ADNOC lifts suspension on Petrofac, shares surge
Petrofac Ltd.
9.20p
12:35 24/12/24
Oilfield services provider Petrofac surged on Wednesday after Abu Dhabi National Oil Company (ADNOC) lifted a suspension on the company that prevented it from competing for new contracts.
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"Pursuant to this reinstatement, Petrofac is allowed to participate in all ADNOC's upcoming new tenders with immediate effect," it said. The suspension had been in place since 15 March 2021.
"This decision acknowledges Petrofac cooperation with ADNOC's internal reviews and Petrofac's commitment to comply with the ADNOC Group Supplier Code of Ethics. It also takes into account Petrofac's efforts to strengthen governance and implement new policies and procedures to ensure compliance with applicable laws and regulations."
Petrofac announced in March last year that ADNOC had suspended the company from competing for new contracts "until further notice".
It said at the time that this followed the Serious Fraud Office’s announcement of additional pleas in January by a former Petrofac employee under the Bribery Act 2010 in relation to historic contract awards in the UAE in 2013 and 2014.
At 1500 GMT, the shares were up 13% at 116.99p.