Petrofac suspends executive amid fraud office investigation

From Reuters

Oilfield services provider Petrofac has suspended its chief operating officer in response to the UK Serious Fraud Office's investigation into Monaco-based Unaoil, another setback for the company that has been hit by the oil market downturn.

Petrofac's shares slumped as much as 29 percent, wiping more than half a billion pounds off its market capitalisation, after the company said in a statement on Thursday that COO Marwan Chedid had been suspended and had resigned from the board.

Investors feared the SFO investigation and Chedid's suspension could hurt the company's ability to win work.

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