Petrofac will plead guilty to seven counts of failing to prevent bribery, the potential endpoint in a long-running investigation into allegations company executives paid to win lucrative contracts in Iraq, Saudi Arabia, and the United Arab Emirates (UAE).
The oilfield services company announced Friday it reached a plea agreement with the U.K. Serious Fraud Office (SFO) regarding the case. Petrofac was accused of offering bribes to win contracts worth $730 million in Iraq and more than $3.5 billion in Saudi Arabia.
