British company
Petrofac Limited is an 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.[3] 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.[2] It was first listed on the London Stock Exchange in 2005.[2] In 2010, it bought a 20 percent share in the Gateway storage scheme, an undersea cavern for gas storage.[4] 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.[5] 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.[6]
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.[7] In October 2021 Petrofac was fined £77m for seven charges of failing to prevent bribery in the Middle East.[8]
Services
Petrofac is organised into three divisions:[9]
- Asset Solutions
- Engineering & Construction
- New Energy Services
US$3,057 million (2021)[1]
US$(192) million (2021)[1]
