Petrofac

Petrofac Limited is a British international energy-services company whose business has historically centered on the design, engineering, procurement, construction, operation and maintenance of infrastructure for the oil and gas industries. Its capabilities extend across the project life cycle, from conceptual design and front-end engineering through construction, commissioning, operations support, asset management and decommissioning. The company has also worked in refining, petrochemicals, gas processing, gas storage and selected renewable-energy infrastructure, while providing training for personnel who operate and maintain energy facilities. The business was established in 1981 as a producer of modular plant in Tyler, Texas, United States. It subsequently developed into a broader contractor and service provider for energy companies and national oil companies. Petrofac became publicly listed on the London Stock Exchange in 2005 and for a period was included in the FTSE 100 Index. Its corporate registration is in Jersey, while its principal corporate office has been in London. Reference material describes a global organization with approximately 7,950 employees and more than 30 offices, although the scale and operating structure changed during its later financial restructuring. Petrofac’s commercial model has traditionally relied on large, long-term contracts. These have included engineering, procurement and construction assignments, integrated facilities-management arrangements, operations and maintenance contracts, and joint ventures for gas-processing or field-development infrastructure. The company has served markets in the United Kingdom, the Middle East, North Africa and other international energy-producing regions. Its work has included onshore and offshore facilities, gas separation and compression systems, storage infrastructure, refining and petrochemical assets, and services supporting the transition or expansion of energy systems. The company’s growth was accompanied by exposure to the volatility of the energy sector. In 2010, it acquired a 20 percent interest in the Gateway gas-storage scheme, an underground storage project using an undersea cavern. In 2013, Petrofac joined Bonatti and Sonatrach in a joint venture valued at approximately $650 million to develop gas-separation and booster-compression facilities for Algeria’s Alrar field. In 2014, it warned that profit for 2015 would decline by 25 percent amid weaker oil prices, slower Chinese demand and increased United States production. Petrofac later faced serious legal, governance and financing pressures. In 2021, former Global Head of Sales David Lufkin pleaded guilty to bribery-related offences concerning attempts to obtain contracts in the United Arab Emirates, Saudi Arabia and Iraq. The UK Serious Fraud Office subsequently secured a resolution under which Petrofac was fined £77 million for seven offences involving failure to prevent bribery in the Middle East. The episode damaged the company’s reputation and added to pressure on its ability to win and finance large projects. The company experienced repeated interruptions to public-market reporting. In 2024, it delayed publication of its financial results while discussing financing, and its shares were suspended until results were released on 31 May and trading resumed on 4 June. In 2025, results were again not filed on time during a restructuring process, leading to another suspension. In October 2025, Petrofac announced the termination of a contract with TenneT relating to offshore wind-turbine construction. The holding company subsequently entered administration or bankruptcy-protection proceedings, reportedly while carrying debts approaching $4 billion. The proceedings did not apply in the same way to all operating subsidiaries, which continued to operate according to the cited reference material. In December 2025, Petrofac was reported to have agreed to sell its UK-based Asset Solutions business to CB&I, subject to creditor approval. Because the referenced material describes continuing operating companies alongside holding-company administration, Petrofac’s ultimate corporate status requires verification.

Petrofac was established in 1981 as a producer of modular plant in Tyler, Texas. From that industrial starting point, it developed into an international contractor serving oil, gas and related energy infrastructure markets. Its work expanded beyond the supply of equipment to include engineering, procurement, construction, commissioning, operations, maintenance, asset management, training and decommissioning. The company pursued a public-market growth strategy and was first listed on the London Stock Exchange in 2005. It later became sufficiently large to be included for a period in the FTSE 100 Index. Although registered in Jersey, Petrofac’s principal corporate office was located on Jermyn Street in London. The company built an international network of offices and employees supporting projects across the United Kingdom, the Middle East, North Africa and other energy-producing regions. Petrofac also participated in ownership and joint-venture structures in addition to its contracting activities. In 2010, it acquired a 20 percent stake in the Gateway gas-storage scheme, which used an undersea cavern for gas storage. In November 2013, Petrofac, Italian energy contractor Bonatti and Algeria’s Sonatrach formed a joint venture valued at approximately $650 million. The venture was intended to develop gas-separation and booster-compression facilities and extend the productive life of the Alrar gas field in southeastern Algeria. The company remained exposed to changes in commodity prices and customer spending. In November 2014, it issued a profit warning and indicated that profit for 2015 would decline by 25 percent. Petrofac attributed the pressure to weaker Chinese demand and abundant United States production, which contributed to a fall in oil prices. This episode illustrated the sensitivity of a project contractor’s order book and margins to the wider energy cycle. A major turning point came through the company’s bribery case. In January 2021, David Lufkin, a former Global Head of Sales at Petrofac, pleaded guilty to charges related to bribery. The UK Serious Fraud Office stated that he had offered and paid approximately $30 million to help secure United Arab Emirates contracts worth $3.3 billion for Petrofac between 2012 and 2018. His guilty plea also covered additional bribery charges involving proposed contract awards in Saudi Arabia worth more than $3.5 billion and in Iraq worth more than $730 million. In October 2021, Petrofac was fined £77 million for seven offences involving failure to prevent bribery in the Middle East. The case became a significant reputational and governance issue for the company. Petrofac later encountered substantial financing and reporting difficulties. In April 2024, it said that ongoing financing discussions would delay publication of its financial results until the end of May, and trading in its shares was suspended. Results were released on 31 May and trading resumed on 4 June. In May 2025, the company again failed to file results on schedule while undergoing restructuring, prompting a further suspension. In October 2025, Petrofac announced termination of a contract with TenneT for offshore wind-turbine construction off the Dutch coast. The holding company subsequently filed for administration or bankruptcy protection, with the cited material describing debts approaching $4 billion. The proceedings apparently did not encompass all operating companies, which continued operating. In December 2025, Petrofac was reported to have agreed to sell its UK Asset Solutions business to CB&I, subject to creditor approval. The transaction was expected to transfer the division and its workforce to CB&I and place the business within a new global unit based in Aberdeen. Because the available reference describes a distinction between the holding company and operating subsidiaries, the final status of the Petrofac brand and corporate group remains subject to further verification.

• 2025

  Restructuring and administration

  [1]Petrofacen.wikipedia.org

  Petrofac again faces delayed reporting and share suspension; later in the year its holding company enters administration or bankruptcy-protection proceedings.

• 2024

  Results delay and share suspension

  [1]Petrofacen.wikipedia.org

  Financing discussions delay the company’s results, leading to a temporary suspension of its shares before trading resumes in June.

• 2021

  Bribery case resolution

  [1]Petrofacen.wikipedia.org

  Following criminal proceedings involving a former sales executive, Petrofac is fined £77 million for failing to prevent bribery in the Middle East.

• 2013

  Alrar field development joint venture

  [1]Petrofacen.wikipedia.org

  Petrofac, Bonatti and Sonatrach establish a roughly $650 million joint venture for gas-separation and booster-compression facilities in Algeria.

• 2010

  Gateway gas-storage investment

  [1]Petrofacen.wikipedia.org

  Petrofac acquires a 20 percent share in the Gateway gas-storage scheme, an undersea-cavern storage project.

• 2005

  London Stock Exchange listing

  [1]Petrofacen.wikipedia.org

  Petrofac becomes a publicly listed company on the London Stock Exchange.

• 1981

  Petrofac is established in Texas

  [1]Petrofacen.wikipedia.org

  The company is founded in Tyler, Texas, initially producing modular plant for the energy industry.

International, project-based energy-services contractor spanning engineering, construction, operations, maintenance and asset life-cycle services.

• Energy infrastructure services

  Engineering, procurement and construction services

  Petrofac’s core project-delivery offering covers engineering design, procurement, construction, commissioning and project management for oil, gas, refining, petrochemical and related energy facilities. Work can span early project definition through delivery of completed infrastructure.

• Asset operations

  Operations and maintenance services

  The company provides services intended to keep energy facilities operating safely and efficiently after construction. These activities include operations support, maintenance, asset management and life-extension work for onshore and offshore installations.

• Gas infrastructure · 2013

  Gas-processing and compression facilities

  Petrofac has delivered or participated in projects involving gas separation, booster compression and associated field infrastructure. Its Alrar-related Algerian joint venture was intended to extend field production and improve the handling of extracted gas.

• Asset management and workforce services

  Asset Solutions

  Asset Solutions was Petrofac’s UK-based business providing asset-support capabilities and related personnel. Reference material states that the division and its workforce were proposed for sale to CB&I after the holding company entered administration.

• Energy workforce services

  Training and competency services

  Petrofac also trains people who support the operation and maintenance of energy facilities, complementing its technical and asset-services activities.

• 2021

  Middle East bribery case

  A former Petrofac Global Head of Sales pleaded guilty to bribery-related offences involving contract opportunities in the United Arab Emirates, Saudi Arabia and Iraq. The UK Serious Fraud Office said approximately $30 million was offered or paid in connection with UAE contracts, while additional charges concerned proposed awards in Saudi Arabia and Iraq. Petrofac was fined £77 million for failing to prevent bribery in the Middle East.

  Source

• 2021

  Petrofac fined £77 million after pleading guilty to bribery

  Petrofac was fined £77 million after pleading guilty to bribery in Iraq, Saudi Arabia and the United Arab Emirates. The article reports the fine and guilty plea; it does not state that the former executive's separate sentence was imposed on Petrofac.

  Source

Read more

• 2025

  Corporate restructuring and administrationStrategy

  Background

  Petrofac faced delayed reporting, renewed share suspension and substantial debt pressure while restructuring its corporate affairs.

  Action taken

  The holding company entered administration or bankruptcy-protection proceedings, while certain operating companies reportedly continued operating.

  Aftermath

  The proposed sale of Asset Solutions to CB&I became part of the post-administration restructuring process.

  Reported holding-company debt. Approaching $4 billion (2025)

  Source

• 2025

  Proposed sale of Asset Solutions to CB&IM&A

  Background

  Following the holding company’s entry into administration, Petrofac sought to divest its UK-based Asset Solutions business.

  Action taken

  Petrofac agreed a proposed sale of the division and its workforce to CB&I, subject to creditor approval.

  Aftermath

  The business was expected to operate within a new CB&I global unit based in Aberdeen if the transaction completed.

  Source

• 2024

  Financing-led results delay and share suspensionStrategy

  Background

  Petrofac was engaged in financing discussions and could not publish its financial results on the originally expected timetable.

  Action taken

  The company delayed results and suspended trading in its shares until results were released on 31 May; trading resumed on 4 June.

  Aftermath

  The episode highlighted the company’s financial pressure and dependence on restructuring and financing measures.

  Source

• 2013

  Formation of Alrar development joint ventureM&A

  Background

  Sonatrach sought new separation and compression infrastructure to support production from Algeria’s Alrar gas field.

  Action taken

  Petrofac partnered with Bonatti and Sonatrach in a joint venture to develop the facilities.

  Aftermath

  The project was intended to extend the life of the gas field in southeastern Algeria.

  Joint-venture project value. $650 million (2013)

  Source

• 2010

  Investment in Gateway gas storageStrategy

  Background

  Petrofac broadened its involvement beyond fee-based contracting by taking an ownership interest in a gas-storage project.

  Action taken

  The company acquired a 20 percent share in the Gateway undersea-cavern gas-storage scheme.

  Aftermath

  The investment became part of Petrofac’s wider portfolio of energy infrastructure interests.

  Source

• 2021.10.04

  Reported2021.10.04

  Petrofac fined £77 million after pleading guilty to bribery[3]Petrofac fined £77 million after pleading guilty to briberytheguardian.com

  Petrofac was fined £77 million after pleading guilty to bribery in Iraq, Saudi Arabia and the United Arab Emirates. The article reports the fine and guilty plea; it does not state that the former executive's separate sentence was imposed on Petrofac.

• 2021.02.22

  Reported2021.02.22

  Petrofac divests its Scotland in-person training business[4]Petrofac出售其苏格兰线下培训业务rigzone.com

  Petrofac divested its in-person training business in Scotland to 3t Energy Group. The sale included training capabilities and facilities in Aberdeen and Montrose; 104 employees were to move to 3t Energy Group.

• 2020.12.02

  Petrofac and Intoware sign three-year partnership[5]Petrofac与Intoware签署为期三年的合作协议worldoil.com

  Petrofac signed a three-year partnership with Intoware to develop and deploy workflow automation software tailored to the oil and gas industry.

• 2020.10.05

  Reported2020.10.05

  IBE and Petrofac partner on the Arrowsmith green hydrogen plant[6]IBE与Petrofac合作开发Arrowsmith绿色氢能工厂renewableenergymagazine.com

  IBE and Petrofac entered an agreement for work on the Arrowsmith green hydrogen plant in Western Australia. IBE planned to have the plant operating by late 2022.

• 2020.04.06

  Reported2020.04.06

  Petrofac announces planned workforce cuts[7]Petrofac宣布计划裁员scotsman.com

  Petrofac announced plans to reduce its global workforce by up to 20% amid the COVID-19 pandemic and lower oil prices.

Read more

1. 1Petrofacen.wikipedia.org
2. 2Petrofac official websitepetrofac.com
3. 3Petrofac fined £77 million after pleading guilty to briberytheguardian.com
4. 4Petrofac出售其苏格兰线下培训业务rigzone.com
5. 5Petrofac与Intoware签署为期三年的合作协议worldoil.com
6. 6IBE与Petrofac合作开发Arrowsmith绿色氢能工厂renewableenergymagazine.com
7. 7Petrofac宣布计划裁员scotsman.com
8. 8Petrofac fined $105m, former executive jailed for briberyomanobserver.om