Petrofac Oilfield Services intends to sell shares to raise $275 million, and will use this money to pay fines related to bribery charges and reduce its debt. 23%.
According to Arab Net, the company expects net profits for the engineering and construction sector to come in line with its levels in 2020, and said it is on track to cut costs by $250 million this year with plans to To restart sectors in time.
Earlier this month, the company was fined 77 million pounds ($105.89 million) and a former executive was given a two-year suspended prison sentence after the company and the official admitted guilty of bribery charges.
The fine set by London's Southwark Crown Court was less than the $240 million the company said it could face for failing to prevent bribery from 2011 to 2017.< /p>
Despite a four-year investigation by the British Serious Fraud Office into Petrofac's previous contracts, the company has struggled to secure new contracts in the Middle East.
