(Alliance News) - Petrofac Ltd shares tumbled on Friday after the UK's Serious Fraud Office late Thursday said a former executive of the oilfield services company pleaded guilty to three counts of bribery.
The company noted on Friday that no charges were brought against Petrofac or any other officers and employees.
Shares in the company dropped 22% to 130.05 pence each in London on Friday morning.
In connection with the SFO's ongoing investigation into Petrofac, David Lufkin, its former global head of sales, on Thursday pleaded guilty at Westminster Magistrates' Court to three counts of bribery.
"A small number of former Petrofac employees are alleged to have acted together with the individual concerned, although none have been charged. No current board member of Petrofac Ltd is alleged to have been involved," the company said on Friday.
The offences relate to corrupt offers and payments made between 2012 and 2018 to influence the award of contracts to Petrofac in the United Arab Emirates worth approximately USD3.3 billion, the SFO said in a statement on Thursday.
"The SFO's investigation into the activities of Petrofac, its officers, employees and agents for suspected bribery, corruption and money laundering continues. This is an active case and the SFO can provide no further comment at this time," the SFO said.
These charges are in addition to eleven charges of bribery already brought by the SFO, to which Lufkin pleaded guilty in February 2019.
By Eric Cunha; ericcunha@alliancenews.com
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Petrofac (PFC)