Petrofac Ltd. (POFCF)
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Petrofac applies for administration following collapse of restructuring plan
Petrofac Limited (LSE:PFC), the Aberdeen-based energy services company, has filed to appoint administrators to its parent company after a major offshore wind contract cancellation derailed its financial restructuring. The move follows Dutch grid operator TenneT's decision to end a key 2 GW project, which Petrofac said rendered its recovery plan “no longer deliverable.
UK's Petrofac lines up administrator, Sky News reports
The board of oilfield services provider Petrofac has lined up Teneo to act as administrator, a move which could be triggered as early as Monday morning and imperil more than 2,000 jobs in Scotland, Sky News reported on Saturday.
Petrofac confirms there'll be nothing left for shareholders
Petrofac Limited (LSE:PFC) has confirmed that its ongoing restructuring will result in no residual value for existing shareholders as it moves to finalise a lock-up agreement with creditors. The company, in a statement, said it expects to complete the process by the end of November, and it continues to focus on operational delivery through the transition.
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Petrofac Ltd. Profile
| Energy Equipment & Services Industry | Energy Sector | Mr. Tareq F. Kawash CEO | OTC PINK Exchange | GB00B0H2K534 ISIN |
| JE Country | 8,600 Employees | 19 Sep 2019 Last Dividend | 6 Apr 2010 Last Split | - IPO Date |
Overview
Petrofac Limited is a prominent player in the energy industry, providing a wide range of services aimed at designing, building, managing, and maintaining infrastructure critical for energy production and processing. Established in 1981 with its base in St Helier, Jersey, Petrofac has carved a niche for itself on a global scale, extending its services across various countries including the United Kingdom, Algeria, Thailand, Oman, Kuwait, Iraq, the United Arab Emirates, the Netherlands, among others. The company’s operations are segmented into Engineering & Construction (E&C), Asset Solutions, and Integrated Energy Services (IES), each tailored to cater to different aspects of the energy infrastructure lifecycle.
Products and Services
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Engineering & Construction (E&C)
This segment is at the heart of Petrofac’s offerings, specializing in the onshore and offshore engineering, procurement, construction, installation, and commissioning services. It caters to a broad spectrum of requirements in the energy sector, ensuring projects are delivered efficiently, safely, and in compliance with environmental standards.
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Asset Solutions
Focusing on both the upstream and downstream aspects, the Asset Solutions segment provides a comprehensive suite of services ranging from concept and feasibility studies to front-end engineering design (FEED). It extends its expertise to managing and maintaining onshore and offshore operations, emphasizing longevity and efficiency of energy assets.
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Integrated Energy Services (IES)
The IES segment is dedicated to maximizing the value from existing asset portfolios. It encompasses a wide array of services designed to enhance the operational efficiency, productivity, and lifespan of energy assets. This approach ensures clients achieve optimal returns on their investments by leveraging proven expertise and innovative solutions.
Contact Information
