Review Africa, 2013
  8. "Petrofac issues profit warning". 24 November 2014. Retrieved 6 December 2014.
  9. "Former Petrofac Executive Pleads Guilty to Three Counts of Bribery". The Wall Street Journal. Retrieved 15 January 2021.
  10. Petrofac: About Us
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