A former executive of London-listed Petrofac has pleaded guilty to bribery, according to UK’s Serious Fraud Office, prompting a plunge in the company’s share.

David Lufkin, previously the global head of sales for Petrofac, pleaded guilty to eleven counts of bribery.

The SFO said on Thursday that these offences are relate to “corrupt offers to influence the award of contracts to Petrofac worth in excess of $730 million in Iraq and in excess of $3.5 billion in Saudi Arabia”.