SFO has confirmed Petrofac’s conviction for seven separate counts of failure to prevent bribery between 2011 and 2017.
The convictions relate to failure to prevent former senior group executives from using agents to systematically bribe officials to win Middle Eastern oil contracts and payments of £32m to corrupt the awarding of contracts worth £2,6bn.
Petrofac was fined over £47m, and ordered to pay confiscation of nearly £23m and SFO’s costs of £7m. It was then ordered to pay a further £77m after further convictions relating to the activities of its Jersey-registered energy services company.
Additionally, its former Head of Sales was convicted of 14 counts of bribery and was sentenced (suspended) to 2 years’ imprisonment.
SFO said a key feature of the case was that the senior executives involved used complex and “deliberately opaque” methods to pay agents across borders and disguised payments through sub-contractors. The company’s failure to prevent the conduct distorted competitive market conditions and tainted the industry.
SFO is continuing investigations but said it welcomed the company taking responsibility for its conduct.