Oilfield service firm Petrofac Ltd., which is being investigated by Britain’s Serious Fraud Office (SFO), said it was awarded more than $1.7 billion of new orders so far this year as tendering activity remained high.
Oilfield service companies have seen a recovery in orders after subdued oil prices since mid-2014 forced explorers and producers to cut capex and defer or cancel contracts.
The company also said in May 18 it was making good progress in 2018, delivering its strategy of focusing on its core, delivering organic growth and reducing capital intensity.
Petrofac said in late June 2017 that order intake had reached $1.7 billion.
The company reported better-than-expected core earnings in March and said CEO Ayman Asfari would resume full duties with immediate effect after it concluded that restrictions imposed on Asfari in May 2017 were no longer appropriate.
The SFO began an investigation in May 2017 into the activities of Petrofac and its units in connection with a probe into Monaco-based Unaoil on suspected bribery, corruption and money laundering. The company said in February its top management, including chairman and executive directors, would be interviewed by the SFO.
Petrofac shares, which have fallen more than 23% since the SFO investigation was disclosed, rose as much as 1.7% in early trading.
Recommended Reading
Sangomar FPSO Arrives Offshore Senegal
2024-02-13 - Woodside’s Sangomar Field on track to start production in mid-2024.
BP: Gimi FLNG Vessel Arrival Marks GTA Project Milestone
2024-02-15 - The BP-operated Greater Tortue Ahmeyim project on the Mauritania and Senegal maritime border is expected to produce 2.3 million tonnes per annum during it’s initial phase.
Deepwater Roundup 2024: Offshore Africa
2024-04-02 - Offshore Africa, new projects are progressing, with a number of high-reserve offshore developments being planned in countries not typically known for deepwater activity, such as Phase 2 of the Baleine project on the Ivory Coast.
The OGInterview: How do Woodside's Growth Projects Fit into its Portfolio?
2024-04-01 - Woodside Energy CEO Meg O'Neill discusses the company's current growth projects across the globe and the impact they will have on the company's future with Hart Energy's Pietro Pitts.
Rystad: More Deepwater Wells to be Drilled in 2024
2024-02-29 - Upstream majors dive into deeper and frontier waters while exploration budgets for 2024 remain flat.