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

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By Reuters

– British oil services company Petrofac plans to tap shareholders in a 180 million-pound ($247.54 million)fundraising, Sky News reported on Monday.

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.

The company was not immediately available for comment outside of UK office hours.

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.

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.

The company said earlier it was looking at refinancing options including debt and fresh equity.

($1 = 0.7272 pound)