International oil company loses due to bribes contracts with Iraq and Saudi Arabia[/rtl]
[rtl]Release date:: 2019/8/28 11:38 • 272 times read[/rtl]
Petrofac, a specialist in oilfield services, said Wednesday its profit fell 8.7 percent in the first half of the year as new orders fell due to ongoing investigations into its contracts in Saudi Arabia and Iraq.
The company said it lost $ 10 billion in contracts due to investigations by the UK's Serious Fraud Office and led to the conviction of the company's former sales manager over 11 bribery charges linked to Iraqi and Saudi contracts.
Petrofac's core profit fell to $ 305 million in the six months ended June 30 from $ 334 million a year earlier, with new orders reaching $ 2 billion, down from $ 3.3 billion at the end of June 2018.
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