Petrofac Ltd. (POFCF)
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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.
Petrofac Plans to Undergo Financial Restructuring to Boost Liquidity
POFCY's financial restructuring plan to convert a significant portion of its debt into equity is a significant step toward strengthening the company's balance sheet.
UK's Petrofac plummets as half-yearly losses surge
Shares of British oilfield services provider Petrofac dropped 33% on Monday after the company reported a bigger half-yearly losses, amid difficulties in closing legacy contracts in its biggest division.
Petrofac extends forbearance agreement with some of its debtholders
Petrofac (Petrofac Limited (LSE:PFC)) told investors it extended a forbearance agreement, with 47% of holder of a senior secured notes, which allows it more time to work on its ongoing financial restructuring. The consenting noteholders agree not to take any action in respect of the non-payment of the note's interest coupon until at least 20 September 2024.
Petrofac shares rally despite 'fragile financial state' warning
Petrofac Limited's (LSE:PFC) rollercoaster year saw the shares rally as they returned from suspension after it published its accounts for 2023. Net debt at the end of December was confirmed at US$583 million after losses for the year of US$506 million on revenues down slightly at US$2.49 billion.
