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Petrofac plans to raise 180 million pounds to fund bribery settlement -Sky News

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By Reuters

<div> <p> – British oil services company Petrofac plans to tap shareholders in a 180 million-pound ($247.54 million)fundraising, Sky News reported on Monday.</p> <p>The company, which plans to use the funding in part to pay a Serious Fraud Office fine for bribery offences, could make an announcement on its fund raising as early as Tuesday, the report added.</p> <p>The company was not immediately available for comment outside of UK office hours.</p> <p>Earlier this month, Petrofac was fined 77 million pounds ($105 million) and a former executive received a two-year suspended sentence after both pleaded guilty to bribery in Iraq, Saudi Arabia and the United Arab Emirates.</p> <p>The penalty from Southwark Crown Court in London is less than the $240 million the company had said it might face for failing to prevent bribery between 2011 and 2017.</p> <p>The company said earlier it was looking at refinancing options including debt and fresh equity.</p> <p>($1 = 0.7272 pound)</p> <p/> </div>