StockMarketWire.com - Oil services company Petrofac booked a first-half loss after it incurred penalties related to a bribery investigation by the UK's Serious Fraud Office.

The company also announced a refinancing package that included a $275 million equity raising at 115p per share.

Net losses for the six months through September amounted to $86 million, compared to year-on-year losses of $78 million. Revenue dropped 24% to $1.60 billion.

Petrofac said it was maintaining its full-year net profit margin guidance.

'While the first-half performance reflects the challenges of the market and Covid-19, we have continued to deliver successfully for clients and enhance our delivery capability,' chief executive Sami Iskander said.

'Importantly, the conclusion of the SFO investigation allows us to focus on the future and unlock new opportunities - with an uncompromising approach to compliance and ethics that will always be at the core of how we operate.'

'This rigorous approach to governance sits alongside our environmental and social agenda and is critical to our future success.'


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