UK-based oil services giant Petrofac plans to raise $275 million through a new equity issue to help cover the cost of bribery-related offences and cut debt.

The company forecast annual net margin in the engineering and construction division to be in line with 2020 levels and said it was on track to deliver $250 million of cost savings this year, with plans to reinstate dividends in "due course".

Earlier this month, Petrofac was fined £77 million ($105.89