Petrofac Limited (LSE:PFC) has announced a significant restructuring plan following TenneT’s decision to terminate its scope of work on a 2GW program in the Netherlands. In response, Petrofac has applied for administration of its ultimate holding company while continuing normal trading operations.
The company is engaging with key creditors to explore alternative restructuring and M&A solutions and has secured support from both noteholders and lenders. Administrators will collaborate with Petrofac’s executive management team to safeguard value and ensure the company’s operational capabilities remain intact during this transition period.
More about Petrofac
Petrofac is a global service provider to the energy industry, offering engineering, construction, operations, and maintenance services for oil, gas, refining, petrochemical, and renewable energy infrastructure. The company operates primarily in the Middle East, North Africa, and the UK North Sea, with additional key markets in India, Southeast Asia, and the United States. Petrofac is recognized for its cost-effective, locally focused delivery model and employs approximately 7,300 people across 31 offices worldwide.
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