Petrofac shares surged after the oilfield services provider said it has been fined £77m for seven offences of failing to prevent bribery in the Middle East between 2012 and 2015, drawing a line under the issue.
Last week, the company said it had struck a deal with the Serious Fraud Office following a four-year investigation. It said it could be facing a fine of $240m (£176m).
Petrofac said on Monday that all employees involved in the charges have left the business.
The penalty comprises a confiscation order of £22.8m, a £47.2m fine and the SFO’s costs of £7m.
Chairman René Médori said: “This draws a line under a regrettable period of our history. We have taken responsibility, reformed and learned from these past mistakes, as acknowledged by the SFO and the Court.
“Most importantly, the extensive work that we have done since the SFO investigation began means that the Petrofac of today has a comprehensive compliance and governance regime that meets or exceeds international best practice. The past behaviour uncovered by the SFO would not be possible today, and we look to the future a better and more focused company, well positioned to capitalise on the opportunities we see before us.”
At 1205 BST, the shares were up 10.8% at 192.79p.
