Petrofac Limited Rotten Score Breakdown

In October 2021, Petrofac Limited pleaded guilty to seven offences of failing to prevent bribery under section 7 of the UK Bribery Act 2010. The UK Serious Fraud Office states that the offences occurred between 2011 and 2017. Petrofac admitted failing to prevent former senior executives from using agents to systematically bribe officials to win oil and gas contracts in Iraq, Saudi Arabia and the United Arab Emirates. The SFO said approximately £32 million in bribes were paid to help the Petrofac group win contracts worth about £2.6 billion. Southwark Crown Court ordered Petrofac to pay a £22.8 million confiscation order, a fine of more than £47.2 million and £7 million in SFO costs. Petrofac has said that the employees involved left the business and that the company subsequently transformed its leadership, compliance and assurance processes. Sources: UK Serious Fraud Office — Petrofac Limited https://www.gov.uk/sfo-cases/petrofac-limited Petrofac — final outcome of SFO investigation https://www.petrofac.com/media/news/statement-on-final-outcome-of-sfo-investigation