Petrofac admits to bribery, fined $97 million

A London court has fined U.K.-based oilfield services provider Petrofac Ltd. £70 million ($97 million) for “systemic” bribery to secure multibillion pound contracts in three Middle Eastern countries, The Guardian reported. The company pleaded guilty to seven counts of failing to obstruct its former senior executives from resorting to bribery to secure contracts in Saudi Arabia, Iraq and U.A.E. between 2011 and 2017.