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Checking In On Petrofac


Petrofac (a U.K. based oil and gas company with ADRs registered with the SEC) has been under scrutiny since 2016 regarding its relationship with Unaoil. (See here for the prior post).

In 2019, the U.K. Serious Fraud Office announced that David Lufkin (the former Global Head of Sales for Petrofac International Ltd.) pleaded guilty to eleven counts of bribery related to “the making of corrupt offers to influence the award of contracts to Petrofac worth in excess of USD $730 million in Iraq and in excess of USD $3.5 billion in Saudi Arabia.” (See here).

According to this article:

“The SFO has been examining alleged payments made by Petrofac over more than 15 years to land contracts in the Middle East, Africa and Asia, including Kuwait and Algeria. Other alleged payments that have been scrutinised by the SFO are connected to contracts awarded to Petrofac in Iran, Syria, Bahrain, and Kazakhstan, according to documents and sources with knowledge of the investigation.”


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