Petrofac

Petrofac has been in the news lately for a number of mixed reasons. The biggest headline was the company being banned from bidding on projects in the UAE by ADNOC, but the EPC giant also received a one-year contract extension worth $80 million in Iraq. 

Group CEO Sami Iskander said: “Since joining Petrofac at the beginning of November, I have spent a lot of time listening to our people, our clients and our stakeholders. These discussions have confirmed the fundamental strengths that have made Petrofac one of the leading service providers to the energy industry over many years. They have also clarified what we need to do better to restore confidence and set the business on a course to grow with existing and new clients. This period has also been challenging following the SFO’s [Serious Fraud Office] announcement in early January…”