Update on Board review

RNS Number : 7629F

Petrofac Limited

01 August 2016

 

Press Release

1 August 2016

UPDATE ON BOARD REVIEW

Petrofac Limited (the "Company") reports that it has concluded the independent investigation commissioned by the Board into allegations in the media related to the historical provision of services to the Company by Unaoil, a Monaco based company. The Board confirms that no evidence was found that any Director of the Company was aware of the alleged misconduct that is the subject of the allegations.

The independent investigation has thoroughly investigated the allegations, based solely on the information available to the Company, and recognising their historical nature and wider context beyond Petrofac. The Company confirms that it engaged Unaoil for the provision of local consultancy services primarily in Kazakhstan between 2002 and 2009. The independent investigation did not find evidence confirming the payment of bribes.

Freshfields Bruckhaus Deringer (FBD), with the support of forensic accountants KPMG LLP, carried out the independent investigation and reported to a sub-committee of the Board comprising the Chairman and three independent Non-executive Directors. The Board considers it appropriate to share the findings of the investigation with the Serious Fraud Office (SFO), and any other relevant authorities, and has noted the SFO's general request for information in relation to its ongoing investigation into the activities of Unaoil.

Petrofac enforces strict anti-bribery and corruption standards and a compliance programme focused on training, monitoring, risk management and due diligence. The programme mandates compliance with all anti-bribery and corruption and anti-money laundering laws, rules and regulations. 

Ends

For further information contact:

Petrofac Limited      

[phone]

Jonathan Low, Head of Investor Relations

[e-mail]

Jonathan Edwards, Investor Relations Officer

[e-mail] 

Alison Flynn, Group Head of Communications

[e-mail] 

[phone]

Tulchan Communications Group

[phone]

[e-mail]

Stephen Malthouse

Martin Robinson

NOTES TO EDITORS

Petrofac

Petrofac is a leading international service provider to the oil and gas production and processing industry, with a diverse client portfolio including many of the world's leading integrated, independent and national oil and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).

Petrofac designs and builds oil and gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its clients' needs across the full life cycle of oil and gas assets.

With around 19,000 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.

For additional information, please refer to the Petrofac website at www.petrofac.com.

 

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