Petrofrac Order Intake hit by Iraq Fraud Investigation

By John Lee.

Petrofac has said that a fall in first-half order intake was partly due to an investigation into the oilfield services company’s dealings in Saudi Arabia and Iraq.

In its results for the six months ended 30th June 2019, Petrofac’s Group Chief Executive Ayman Asfari commented:

Petrofac has delivered good results that reflect solid operational performance across the business.

“New order intake year to date has been impacted by recent challenges in Saudi Arabia and Iraq. 

“Looking forward, the Group has a busy tendering pipeline with around US$13 billion of bid opportunities due for award in the second half of the year.”

It added that “no charges have been brought against Petrofac, or any officers or current employees.

Earlier this year, David Lufkin, previously Global Head of Sales for Petrofac International Limited, pleaded guilty to eleven counts of bribery.

(Source: Petrofac)

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