RE: Bubbly4 Oct 2021 15:06
Laura Hoy, equity analyst at Hargreaves Lansdown, said Petrofac had "closed the book on a tumultuous chapter".
"The monetary loss will be a relief, since far higher numbers were bandied around at the start of the investigation, and Petrofac is more than capable of covering the fine. Though it could prove unhelpful as the group aims to shore up its balance sheet and return to a net cash position.
"The bigger story is that the end of the investigation will unlock the lucrative Saudi Arabia and UAE markets. Petrofac's been unable to compete for new contracts with the investigation underway, and that's created a lot of uncertainty about the group's order book. With the shackles off, future prospects should start looking rosier."