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.
UK's Petrofac's restructuring plan to leave shareholders empty-handed
Oilfield services provider Petrofac said on Friday its ongoing restructuring would leave existing shareholders with no residual value, as it moves to complete the process by November-end.
Petrofac extends creditor support as new contracts and cash boost lift outlook
Petrofac Limited (LSE:PFC) has secured an extension of its Lock-Up Agreement with bondholders, investors and creditors to 30 November 2025, giving the company vital breathing space to push ahead with its restructuring plan. In a restructuring and business update, the provider of services to the energy industry noted that the move follows a Court of Appeal ruling that upheld a legal challenge to the original plan.
Petrofac Secures New Contracts, Reports $500 Million in Awards
POFCY's Asset Solutions division expands in core markets and targeted locations such as the U.K., Europe, the Middle East, Africa, Asia and the United States.
Petrofac ups fundraising target as restructuring rumbles on
Petrofac Limited (LSE:PFC) shares fell 2% as it provided an update on its financial restructuring plan, outlining key developments in court proceedings and an expected $355 million of funding, as more bondholders support the plan that is now expected to leave existing shareholders with just 2.2% of the shares. With a convening hearing scheduled for this Friday, 28 February, and a sanction hearing set for 26 March, the restructuring is expected to become effective around 31 March.
Petrofac secures over 70% creditor support for restructuring plans
Oilfield services provider Petrofac said on Thursday over 70% of its bondholders backed the restructuring plan deal it entered into last year to raise funds through equity financing, crucial for stabilising its financial position.
Petrofac has 'new beginning' after US$1bn financial restructuring
Petrofac Limited (LSE:PFC), the fabrications group, has thrashed a financial restructuring that will see it receive US$325 million of new funding and covert debts of almost US$800 million into shares to secure its immediate future. A group of holders of senior secured notes (Ad Hoc Group) plus a new investor are putting up the money, which includes US$194 million worth of new equity.
UK's Petrofac in binding agreement with creditors on financial restructuring
Oilfield services provider Petrofac said on Sunday that it has entered into a binding agreement with key financial creditors on the terms of a comprehensive restructuring.
Petrofac Extends Contract for DDW Offshore's AHTS Vessel Till July '25
POFCY extends its contract with DDW Offshore for Skandi Emerald for six months. This is the second extension of the original one-year contract signed in 2022.
Petrofac to Support Marathon Oil's Key Assets in Equatorial Guinea
POFCY states that the new agreement with MRO reflects its reputation as an efficient service provider, focused on creating value for its clients.
