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Petrofac administrators eye North Sea sale by Christmas: Report

Five bidders shortlisted to acquire Petrofac's UK arm amid insolvency; administrators aim to complete sale by Christmas, potentially saving thousands of jobs, sources said.

Summary
Administrators to Petrofac, the collapsed oilfield services company, are racing to secure a sale of its North Sea operations by Christmas - a move which could save thousands of British jobs. Sky News understands that Teneo, which is handling Petrofac's insolvency, received a handful of bids for its profitable UK business late last week.

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Petrofac administrators eye North Sea sale by Christmas

Teneo, which is handling Petrofac's insolvency, is aiming to sign a deal to sell the company's profitable UK North Sea operations before the end of the year after receiving bids last week, Sky News understands.

·United Kingdom
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Sky News UK broke the news in United Kingdom on Thursday, December 4, 2025.
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