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Petrofac suspended from bidding for new UAE contracts, shares fall

March 15 (Reuters) - Oilfield services provider Petrofac said on Monday that it has been barred from competing for new contracts in the United Arab Emirates (UAE), after a former executive pleaded guilty in Britain related to bribery charges in January.

The London-listed company’s shares fell as much as 12% after it said UAE’s state-backed oil firm ADNOC had notified it of the decision.

Britain’s Serious Fraud Office was looking into payments made to agents to influence awarding of contracts worth $3.3 billion in the Gulf nation. (Reporting by Pushkala Aripaka in Bengaluru; Editing by Shailesh Kuber)

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