US EditionMore than 2,000 jobs at risk as oil and gas company enters administration
- On Monday, Petrofac applied to the High Court to appoint administrators, filing for administration that affects the group's main holding company.
- Having undergone a financial restructuring over the past year, Petrofac said the collapse followed TenneT's termination of the key contract last week, leading to failed talks.
- The company employs more than 7,000 workers globally, including around 2,000 people in Scotland, and Petrofac said the North Sea business will continue to operate as normal while administrators work to preserve value.
- The administration filing puts thousands of jobs at risk as Petrofac continues to trade and explores alternative restructuring and M&A options with advisers from Teneo, corporate finance firm.
- Once valued at around £6 billion in 2012, Petrofac has slumped in recent years to about £20 million when shares were suspended in May after a Serious Fraud Office probe.
24 Articles
24 Articles
Oilfield Services Firm Petrofac Collapses
After years of restructuring and cost-cutting efforts, UK-listed oilfield services group Petrofac on Monday filed for administration, following the termination of its biggest contract. Petrofac’s directors have applied to the High Court of England and Wales to appoint administrators to Petrofac, said the company, which provides infrastructure and engineering services to the oil and gas, renewables, and power supply industries. When appointed,…
Petrofac files for administration: how the FTSE 100 energy firm sunk into decline
Offshore energy firm Petrofac has filed for administration after a year of financial strain and the termination of a major contract with Dutch grid operator TenneT, putting 2,000 jobs in Scotland at risk. The move puts one of the UK’s best-known energy engineering firms in jeopardy, although ...
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