Petrofac, one of the UK’s key North Sea oil and gas service contractors, has moved to file for administration, placing around 2,000 jobs in jeopardy.
The company, which provides crews to operate and maintain offshore platforms, has appointed restructuring specialists Teneo as potential administrators. The process could begin as early as Monday morning, subject to court approval.
In a statement to the London Stock Exchange, Petrofac confirmed it has applied to the High Court of England and Wales to appoint administrators to its ultimate holding company, marking a critical step in its financial restructuring efforts.
This is a targeted administration of the Group’s ultimate holding company only.
The Group’s operations will continue to trade, and options for alternative Restructuring and M&A solutions are being actively explored with its key creditors, including the Ad Hoc Group of Noteholders, who are supporting the Group with continued forbearance arrangements whilst alternative options are explored. The Group also retains the support of its RCF and Term Loan lenders who continue to extend maturities on a rolling basis.
When appointed, administrators will work alongside Executive Management to preserve value, operational capability and ongoing delivery across the Group’s operating and trading entities.
Further information will be provided in due course.
ENDS
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Sophie Reid, Group Director of Communications
