Petrofac’s net debt more than doubled to $345 million in the first six months of 2022 after the UK-based oilfield services giant settled a fine in relation to a bribery investigation but it is expecting net debt to fall in the second half of the year.

Petrofac was last year ordered to pay $104 million after pleading guilty to bribes related to contracts in Iraq, Saudi Arabia and the United Arab Emirates between 2011 and 2017.