Petrofac barred from bidding for new work in UAE
UAE-based Petrofac has announced that it has been notified by ADNOC Group that it has been suspended from competing for new awards until further notice.
This follows the SFO’s announcement of additional pleas in January by a former Petrofac employee under the Bribery Act 2010 in relation to historic contract awards in the UAE in 2013 and 2014.
Company shares tumbled almost 19 per cent, or 25p, to 109½p on the news from ADNOC.
Petrofac added in a statement that it will continue to execute two EPC projects for ADNOC currently under construction.
Petrofac added that ADNOC has confirmed that its decision will be reviewed on a periodic basis.
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