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15 Mar 2021 | 15:01

Petrofac suspended from competing for new Abu Dhabi awards, shares tank

(Sharecast News) - Petrofac shares tanked on Monday after the oilfield services provider said it had been notified by the Abu Dhabi National Oil Company (ADNOC) that it has been suspended from competing for new awards until further notice. The suspension follows an announcement by the Serious Fraud Office in January of additional pleases by a former Petrofac employee under the Bribery Act 2010 in relation to historic contract awards in the UAE in 2013 and 2014.

"Petrofac will continue to execute two EPC (engineering, procurement and construction) projects for ADNOC currently under construction," it said. "ADNOC has stated that it recognises the long-standing nature of its relationship with Petrofac and has confirmed that its decision will be reviewed on a periodic basis."

Petrofac said it's committed to operating at the "highest standards" of ethical business practice. It noted that no charges have been brought against any Petrofac Group company or any current officer or employee.

At 1505 GMT, the shares were down 11.1% at 119.57p.

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