The big mistake again in this short note is the bundling of Professional Services with the depleting LSTKs. It's like I have an asset and an obligation that is costing say 200m to get rid of. The obligation is a depleting liability. The valuation should be based on that of the asset minus the obligation.
As for Libya, SNC paid a retribution to a facilitator - a government agent) for the contracts it obtained but that is the way ALL firms in the MENA region were operating. It was like a sales tax here or a restaurant tip in Toronto. Even today in the MENA region. Most always to high level political figures. It was
even the case here at the city of Montreal and that is after Libya. For over a decade there was corruption in the city of Montreal. Everyone in the business here knew it.
City engineers would even complain to me. WSP (ex Genivar), FX Innov (ex Groupe SM), Dessau, ..
Most all Canadian engineering firms paid a retribution of 3% CASH to Bernard Trepanier for the elected municipal party at the city of Montreal That was after LIBYA.
All these engineering firms negotiated a settlement and changed names.
WSP bought Louis Berger Group few years ago and budgeted 30m to get rid of their international division. Aecom spun off their international division know operating as DT Global.. today is a different story but that was then.